CIB Marine Bancshares Announces 2010 Financial Results
2011年3月26日 - 2:20AM
Marketwired
Bank holding company CIB Marine Bancshares, Inc. (PINKSHEETS: CIBH)
today announced its 2010 financial results, showing a net loss of
$17.3 million for the year. In 2009, after the company successfully
completed a pre-packaged plan of reorganization, the bank recorded
net income of $13.7 million and net loss before extraordinary net
gains of $40.8 million. The company had recorded an extraordinary
gain of $54.5 million in 2009 as a result of the restructuring.
"The year 2010 showed some improvements in our operating
results, despite continued weak real estate markets and a poor
business economy," said Chuck Ponicki, President and CEO of CIB
Marine Bancshares, Inc. "The company took a number of actions to
reduce operating expenses and improve net interest margins.
Additionally, CIB Marine Bancshares, Inc. managed its balance sheet
and provided additional capital resources to its subsidiary, CIBM
Bank, in order to achieve a Tier 1 capital ratio of 10.04%."
"Our progress in 2010 was slow, but steady, and we still have
much work to do to enhance our balance sheet and restore
profitability. As a result, we have announced we are closing our
Scottsdale, Arizona office. This action, to be completed in the
second quarter of this year, will allow us to focus on providing
excellent service to our new and existing customers in our core
banking markets in the Midwest. As we begin 2011 we have seen some
recent improvements in the economy, but weak real estate markets
continue to be a drag on the banking system in general, and us
included. Nonetheless, we are focused on three major activities --
improving credit quality, maintaining capital, and enhancing
earnings," Ponicki said.
Ponicki said the 2010 financial results include:
- A decline in nonaccrual loans to $34.5 million at December 31,
2010, from $57.9 million at the end of 2009.
- A decrease in total noninterest expense of 23%, or $7.0
million, during 2010 after a reduction of $8.9 million during
2009.
- The closing of two banking offices and reduction of 20 full
time equivalent positions.
- Net loss per share of $0.95 for 2010 compared to net income per
share of $0.75 for 2009 and a net loss per share of $2.24 for 2009
before extraordinary net gains.
- Consolidated Tier 1 Capital of $73.4 million, or 11.80% of
average assets at December 31, 2010, compared to $90.9 million and
12.08% at the close of 2009.
- Book value per share of $0.48 at the end of 2010 compared to
$1.36 at the end of 2009.
- Total assets of $589 million at December 31, 2010, compared to
$710 million at the prior year's end, largely reflecting declines
in securities and loans. As a result, the subsidiary bank reduced
its higher cost time deposits by $126 million.
CIB Marine Bancshares, Inc. is the holding company for CIBM
Bank, which operates 15 banking offices in Central Illinois,
Wisconsin, Indiana and Arizona. More information on the company is
available at www.cibmarine.com.
This statement contains forward-looking information. Actual
results could differ materially from those indicated by such
information. Information regarding risk factors and other
cautionary information is available in Item 1A of CIB Marine's
Annual Report on Form 10-K for the period ended December 31,
2010.
CIB Marine Bancshares (QX) (USOTC:CIBH)
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