CIB Marine Bancshares, Inc. Announces Third Quarter 2025 Results

Core Insights - CIB Marine Bancshares, Inc. reported improved net interest income and stronger mortgage operations for the third quarter of 2025 compared to both the previous quarter and the same period last year [1] Financial Performance - Net income for Q3 2025 was $0.9 million, with basic and diluted earnings per share of $0.68 and $0.65 respectively, down from $1.1 million and $0.79 basic earnings per share in Q3 2024 [2] - For the nine months ended September 30, 2025, net income was $1.9 million, or $1.41 basic and $1.37 diluted earnings per share, compared to $1.7 million, or $1.27 basic and $0.94 diluted earnings per share for the same period in 2024 [2] Net Interest Income and Margins - The net interest margin increased to 2.78% in Q3 2025, up from 2.69% in Q2 2025 and 2.55% in Q3 2024 [3] - The cost of funds decreased by 62 basis points compared to Q3 2024, while yields on earning assets fell by 26 basis points [3] - Net interest income rose by $0.1 million in Q3 2025 compared to Q2 2025 and increased by $0.7 million for the nine months ended September 30, 2025, compared to the same period in 2024 [3] Loan Portfolio and Asset Quality - Average loan balances declined by $56 million, with quarter-end loan balances down by $10 million from June 30, 2025, and $52 million from December 31, 2024 [3] - The allowance for credit losses to loans ratio increased to 1.33% as of September 30, 2025, from 1.32% at June 30, 2025 [3] - Non-performing assets represented 0.75% of total assets, with non-accrual loans accounting for 0.95% of total loans, both up from previous quarters [3] Business Segments Performance - The Banking Division reported net income of $2.6 million for the nine months ended September 30, 2025, an improvement of $0.2 million over the same period in 2024 [3] - The Mortgage Division achieved a net income of $0.1 million for the nine months ended September 30, 2025, reflecting a modest gain despite reduced staffing [3] Capital Management - In early October 2025, CIBM Bank received regulatory approval to distribute $3 million in capital to its parent company [4] - The company has a $2 million line of credit, with no draws made to date, supporting a $1 million common stock repurchase program [4] - During Q3 2025, 4,800 shares were repurchased for a total of $170,820 at an average price of $35.59 per share [4]