CIB Marine Bancshares Announces 2011 Financial Results
2012年3月24日 - 3:56AM
Marketwired
Bank holding company CIB Marine Bancshares, Inc. (PINKSHEETS: CIBH)
today announced its 2011 financial results, showing a net loss of
$5.4 million for the year compared to $17.3 million for the prior
year. The financial results include:
- An increase in the net interest margin from 3.21% during 2010
to 3.72% during 2011.
- Noninterest income increased $0.5 million from $1.1 million
during 2010 to $1.6 million during 2011, primarily the result of
gains on loans held for sale.
- Total noninterest expense decreased $2.3 million or 10%
compared to 2010 levels.
- The closing of two banking offices and decline of 18 full time
equivalent positions.
- Income from discontinued operations of $0.8 million with the
final distributions from the Canron Corporation and dissolution of
CIB Construction, LLC.
- A decline in nonaccrual loans to $21 million at December 31,
2011, from $34.5 million at the end of 2010.
- Total assets of $504 million at December 31, 2011, compared to
$589 million at the prior year's end, largely reflecting declines
in securities and loans.
- A reduction in higher cost time deposits in the subsidiary bank
of $81 million.
- Consolidated Tier 1 Capital of 13.15% of average assets at
December 31, 2011, compared to 11.80% at the close of 2010.
- Net loss per share of $0.30 for 2011 compared to $0.95 for
2010.
- Book value per share of $0.23 at the end of 2011 compared to
$0.48 at the end of 2010.
"Thanks to the hard work of our staff, our progress in 2011 was
solid across the targeted areas of capital, credit and financial
results. We continue to make steady progress toward returning the
Company to profitability, though our situation remains challenging
due to the tepid economic recovery and continued weakness in local
real estate markets," said Mr. Charles J. Ponicki, President and
CEO of CIB Marine. He added, "In 2011 we began to set the stage for
an increased business development effort, including additional
hiring and training, enhanced marketing efforts, and more targeted
incentives. These efforts, our tradition of personalized solutions
and service and, of course, our continued focus on capital, credit
quality and a return to earnings, will be the foundation of our
recovery."
CIB Marine Bancshares, Inc. is the holding company for CIBM
Bank, which operates 13 banking offices in Central Illinois,
Wisconsin and Indiana. More information on the company is available
at www.cibmarine.com.
This statement contains forward-looking information pertaining
to financial results that are based on preliminary data and are
subject to risks and uncertainties. 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, 2011 (filed March 23, 2012), and in
other SEC filings subsequent to December 31, 2011.
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