CIB Marine Bancshares, Inc. Announces Second Quarter 2025 Results

Core Viewpoint - CIB Marine Bancshares, Inc. reported improved financial results for the second quarter and first half of 2025, with net income increasing and net interest margins showing positive trends despite challenges in loan balances and the mortgage market [1][2][3]. Financial Performance - Net income for Q2 2025 was $0.7 million, or $0.50 basic and $0.48 diluted earnings per share, compared to $0.5 million, or $0.34 basic and $0.25 diluted earnings per share in Q2 2024 [2]. - For the six months ended June 30, 2025, net income was $1.0 million, or $0.74 basic and $0.71 diluted earnings per share, up from $0.6 million, or $0.80 basic and $0.35 diluted earnings per share in the same period of 2024 [2]. Net Interest Income and Margins - Net interest margin increased to 2.69% in Q2 2025 from 2.62% in Q1 2025 and 2.38% in Q2 2024 [4]. - The cost of funds declined by 51 basis points year-over-year, contributing to the improved net interest margin [4]. - Net interest income rose by $0.3 million for Q2 2025 compared to Q2 2024, and by $0.6 million for the first half of 2025 compared to the same period in 2024 [4]. Loan and Asset Quality - Loan balances decreased by $19 million from March 31, 2025, and $32 million from December 31, 2024 [4]. - The allowance for credit losses to loans increased to 1.32% as of June 30, 2025, from 1.29% at March 31, 2025 [4]. - Non-performing loans to total assets increased to 1.85% at June 30, 2025, compared to 0.97% at March 31, 2025 [4]. Business Segments Performance - The Banking Division reported net income of $1.6 million for the first half of 2025, a $0.4 million improvement over the same period in 2024, driven by higher net interest margins [4]. - The Mortgage Division experienced a net loss of $0.1 million for the first half of 2025, an improvement from the prior year, despite challenges in the residential mortgage market [4]. Stock Repurchase Program - The company launched a common stock repurchase program in February 2025, authorizing up to $1 million in buybacks [3]. - In Q2 2025, the company repurchased 8,083 shares for a total of $262,000 at an average price of $32.37 per share [3][5].