CIB Marine Bancshares, Inc. Announces 2025 Results

BROOKFIELD, Wis., Jan. 23, 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 year ending December 31, 2025. In 2025, CIB Marine continued to improve its net interest margin, achieving an increase of 30 basis points over the prior year. The Mortgage Division also delivered a modest profit despite ongoing challenges in the mortgage market. After an extended period of provisions for credit losses and net charge-offs that were significantly better than both local and national peer medians, the Company experienced higher levels of both in the fourth quarter of 2025, which impacted earnings for the quarter and the year.

Net income allocated to common shareholders for the year was $1.6 million, or $1.19 basic and $1.15 diluted earnings per share, compared to $2.5 million, or $1.87 basic and $1.46 diluted earnings per share, in 2024. The 2024 figures exclude the impact of the sale-leaseback transaction that year. The decline was primarily related to the increase in provisions for credit losses during the fourth quarter of 2025. Financial highlights for the quarter and year include:

• Net interest margin increased to 2.81% in the fourth quarter of 2025, up from 2.44% in the fourth quarter of 2024. For the full year, net interest margin improved to 2.72% compared to 2.42% in 2024. This ongoing recovery was driven primarily by a 52-basis-point reduction in the cost of funds, reflecting the repricing of time deposits, money market accounts, and bank borrowings as the federal funds rate declined by 75 basis points in the second half of 2025. In contrast, yields on earning assets declined by only 12 basis points because earning assets are primarily fixed rate and new loan originations and securities purchases were at rates generally above the respective portfolio's weighted average yields.
• Provisions for credit losses were $1.2 million in the fourth quarter of 2025 and $1.1 million for the full year, compared to reversals of $0.3 million in the same quarter of 2024 and $0.5 million for the full year 2024. The increase was primarily driven by $1.5 million in charge-offs related to two relationships: one long-standing non-performing loan in the transportation industry and a commercial loan that degraded in late 2025. Net charge-offs for the year were 0.20%, versus 0.01% in the prior year. The allowance for credit losses on loans was 1.27% as of December 31, 2025, compared to 1.26% a year earlier-both at or above local and national peer medians.
• As of December 31, 2025, non-performing assets represented 1.04% of total assets, and non-accrual loans accounted for 1.31% of total loans-up from 0.68% and 0.81%, respectively, on December 31, 2024. The increase was primarily related to two commercial loan relationships moved to non-accrual status.
• Commercial loan originations surpassed targets in 2025, yet higher-than-expected payoffs-stemming from clients' strategic moves to sell businesses or real estate-resulted in a $31 million decline in total loan balances compared to year-end 2024. With payoff activity easing late in the year while new loan originations remained strong, loan balances increased by $11 million in the fourth quarter. Business plans for 2026 emphasize continued growth, particularly within commercial lending.
• The Banking Division reported income in 2025 that was $0.9 million higher than in 2024, excluding provisions and the prior year's sale-leaseback gain. This increase was driven by $1.2 million in higher net interest income, partially offset by $0.3 million lower non-interest income, and assisted-albeit modestly-by lower non-interest expenses as the Company continues to manage costs and improve the division's operating efficiencies.
• The Mortgage Division reported a modest profit in 2025, following a loss of $0.2 million in 2024.

Mr. J. Brian Chaffin, CIB Marine's President and CEO, commented, "Our focus on improving the net interest margin and disciplined expense management contributed to stronger core earnings results from the Banking Division. We reported our first net growth quarter of the year in loan balances, primarily through our commercial lending activity, and we continue to target growth into the future. Although it is disappointing that we had some loan losses in the fourth quarter, this follows many years of performance significantly better than both national and local peer medians."

He added, "The loan charge offs recorded in the fourth quarter were primarily attributable to two relationships and, based on current information, do not reflect a deterioration in overall portfolio performance. As previously disclosed, the Company has experienced credit challenges with legacy loans in the trucking industry. Overall, the Company's exposure to this industry remains limited, and we have not originated new credits in this sector. Since year end 2024, outstanding loan balances within the NAICS Transportation and Warehousing category have declined from $15.9 million to $13.7 million. Additionally, excluding the two largest past due loans-one of which is a restructured trucking credit and both of which are well secured-loans past due 30 days or more would represent 0.26% of total loans as of December 31, 2025."

He concluded, "The expanded common stock repurchase program authorizes up to $2.5 million in buybacks through December 31, 2026. During the fourth quarter of 2025, we repurchased 16,071 shares in open-market transactions for a total of $580,127 at an average price of $36.10 per share. For the full year, 36,383 shares-approximately 3% of outstanding shares-were repurchased for $1.3 million at an average price of $34.29 per share. This leaves approximately $1.2 million available for additional repurchases in 2026. To support the program, we used cash on hand, including proceeds from prior capital distributions by our subsidiary, CIBM Bank, including the $3 million capital distribution in the fourth quarter of 2025. The parent company also maintains a $2 million line of credit, which remains undrawn to date."

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.

CIB MARINE BANCSHARES, INC.
Selected Unaudited Consolidated Financial Data
	At or for the
	Quarters Ended																12 Months Ended
	December 31,			September 30,			June 30,			March 31,			December 31,				December 31,			December 31,
		2025			2025			2025			2025			2024				2025			2024
	(Dollars in thousands, except share and per share data)
Selected Statement of Operations Data:
Interest and dividend income	-	10,881		-	10,780		-	11,017		-	10,941		-	11,408			-	43,619		-	47,544
Interest expense		5,208			5,196			5,541			5,652			6,259				21,597			26,703
Net interest income		5,673			5,584			5,476			5,289			5,149				22,022			20,841
Provision for (reversal of) credit losses		1,174			(90	-		9			42			(332	-			1,135			(463	-
Net interest income after provision for
(reversal of) credit losses		4,499			5,674			5,467			5,247			5,481				20,887			21,304
Noninterest income (1)		1,292			1,908			1,765			1,552			1,724				6,517			13,152
Noninterest expense		6,223			6,375			6,311			6,373			6,678				25,282			27,166
Income (loss) before income taxes		(432	-		1,207			921			426			527				2,122			7,290
Income tax expense (benefit)		(115	-		299			253			105			123				542			1,848
Net income (loss)	-	(317	-	-	908		-	668		-	321		-	404			-	1,580		-	5,442
Common Share Data:
Basic net income (loss) per share (2)	-	(0.24	-	-	0.68		-	0.50		-	0.24		-	0.60			-	1.19		-	4.32
Diluted net income (loss) per share (2)		(0.24	-		0.65			0.48			0.23			0.54				1.15			3.38
Dividend		0.00			0.00			0.00			0.00			0.00				0.00			0.00
Tangible book value per share (3)		60.95			60.72			59.55			58.46			57.37				60.95			57.37
Book value per share (3)		61.00			60.77			59.59			58.51			57.42				61.00			57.42
Weighted average shares outstanding - basic		1,334,388			1,345,233			1,349,613			1,348,995			1,357,737				1,330,689			1,352,585
Weighted average shares outstanding - diluted		1,379,069			1,391,648			1,397,365			1,396,274			1,507,344				1,377,213			1,729,521
Financial Condition Data:
Total assets	-	833,304		-	836,760		-	838,441		-	852,018		-	866,474			-	833,304		-	866,474
Loans		666,199			655,620			665,393			684,787			697,093				666,199			697,093
Allowance for credit losses on loans		(8,465	-		(8,721	-		(8,793	-		(8,818	-		(8,790	-			(8,465	-		(8,790	-
Investment securities		123,318			128,214			126,795			124,109			120,339				123,318			120,339
Deposits		660,614			702,078			684,480			692,028			692,378				660,614			692,378
Borrowings		77,817			39,245			59,292			67,214			81,735				77,817			81,735
Stockholders' equity		81,414			81,789			80,492			79,309			77,961				81,414			77,961
Financial Ratios and Other Data:
Performance Ratios:
Net interest margin (4)		2.81	-		2.78	-		2.69	-		2.62	-		2.44	-			2.72	-		2.42	-
Net interest spread (5)		2.20	-		2.17	-		2.06	-		1.99	-		1.74	-			2.10	-		1.72	-
Noninterest income to average assets (6)		0.62	-		0.91	-		0.83	-		0.73	-		0.82	-			0.77	-		1.48	-
Noninterest expense to average assets		2.98	-		3.06	-		3.00	-		3.05	-		3.06	-			3.02	-		3.05	-
Efficiency ratio (7)		89.37	-		85.33	-		87.24	-		93.65	-		96.17	-			88.79	-		79.86	-
Earnings (loss) on average assets (8)		-0.15	-		0.44	-		0.32	-		0.15	-		0.19	-			0.19	-		0.61	-
Earnings (loss) on average equity (9)		-1.53	-		4.46	-		3.36	-		1.65	-		1.94	-			1.97	-		6.33	-
Asset Quality Ratios:
Nonaccrual loans to loans (10)		1.31	-		0.95	-		0.85	-		0.84	-		0.81	-			1.31	-		0.81	-
Nonperformance assets to total assets (11)		1.04	-		0.75	-		0.68	-		0.67	-		0.68	-			1.04	-		0.68	-
Nonaccrual loans, modified loans to borrowers experiencing financial difficulty, loans 90 days or more past due and still accruing to total loans		2.36	-		2.38	-		2.33	-		1.21	-		1.19	-			2.36	-		1.19	-
Nonaccrual loans, OREO, modified loans to borrowers experiencing financial difficulty, loans 90 days or more past due and still accruing to total assets		1.89	-		1.87	-		1.85	-		0.97	-		0.98	-			1.89	-		0.98	-
Allowance for credit losses on loans to total loans (10)		1.27	-		1.33	-		1.32	-		1.29	-		1.26	-			1.27	-		1.26	-
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 (10)		53.87	-		55.78	-		56.76	-		106.25	-		105.95	-			53.87	-		105.95	-
Net charge-offs (recoveries) annualized to average loans (10)		0.85	-		0.00	-		-0.02	-		-0.01	-		-0.01	-			0.20	-		0.01	-
Capital Ratios:
Total equity to total assets		9.77	-		9.77	-		9.60	-		9.31	-		9.00	-			9.77	-		9.00	-
Total risk-based capital ratio		13.67	-		13.90	-		13.55	-		13.34	-		13.02	-			13.67	-		13.02	-
Tier 1 risk-based capital ratio		10.94	-		11.15	-		10.82	-		10.62	-		10.33	-			10.94	-		10.33	-
Leverage capital ratio		8.80	-		8.88	-		8.54	-		8.40	-		8.14	-			8.80	-		8.14	-
Other Data:
Number of employees (full-time equivalent)		142			143			144			152			165				142			165
Number of banking facilities		9			9			9			9			9				9			9
(1) Noninterest income includes gains and losses on securities.
(2) Net income available to common stockholders in the calculation of earnings per share includes the difference between the carrying amount less the consideration paid for redeemed preferred stock of $0.4 million for the quarter and year ended December 31, 2024.
(3) 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.
(4) Net interest margin is the ratio of net interest income to average interest-earning assets.
(5) Net interest spread is the yield on average interest-earning assets less the rate on average interest-bearing liabilities.
(6) Noninterest income to average assets excludes gains and losses on securities.
(7) The efficiency ratio is noninterest expense divided by the sum of net interest income plus noninterest income, excluding gains and losses on securities.
(8) Earnings on average assets are net income divided by average total assets.
(9) Earnings on average equity are net income divided by average stockholders' equity.
(10) Excludes loans held for sale.
(11)Nonperforming assets includes nonaccrual loans, nonaccrual securities, and other real estate owned.

CIB MARINE BANCSHARES, INC.
Consolidated Balance Sheets (unaudited)
	December 31,			September 30,			June 30,			March 31,			December 31,
		2025			2025			2025			2025			2024
	(Dollars in Thousands, Except Shares)
Assets
Cash and due from banks	-	8,102		-	19,016		-	10,363		-	7,717		-	6,748
Reverse repurchase agreements		-			-			-			-			-
Securities available for sale		121,110			126,017			124,618			121,939			118,206
Equity securities at fair value		2,208			2,197			2,177			2,170			2,133
Loans held for sale		8,640			7,287			7,733			7,685			13,291
Loans		666,199			655,620			665,393			684,787			697,093
Allowance for credit losses on loans		(8,465	-		(8,721	-		(8,793	-		(8,818	-		(8,790	-
Net loans		657,734			646,899			656,600			675,969			688,303
Federal Home Loan Bank stock		2,567			2,195			3,401			2,607			2,607
Premises and equipment, net		1,675			1,731			1,660			1,486			1,570
Accrued interest receivable		2,763			2,803			2,733			2,680			2,651
Deferred tax assets, net		11,440			11,745			12,160			12,529			12,955
Other real estate owned, net		-			-			-			-			200
Bank owned life insurance		6,641			6,589			6,536			6,486			6,437
Goodwill and other intangible assets		64			64			64			64			64
Other assets		10,360			10,217			10,396			10,686			11,309
Total assets	-	833,304		-	836,760		-	838,441		-	852,018		-	866,474
Liabilities and Stockholders' Equity
Deposits:
Noninterest-bearing demand	-	85,637		-	95,307		-	87,479		-	98,403		-	86,886
Interest-bearing demand		86,577			107,512			74,921			77,620			84,833
Savings		218,515			222,450			226,663			232,046			224,960
Time		269,885			276,809			295,417			283,959			295,699
Total deposits		660,614			702,078			684,480			692,028			692,378
Short-term borrowings		68,022			29,458			49,514			57,444			71,973
Long-term borrowings		9,795			9,787			9,778			9,770			9,762
Accrued interest payable		1,468			1,456			1,656			1,614			1,911
Other liabilities		11,991			12,192			12,521			11,853			12,489
Total liabilities		751,890			754,971			757,949			772,709			788,513
Stockholders' Equity
Preferred stock, $1 par value; 5,000,000 authorized shares at both December 31, 2025 and December 31, 2024; 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; 1,385,842 and 1,372,642 issued shares; 1,335,390 and 1,358,473 outstanding shares at December 31, 2025 and December 31, 2024, respectively (1)		1,386			1,386			1,386			1,383			1,372
Capital surplus		182,087			182,003			181,908			181,801			181,708
Accumulated deficit		(97,907	-		(97,591	-		(98,498	-		(99,167	-		(99,487	-
Accumulated other comprehensive income (loss), net		(2,371	-		(2,808	-		(3,273	-		(3,939	-		(5,098	-
Treasury stock, 51,174 shares on December 31, 2025 and 14,791 shares December 31, 2024 (2)		(1,781	-		(1,201	-		(1,031	-		(769	-		(534	-
Total stockholders' equity		81,414			81,789			80,492			79,309			77,961
Total liabilities and stockholders' equity	-	833,304		-	836,760		-	838,441		-	852,018		-	866,474
(1) Both issued and outstanding shares as stated here exclude 42,980 shares and 45,259 shares of unvested restricted stock awards at December 31, 2025 and December 31, 2024, 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																12 Months Ended
	December 31,			September 30,			June 30,			March 31,			December 31,				December 31,			December 31,
		2025			2025			2025			2025			2024				2025			2024
	(Dollars in thousands)
Interest Income
Loans	-	9,480		-	9,347		-	9,653		-	9,623		-	9,999			-	38,103		-	41,548
Loans held for sale		168			123			149			137			215				577			870
Securities		1,200			1,229			1,186			1,150			1,151				4,765			4,782
Other investments		33			81			29			31			43				174			344
Total interest income		10,881			10,780			11,017			10,941			11,408				43,619			47,544
Interest Expense
Deposits		4,660			4,772			4,795			5,029			5,638				19,256			24,685
Short-term borrowings		427			302			625			504			500				1,858			1,535
Long-term borrowings		121			122			121			119			121				483			483
Total interest expense		5,208			5,196			5,541			5,652			6,259				21,597			26,703
Net interest income		5,673			5,584			5,476			5,289			5,149				22,022			20,841
Provision for (reversal of) credit losses		1,174			(90	-		9			42			(332	-			1,135			(463	-
Net interest income after provision for (reversal of) credit losses		4,499			5,674			5,467			5,247			5,481				20,887			21,304
Noninterest Income
Deposit service charges		62			62			65			59			55				248			251
Other service fees		(10	-		(7	-		(10	-		(9	-		(5	-			(36	-		(14	-
Mortgage banking revenue, net		1,021			1,483			1,424			1,140			1,564				5,068			7,203
Other income		178			239			279			177			192				873			778
Net gain (loss) on sale of securities available for sale		(10	-		0			0			0			0				(10	-		0
Unrealized gain (loss) recognized on equity securities		11			21			7			36			(71	-			75			(25	-
Net gain (loss) on sale of SBA loans		40			110			0			161			0				311			622
Net gain on sale of assets and (writedowns)		0			0			0			(12	-		(11	-			(12	-		4,337
Total noninterest income		1,292			1,908			1,765			1,552			1,724				6,517			13,152
Noninterest Expense
Compensation and employee benefits		3,833			4,047			4,060			4,066			4,344				16,006			18,185
Equipment		589			577			583			559			467				2,308			1,890
Occupancy and premises		537			514			519			549			500				2,119			1,822
Data Processing		215			243			212			221			220				891			883
Federal deposit insurance		119			138			101			129			144				487			744
Professional services		169			205			218			278			240				870			912
Telephone and data communication		73			65			57			52			74				247			232
Insurance		71			92			75			64			71				302			310
Other expense		617			494			486			455			618				2,052			2,188
Total noninterest expense		6,223			6,375			6,311			6,373			6,678				25,282			27,166
Income (loss) from operations
before income taxes		(432	-		1,207			921			426			527				2,122			7,290
Income tax expense (benefit)		(115	-		299			253			105			123				542			1,848
Net income (loss)		(317	-		908			668			321			404				1,580			5,442
Discount from repurchase of preferred stock		0			0			0			0			406				0			406
Net income (loss) allocated to common stockholders	-	(317	-	-	908		-	668		-	321		-	810			-	1,580		-	5,848

FOR INFORMATION CONTACT:
J. Brian Chaffin, President & CEO
[phone]
[e-mail]