CIB Marine Bancshares, Inc. Announces Second Quarter 2026 Results

BROOKFIELD, Wis., July 13, 2026 (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 six months ended June 30, 2026. Net income for the quarter increased to $0.9 million, or $0.69 basic and $0.68 diluted net income per share, compared to $0.7 million or $0.49 basic and $0.48 diluted net income per share, for the same quarter of 2025. For the six-month period, net income increased to $1.5 million, or $1.14 basic and $1.12 diluted net income per share from $1.0 million, or $0.73 basic and $0.71 diluted net income per share, for the same period in 2025.

Financial highlights for the quarter include:

Net interest margin increased to 3.03% compared to 2.96% for the first quarter of 2026 and 2.69% for the second quarter of 2025; and to 3.00% for the six months ended June 30, 2026, compared to 2.65% for the same period of 2025. The rising trend continued as the cost of funds declined at a faster pace than earning asset yields. Net interest income increased $0.5 million for the quarter compared to the same quarter of 2025, and by $1.1 million for the six months ended June 30, 2026, compared to the same period of 2025, primarily as a result of an improved net interest margin that more than offset the impact of lower average earning asset balances.

Net income for the Banking and Mortgage Divisions increased by $0.3 million and $0.1 million, respectively, for the six months ended June 30, 2026, compared to the same period in 2025. The Banking Division’s increase was driven primarily by higher net interest income, which more than offset increased provisions for credit losses. The Mortgage Division’s improved results were primarily attributable to effective cost management, as mortgage origination volumes remain low due to higher mortgage rates and limited housing inventory.
The allowance for credit losses to loans declined to 1.20% at June 30, 2026, from 1.27% at December 31, 2025, primarily due to charge-offs of individually assessed loans. Non-performing assets to total assets and non-accrual loans to loans improved to 0.87% and 1.09%, respectively, on June 30, 2026, compared to 1.04% and 1.31%, respectively, on December 31, 2025.
Since year-end 2025, loan balances decreased by $6 million, reflecting lower origination activity, while deposit balances grew by $6 million, allowing CIBM Bank to reduce total borrowings. The Company is targeting growth in loan portfolio balances during the remainder of 2026, primarily within its commercial lending segments.

Mr. J. Brian Chaffin, CIB Marine’s President and CEO, commented, “Earnings improved due to net interest margin expansion and expense management. Net interest margin for CIBM Bank was 3.09% for the second quarter, up from 2.75% in the same quarter of 2025, reflecting growth in new customer relationships supported by increased marketing activities, together with the continued repricing of loans and deposits.”

Regarding the Company’s common stock repurchase plan, he added, “Purchases of CIBH stock for the first half of 2026 totaled $1.2 million at a weighted average price of $38.33 per share. Since February 2025, we have repurchased 5% of our outstanding stock at a price of $36.17 per share, utilizing $2.5 million of the $3.5 million authorized through 2026.”

Finally, he concluded, “At mid-year we have reported continued performance improvements. Our focus for the remainder of 2026 is to build on that momentum and achieve our performance goals through even stronger results from our banking and mortgage teams.”

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															6 Months Ended
	June 30,			March 31,			December 31,			September 30,			June 30,			June 30,			June 30,
		2026			2026			2025			2025			2025			2026			2025
	(Dollars in thousands, except share and per share data)
Selected Statement of Operations Data:
Interest and dividend income	$	10,739		$	10,586		$	10,881		$	10,780		$	11,017		$	21,325		$	21,958
Interest expense		4,739			4,760			5,208			5,196			5,541			9,499			11,193
Net interest income		6,000			5,826			5,673			5,584			5,476			11,826			10,765
Provision for (reversal of) credit losses		(26	)		268			1,174			(90	)		9			242			51
Net interest income after provision for
(reversal of) credit losses		6,026			5,558			4,499			5,674			5,467			11,584			10,714
Noninterest income (1)		1,337			1,178			1,292			1,908			1,765			2,515			3,317
Noninterest expense		6,191			5,969			6,223			6,375			6,311			12,160			12,684
Income (loss) before income taxes		1,172			767			(432	)		1,207			921			1,939			1,347
Income tax expense (benefit)		257			181			(115	)		299			253			438			358
Net income (loss)	$	915		$	586		$	(317	)	$	908		$	668		$	1,501		$	989

Common Share Data:
Basic net income (loss) per share	$	0.69		$	0.45		$	(0.24	)	$	0.67		$	0.49		$	1.14		$	0.73
Diluted net income (loss) per share		0.68			0.43			(0.24	)		0.65			0.48			1.12			0.71
Dividend		0.00			0.00			0.00			0.00			0.00			0.00			0.00
Tangible book value per share (2)		61.56			61.09			60.95			60.72			59.55			61.56			59.55
Book value per share (2)		61.61			61.13			61.00			60.77			59.59			61.61			59.59
Weighted average shares outstanding - basic		1,317,498			1,310,842			1,334,388			1,350,097			1,354,477			1,312,190			1,349,437
Weighted average shares outstanding - diluted		1,345,498			1,349,513			1,379,094			1,396,512			1,402,229			1,345,498			1,396,954
Financial Condition Data:
Total assets	$	828,198		$	832,790		$	833,304		$	836,760		$	838,441		$	828,198		$	838,441
Loans		659,768			669,543			666,199			655,620			665,393			659,768			665,393
Allowance for credit losses on loans		(7,903	)		(8,696	)		(8,465	)		(8,721	)		(8,793	)		(7,903	)		(8,793	)
Investment securities		124,419			120,629			123,318			128,214			126,795			124,419			126,795
Deposits		666,633			677,349			660,614			702,078			684,480			666,633			684,480
Borrowings		67,804			62,265			77,817			39,245			59,292			67,804			59,292
Stockholders' equity		81,245			80,647			81,414			81,789			80,492			81,245			80,492
Financial Ratios and Other Data:
Performance Ratios:
Net interest margin (3)		3.03	%		2.96	%		2.81	%		2.78	%		2.69	%		3.00	%		2.65	%
Net interest spread (4)		2.46	%		2.40	%		2.20	%		2.17	%		2.06	%		2.43	%		2.02	%
Noninterest income to average assets (5)		0.66	%		0.59	%		0.62	%		0.91	%		0.83	%		0.62	%		0.78	%
Noninterest expense to average assets		3.03	%		2.95	%		2.98	%		3.06	%		3.00	%		2.99	%		3.02	%
Efficiency ratio (6)		84.28	%		85.03	%		89.37	%		85.33	%		87.24	%		84.64	%		90.35	%
Earnings (loss) on average assets (7)		0.45	%		0.29	%		-0.15	%		0.44	%		0.32	%		0.37	%		0.24	%
Earnings (loss) on average equity (8)		4.53	%		2.90	%		-1.53	%		4.46	%		3.36	%		3.71	%		2.52	%
Asset Quality Ratios:
Nonaccrual loans to loans (9)		1.09	%		1.30	%		1.31	%		0.95	%		0.85	%		1.09	%		0.85	%
Nonperforming assets to total assets (10)		0.87	%		1.04	%		1.04	%		0.75	%		0.68	%		0.87	%		0.68	%
Nonaccrual loans, modified loans to borrowers experiencing
financial difficulty, loans 90 days or more past due and still
accruing to total loans		1.94	%		2.20	%		2.36	%		2.38	%		2.33	%		1.94	%		2.33	%
Nonaccrual loans, OREO, modified loans to borrowers
experiencing financial difficulty, loans 90 days or more past
due and still accruing to total assets		1.54	%		1.77	%		1.89	%		1.87	%		1.85	%		1.54	%		1.85	%
Allowance for credit losses on loans to total loans (9)		1.20	%		1.30	%		1.27	%		1.33	%		1.32	%		1.20	%		1.32	%
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 (9)		61.87	%		59.08	%		53.87	%		55.78	%		56.76	%		61.87	%		56.76	%
Net charge-offs (recoveries) annualized
to average loans (9)		0.47	%		-0.06	%		0.85	%		0.00	%		-0.02	%		0.21	%		-0.01	%
Capital Ratios:
Total equity to total assets		9.81	%		9.68	%		9.77	%		9.77	%		9.60	%		9.81	%		9.60	%
Total risk-based capital ratio		13.84	%		13.53	%		13.67	%		13.90	%		13.55	%		13.84	%		13.55	%
Tier 1 risk-based capital ratio		11.10	%		10.80	%		10.94	%		11.15	%		10.82	%		11.10	%		10.82	%
Leverage capital ratio		8.95	%		8.83	%		8.80	%		8.88	%		8.54	%		8.95	%		8.54	%
Other Data:
Number of employees (full-time equivalent)		142			141			142			143			144			142			144
Number of banking facilities		9			9			9			9			9			9			9

(1) Noninterest income includes gains and losses on securities.
(2) 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.
(3) Net interest margin is the ratio of net interest income to average interest-earning assets.
(4) Net interest spread is the yield on average interest-earning assets less the rate on average interest-bearing liabilities.
(5) Noninterest income to average assets excludes gains and losses on securities.
(6) The efficiency ratio is noninterest expense divided by the sum of net interest income plus noninterest income, excluding gains and losses on securities.
(7) Earnings on average assets are net income divided by average total assets.
(8) Earnings on average equity are net income divided by average stockholders' equity.
(9) Excludes loans held for sale.
(10)Nonperforming assets includes nonaccrual loans, nonaccrual securities, and other real estate owned.

CIB MARINE BANCSHARES, INC.
Consolidated Balance Sheets (unaudited)

	June 30,			March 31,			December 31,			September 30,			June 30,
		2026			2026			2025			2025			2025
	(Dollars in Thousands, Except Shares)
Assets
Cash and due from banks	$	8,893		$	9,584		$	8,102		$	19,016		$	10,363
Securities available for sale		122,235			118,436			121,110			126,017			124,618
Equity securities at fair value		2,184			2,193			2,208			2,197			2,177
Loans held for sale		7,976			6,160			8,640			7,287			7,733

Loans		659,768			669,543			666,199			655,620			665,393
Allowance for credit losses on loans		(7,903	)		(8,696	)		(8,465	)		(8,721	)		(8,793	)
Net loans		651,865			660,847			657,734			646,899			656,600

Federal Home Loan Bank stock		2,707			2,707			2,567			2,195			3,401
Premises and equipment, net		1,646			1,610			1,675			1,731			1,660
Accrued interest receivable		2,798			2,890			2,763			2,803			2,733
Deferred tax assets, net		11,503			11,589			11,440			11,745			12,160
Other real estate owned, net		-			-			-			-			-
Bank owned life insurance		6,752			6,695			6,641			6,589			6,536
Goodwill and other intangible assets		64			64			64			64			64
Other assets		9,575			10,015			10,360			10,217			10,396
Total assets	$	828,198		$	832,790		$	833,304		$	836,760		$	838,441

Liabilities and Stockholders' Equity
Deposits:
Noninterest-bearing demand	$	88,840		$	86,243		$	85,637		$	95,307		$	87,479
Interest-bearing demand		82,241			91,209			86,577			107,512			74,921
Savings		233,642			232,493			218,515			222,450			226,663
Time		261,910			267,404			269,885			276,809			295,417
Total deposits		666,633			677,349			660,614			702,078			684,480
Short-term borrowings		57,992			52,462			68,022			29,458			49,514
Long-term borrowings		9,812			9,803			9,795			9,787			9,778
Accrued interest payable		1,335			1,237			1,468			1,456			1,656
Other liabilities		11,181			11,292			11,991			12,192			12,521
Total liabilities		746,953			752,143			751,890			754,971			757,949

Stockholders' Equity
Preferred stock, $1 par value; 5,000,000 authorized shares at both June 30, 2026 and December 31, 2025; 7% fixed rate noncumulative perpetual issued; zero shares of series A and zero shares of series B convertible		-			-			-			-			-
Common stock, $1 par value; 75,000,000 authorized shares; 1,401,541 and 1,385,842 issued shares; 1,319,357 and 1,335,390 outstanding shares at June 30, 2026 and December 31, 2025, respectively (1)		1,402			1,398			1,386			1,386			1,386
Capital surplus		182,283			182,175			182,087			182,003			181,908
Accumulated deficit		(96,406	)		(97,321	)		(97,907	)		(97,591	)		(98,498	)
Accumulated other comprehensive income (loss), net		(3,036	)		(2,765	)		(2,371	)		(2,808	)		(3,273	)
Treasury stock, 82,906 shares on June 30, 2026 and 51,174 shares December 31, 2025 (2)		(2,998	)		(2,840	)		(1,781	)		(1,201	)		(1,031	)
Total stockholders' equity		81,245			80,647			81,414			81,789			80,492
Total liabilities and stockholders' equity	$	828,198		$	832,790		$	833,304		$	836,760		$	838,441

(1) Both issued and outstanding shares as stated here exclude 41,349 shares and 43,054 shares of unvested restricted stock awards at June 30, 2026 and December 31, 2025, 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															6 Months Ended
	June 30,			March 31,			December 31,			September 30,			June 30,			June 30,			June 30,
		2026			2026			2025			2025			2025			2026			2025
	(Dollars in thousands)

Interest Income
Loans	$	9,463		$	9,323		$	9,480		$	9,347		$	9,653		$	18,786		$	19,276
Loans held for sale		78			87			168			123			149			165			286
Securities		1,170			1,152			1,200			1,229			1,186			2,322			2,336
Other investments		28			24			33			81			29			52			60
Total interest income		10,739			10,586			10,881			10,780			11,017			21,325			21,958

Interest Expense
Deposits		4,180			4,185			4,660			4,772			4,795			8,365			9,824
Short-term borrowings		437			456			427			302			625			893			1,129
Long-term borrowings		122			119			121			122			121			241			240
Total interest expense		4,739			4,760			5,208			5,196			5,541			9,499			11,193
Net interest income		6,000			5,826			5,673			5,584			5,476			11,826			10,765
Provision for (reversal of) credit losses		(26	)		268			1,174			(90	)		9			242			51
Net interest income after provision for
(reversal of) credit losses		6,026			5,558			4,499			5,674			5,467			11,584			10,714

Noninterest Income
Deposit service charges		46			43			62			62			65			89			124
Other service fees		(11	)		(10	)		(10	)		(7	)		(10	)		(21	)		(19	)
Mortgage banking revenue, net		1,072			820			1,021			1,483			1,424			1,892			2,564
Other income		208			173			178			239			279			381			456
Net gain (loss) on sale of securities available for sale		0			0			(10	)		0			0			0			0
Unrealized gain (loss) recognized on equity securities		(9	)		(16	)		11			21			7			(25	)		43
Net gain on sale of SBA loans		31			168			40			110			0			199			161
Net gain on sale of assets and (writedowns)		0			0			0			0			0			0			(12	)
Total noninterest income		1,337			1,178			1,292			1,908			1,765			2,515			3,317

Noninterest Expense
Compensation and employee benefits		3,800			3,726			3,833			4,047			4,060			7,526			8,126
Equipment		510			521			589			577			583			1,031			1,142
Occupancy and premises		524			571			537			514			519			1,095			1,068
Data Processing		213			218			215			243			212			431			433
Federal deposit insurance		125			134			119			138			101			259			230
Professional services		236			178			169			205			218			414			496
Telephone and data communication		69			65			73			65			57			134			109
Insurance		54			94			71			92			75			148			139
Other expense		660			462			617			494			486			1,122			941
Total noninterest expense		6,191			5,969			6,223			6,375			6,311			12,160			12,684
Income (loss) from operations
before income taxes		1,172			767			(432	)		1,207			921			1,939			1,347
Income tax expense (benefit)		257			181			(115	)		299			253			438			358
Net income (loss)		915			586			(317	)		908			668			1,501			989
Net income (loss) allocated to
common stockholders	$	915		$	586		$	(317	)	$	908		$	668		$	1,501		$	989

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