BROOKFIELD, Wis., Oct. 11, 2019 (GLOBE NEWSWIRE) — CIB Marine Bancshares, Inc. (the “Company” or “CIBM”) (OTCQB: CIBH), the holding company of CIBM Bank, announced its unaudited results of operations and financial condition for the third quarter of 2019. Income before taxes for the quarter was $1.1 million compared to $1.2 million for the same period in 2018, and for the nine months ending September 30, 2019, it was $3.0 million compared to $3.3 million for the same period in 2018.
A summary of financial results for the quarter and nine months ended September 30, 2019, is attached. Select highlights include:
- Tangible book value per share and stated book value per share at September 30, 2019, were $3.03 and $2.68 per share of common stock, respectively, compared to $2.82 and $2.45, respectively, at December 31, 2018. The increase reflects reported income for the nine months ended September 30, 2019, improved net accumulated other comprehensive income (loss) due to improved available for sale security fair values as a result of lower market interest rates, and discounts to the repurchase of preferred stock in the third quarter.
- Income before taxes for subsidiary CIBM Bank was $1.2 million for the quarter compared to $1.7 million for the same period in 2018, and $3.3 million for the nine months ended September 30, 2019, compared to $4.2 million for the same period in 2018. Comparing the two nine-month periods, there was a decline in net interest income of $0.4 million due primarily to rising cost of funds and a reduction in SBA reverse repo balances, a decline in non-interest income of $0.2 million due to lower SBA gains on sale as a result of lower origination volumes in part offset by stronger mortgage banking revenues, an increase in provision to allowance for loan losses of $0.1 million and an increase in non-interest expenses by $0.3 million lead by higher compensation, collection and occupancy and premise expenses.
- Non-performing assets, restructured loans, and loans 90 days or more past due and still accruing to total assets was 1.40% at September 30, 2019, versus 1.45% at December 31, 2018, and 1.11% at September 30, 2018. The increase from one year ago is primarily the result of one loan placed on non-accrual during the fourth quarter of 2018. CIB Marine’s allowance for loan losses was 1.49% at September 30, 2019, versus 1.62% at December 31, 2018, and 1.62% at September 30, 2018. The decline was primarily due to a $0.5 million charge-off of a loan that was previously reserved for.
Mr. J. Brian Chaffin, President and CEO of CIBM, commented, “Our SBA and Mortgage Divisions’ net revenues were up $0.4 million and $0.8 million, respectively, from second quarter of 2019 due to stronger loan production from both. Notably, the Mortgage Division has had stronger production and higher earnings on that production during 2019 versus the year prior. This can be attributed to solid purchase money and elevated refinance activity on lower mortgage rates so far this year and a number of new lender hires.”
He added, “Our net interest margin improved by 6 basis points from the prior quarter and printed the best result since the third quarter of 2018. We are encouraged that the cost of funds has begun to turn lower and we expect the decline to pick up in the two quarters ahead as we expect a significant amount of maturing time deposits originated near the peak of the rate cycle last year and early this year to reprice at lower rates.
“Finally, during the third quarter, we approved and accepted the repurchase of 2,229 shares of preferred stock as part of the second of three planned preferred stock modified Dutch auctions held pursuant to our 2018 amendments to the Articles of Incorporation. The total price for the shares was $1.6 million, resulting in a discount of $0.3 million to the $1.9 million carrying value of the preferred stock shares. The discount was transferred to paid-in capital for common stock during the third quarter. As a reminder, a $3.5 million liability currently exists for the purchase of 4,923 preferred shares, which CIBM anticipates settling on or before December 1, 2019, as agreed to in 2018.”
CIB Marine Bancshares, Inc. is the holding company for CIBM Bank, which operates eleven banking offices and five mortgage loan offices in Illinois, Wisconsin and Indiana. 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 | 9 Months Ended | ||||||||||||||||||||||
| September 30, | June 30, | March 31, | December 31, | September 30, |
September 30, | September 30, | |||||||||||||||||
| 2019 | 2019 | 2019 | 2018 | 2018 | 2019 | 2018 | |||||||||||||||||
| (Dollars in thousands, except share and per share data) | |||||||||||||||||||||||
| Selected Statement of Operations Data | |||||||||||||||||||||||
| Interest and dividend income | $ | 7,035 | $ | 7,078 | $ | 7,015 | $ | 7,009 | $ | 6,798 | $ | 21,128 | $ | 19,194 | |||||||||
| Interest expense | 2,183 | 2,256 | 2,178 | 2,064 | 1,767 | 6,617 | 4,358 | ||||||||||||||||
| Net interest income | 4,852 | 4,822 | 4,837 | 4,945 | 5,031 | 14,511 | 14,836 | ||||||||||||||||
| Provision for (reversal of) loan losses | 327 | (67 | ) | (158 | ) | (1,195 | ) | (13 | ) | 102 | 10 | ||||||||||||
| Net interest income after provision for | |||||||||||||||||||||||
| (reversal of) loan losses | 4,525 | 4,889 | 4,995 | 6,140 | 5,044 | 14,409 | 14,826 | ||||||||||||||||
| Noninterest income (1) | 3,835 | 2,710 | 1,362 | 1,546 | 3,063 | 7,907 | 7,863 | ||||||||||||||||
| Noninterest expense | 7,233 | 6,557 | 5,505 | 6,415 | 6,871 | 19,295 | 19,432 | ||||||||||||||||
| Income before income taxes | 1,127 | 1,042 | 852 | 1,271 | 1,236 | 3,021 | 3,257 | ||||||||||||||||
| Income tax expense | 93 | 281 | 229 | 313 | 345 | 603 | 875 | ||||||||||||||||
| Net income | $ | 1,034 | $ | 761 | $ | 623 | $ | 958 | $ | 891 | $ | 2,418 | $ | 2,382 | |||||||||
| Common Share Data | |||||||||||||||||||||||
| Basic net income per share (2) | $ | 0.07 | $ | 0.04 | $ | 0.03 | $ | 0.05 | $ | 0.14 | $ | 0.15 | $ | 0.23 | |||||||||
| Diluted net income per share (2) | 0.04 | 0.02 | 0.02 | 0.03 | 0.07 | 0.08 | 0.12 | ||||||||||||||||
| Dividend | 0.00 | 0.00 | 0.00 | 0.00 | 0.00 | 0.00 | 0.00 | ||||||||||||||||
| Tangible book value per share (3) | 3.03 | 2.97 | 2.90 | 2.82 | 2.71 | 3.03 | 2.71 | ||||||||||||||||
| Book value per share (3) | 2.68 | 2.60 | 2.53 | 2.45 | 2.34 | 2.68 | 2.34 | ||||||||||||||||
| Weighted average shares outstanding – basic | 18,455,408 | 18,290,674 | 18,232,169 | 18,232,169 | 18,232,169 | 18,281,049 | 18,201,320 | ||||||||||||||||
| Weighted average shares outstanding – diluted | 32,536,354 | 33,009,983 | 32,815,744 | 32,757,855 | 34,589,375 | 32,835,500 | 35,958,705 | ||||||||||||||||
| Financial Condition Data | |||||||||||||||||||||||
| Total assets | $ | 700,711 | $ | 708,270 | $ | 702,152 | $ | 721,259 | $ | 723,733 | $ | 700,711 | $ | 723,733 | |||||||||
| Loans | 508,758 | 513,755 | 489,273 | 491,337 | 507,677 | 508,758 | 507,677 | ||||||||||||||||
| Allowance for loan losses | (7,560 | ) | (7,251 | ) | (7,865 | ) | (7,947 | ) | (8,217 | ) | (7,560 | ) | (8,217 | ) | |||||||||
| Investment securities | 120,648 | 124,784 | 123,500 | 121,281 | 118,345 | 120,648 | 118,345 | ||||||||||||||||
| Deposits | 557,745 | 535,367 | 542,938 | 536,931 | 523,729 | 557,745 | 523,729 | ||||||||||||||||
| Borrowings | 38,468 | 69,174 | 57,220 | 86,710 | 104,357 | 38,468 | 104,357 | ||||||||||||||||
| Stockholders’ equity | 94,082 | 94,035 | 92,507 | 91,035 | 88,993 | 94,082 | 88,993 | ||||||||||||||||
| Financial Ratios and Other Data | |||||||||||||||||||||||
| Performance Ratios: | |||||||||||||||||||||||
| Net interest margin (4) | 2.95 | % | 2.89 | % | 2.94 | % | 2.89 | % | 2.97 | % | 2.93 | % | 3.10 | % | |||||||||
| Net interest spread (5) | 2.62 | % | 2.58 | % | 2.64 | % | 2.62 | % | 2.72 | % | 2.61 | % | 2.87 | % | |||||||||
| Noninterest income to average assets (6) | 2.19 | % | 1.52 | % | 0.76 | % | 0.84 | % | 1.72 | % | 1.49 | % | 1.56 | % | |||||||||
| Noninterest expense to average assets | 4.14 | % | 3.72 | % | 3.14 | % | 3.54 | % | 3.82 | % | 3.67 | % | 3.82 | % | |||||||||
| Efficiency ratio (7) | 83.44 | % | 87.45 | % | 89.24 | % | 99.18 | % | 84.63 | % | 86.39 | % | 85.38 | % | |||||||||
| Earnings on average assets (8) | 0.59 | % | 0.43 | % | 0.36 | % | 0.53 | % | 0.50 | % | 0.46 | % | 0.47 | % | |||||||||
| Earnings on average equity (9) | 4.35 | % | 3.28 | % | 2.76 | % | 4.23 | % | 3.77 | % | 3.48 | % | 3.30 | % | |||||||||
| Asset Quality Ratios: | |||||||||||||||||||||||
| Nonaccrual loans to loans (10) | 1.14 | % | 1.12 | % | 1.29 | % | 1.34 | % | 0.73 | % | 1.14 | % | 0.73 | % | |||||||||
| Nonaccrual loans, restructured loans and | |||||||||||||||||||||||
| loans 90 days or more past due and still | |||||||||||||||||||||||
| accruing to total loans (10) | 1.44 | % | 1.45 | % | 1.66 | % | 1.62 | % | 1.09 | % | 1.44 | % | 1.09 | % | |||||||||
| Nonperforming assets, restructured loans | |||||||||||||||||||||||
| and loans 90 days or more past due and still | |||||||||||||||||||||||
| accruing to total assets (10) | 1.40 | % | 1.40 | % | 1.51 | % | 1.45 | % | 1.11 | % | 1.40 | % | 1.11 | % | |||||||||
| Allowance for loan losses to total loans (10) | 1.49 | % | 1.41 | % | 1.61 | % | 1.62 | % | 1.62 | % | 1.49 | % | 1.62 | % | |||||||||
| Allowance for loan losses to nonaccrual loans, | |||||||||||||||||||||||
| restructured loans and loans 90 days or | |||||||||||||||||||||||
| more past due and still accruing (10) | 103.07 | % | 97.34 | % | 96.96 | % | 99.72 | % | 148.99 | % | 103.07 | % | 148.99 | % | |||||||||
| Net charge-offs (recoveries) annualized | |||||||||||||||||||||||
| to average loans (10) | 0.01 | % | 0.44 | % | (0.06 | %) | (0.74 | %) | (0.14 | %) | 0.13 | % | -0.14 | % | |||||||||
| Capital Ratios: | |||||||||||||||||||||||
| Total equity to total assets | 13.43 | % | 13.28 | % | 13.17 | % | 12.62 | % | 12.30 | % | 13.43 | % | 12.30 | % | |||||||||
| Total risk-based capital ratio | 15.20 | % | 15.32 | % | 15.56 | % | 15.34 | % | 14.43 | % | 15.20 | % | 14.43 | % | |||||||||
| Tier 1 risk-based capital ratio | 13.95 | % | 14.07 | % | 14.31 | % | 14.09 | % | 13.18 | % | 13.95 | % | 13.18 | % | |||||||||
| Leverage capital ratio | 10.86 | % | 10.64 | % | 10.39 | % | 10.10 | % | 9.90 | % | 10.86 | % | 9.90 | % | |||||||||
| Other Data: | |||||||||||||||||||||||
| Number of employees (full-time equivalent) | 182 | 180 | 177 | 183 | 188 | 182 | 188 | ||||||||||||||||
| Number of banking facilities | 11 | 11 | 11 | 11 | 11 | 11 | 11 | ||||||||||||||||
| (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 $0.3 million for the third quarter and nine months ended September 30, 2019, $0.1 million for the second quarter of 2018, $1.7 million for the third quarter of 2018, and $1.8 million for the nine months ended September 30, 2018. | |||||||||||||||||||||||
| (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. As presented here, shares of common outstanding excludes unvested Restricted Stock Awards totalling 918,665 shares of common stock at September 30, 2019. | |||||||||||||||||||||||
| (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. | |||||||||||||||||||||||
| CIB MARINE BANCSHARES, INC. | |||||||||||||||
| Consolidated Balance Sheets (unaudited) | |||||||||||||||
| September 30, | June 30, | March 31, | December 31, | September 30, | |||||||||||
| 2019 | 2019 | 2019 | 2018 | 2018 | |||||||||||
| (Dollars in Thousands, Except Shares) | |||||||||||||||
| Assets | |||||||||||||||
| Cash and due from banks | $ | 9,582 | $ | 8,791 | $ | 8,168 | $ | 13,037 | $ | 10,055 | |||||
| Reverse repurchase agreements | 4,083 | 18,347 | 42,729 | 58,662 | 45,076 | ||||||||||
| Securities available for sale | 118,211 | 122,365 | 121,115 | 118,926 | 116,013 | ||||||||||
| Equity securities at fair value | 2,437 | 2,419 | 2,385 | 2,355 | 2,332 | ||||||||||
| Loans held for sale | 25,347 | 8,450 | 4,467 | 4,632 | 8,145 | ||||||||||
| Loans | 508,758 | 513,755 | 489,273 | 491,337 | 507,677 | ||||||||||
| Allowance for loan losses | (7,560 | ) | (7,251 | ) | (7,865 | ) | (7,947 | ) | (8,217 | ) | |||||
| Net loans | 501,198 | 506,504 | 481,408 | 483,390 | 499,460 | ||||||||||
| Federal Home Loan Bank Stock | 926 | 2,363 | 2,003 | 3,172 | 3,870 | ||||||||||
| Premises and equipment, net (1) | 7,083 | 7,386 | 7,220 | 4,498 | 4,409 | ||||||||||
| Accrued interest receivable | 1,646 | 1,820 | 1,873 | 1,570 | 1,858 | ||||||||||
| Deferred tax assets, net | 20,455 | 20,703 | 21,156 | 21,422 | 22,410 | ||||||||||
| Other real estate owned, net | 2,466 | 2,466 | 2,466 | 2,486 | 2,494 | ||||||||||
| Bank owned life insurance | 4,666 | 4,640 | 4,613 | 4,590 | 4,565 | ||||||||||
| Goodwill and other intangible assets | 159 | 165 | 171 | 176 | 181 | ||||||||||
| Other assets | 2,452 | 1,851 | 2,378 | 2,343 | 2,865 | ||||||||||
| Total Assets | $ | 700,711 | $ | 708,270 | $ | 702,152 | $ | 721,259 | $ | 723,733 | |||||
| Liabilities and Stockholders’ Equity | |||||||||||||||
| Deposits: | |||||||||||||||
| Noninterest-bearing demand | $ | 63,694 | $ | 62,424 | $ | 62,553 | $ | 63,507 | $ | 69,165 | |||||
| Interest-bearing demand | 50,683 | 32,649 | 32,467 | 33,660 | 33,701 | ||||||||||
| Savings | 202,866 | 192,133 | 188,110 | 181,432 | 164,603 | ||||||||||
| Time | 240,502 | 248,161 | 259,808 | 258,332 | 256,260 | ||||||||||
| Total deposits | 557,745 | 535,367 | 542,938 | 536,931 | 523,729 | ||||||||||
| Short-term borrowings | 38,468 | 69,174 | 57,220 | 86,710 | 104,357 | ||||||||||
| Accrued interest payable | 711 | 725 | 727 | 710 | 694 | ||||||||||
| Other liabilities | 9,705 | 8,969 | 8,760 | 5,873 | 5,960 | ||||||||||
| Total liabilities | 606,629 | 614,235 | 609,645 | 630,224 | 634,740 | ||||||||||
| Stockholders’ Equity | |||||||||||||||
| Preferred stock, $1 par value; 5,000,000 | |||||||||||||||
| authorized shares at September 30, 2019; 7% fixed rate noncumulative perpetual issued; 40,888 shares of series A and 3,217 shares of series B; convertible; $44.1 million aggregate liquidation preference |
37,489 | 39,384 | 39,384 | 39,384 | 39,384 | ||||||||||
| Common stock, $1 par value; 75,000,000 | |||||||||||||||
| authorized shares; 18,868,329 issued shares; 18,646,427 outstanding shares (2) | 18,868 | 18,543 | 18,456 | 18,456 | 18,454 | ||||||||||
| Capital surplus | 161,110 | 160,991 | 160,930 | 160,815 | 160,716 | ||||||||||
| Accumulated deficit | (123,377 | ) | (124,412 | ) | (125,173 | ) | (125,796 | ) | (126,754 | ) | |||||
| Accumulated other comprehensive income (loss), net | 526 | 63 | (556 | ) | (1,290 | ) | (2,273 | ) | |||||||
| Treasury stock 221,902 shares at cost | (534 | ) | (534 | ) | (534 | ) | (534 | ) | (534 | ) | |||||
| Total stockholders’ equity | 94,082 | 94,035 | 92,507 | 91,035 | 88,993 | ||||||||||
| Total liabilities and stockholders’ equity | $ | 700,711 | $ | 708,270 | $ | 702,152 | $ | 721,259 | $ | 723,733 | |||||
| (1) The adoption of the new lease accounting standards effective January 1, 2019 resulted in $2.8 million of right of use assets being recorded in premise and equipment, net and a corresponding liability in other liabilities. | |||||||||||||||
| (2) Both issued and outstanding shares as stated here exclude 918,665 shares of unvested restricted stock awards. | |||||||||||||||
| CIB MARINE BANCSHARES, INC. | |||||||||||||||||||||
| Consolidated Statements of Operations (Unaudited) | |||||||||||||||||||||
| At or for the | |||||||||||||||||||||
| Quarters Ended | 9 Months Ended | ||||||||||||||||||||
| September 30, | June 30, | March 31, | December 31, | September 30, |
September 30, | September 30, | |||||||||||||||
| 2019 | 2019 | 2019 | 2018 | 2018 | 2019 | 2018 | |||||||||||||||
| (Dollars in thousands) | |||||||||||||||||||||
| Interest Income | |||||||||||||||||||||
| Loans | $ | 5,992 | $ | 5,811 | $ | 5,693 | $ | 5,686 | $ | 5,638 | $ | 17,496 | $ | 16,135 | |||||||
| Loans held for sale | 152 | 97 | 85 | 86 | 112 | 334 | 302 | ||||||||||||||
| Securities | 810 | 868 | 804 | 828 | 720 | 2,482 | 2,215 | ||||||||||||||
| Other investments | 81 | 302 | 433 | 409 | 328 | 816 | 542 | ||||||||||||||
| Total interest income | 7,035 | 7,078 | 7,015 | 7,009 | 6,798 | 21,128 | 19,194 | ||||||||||||||
| Interest Expense | |||||||||||||||||||||
| Deposits | 2,027 | 1,949 | 1,805 | 1,547 | 1,343 | 5,781 | 3,329 | ||||||||||||||
| Short-term borrowings | 156 | 307 | 373 | 517 | 424 | 836 | 1,029 | ||||||||||||||
| Total interest expense | 2,183 | 2,256 | 2,178 | 2,064 | 1,767 | 6,617 | 4,358 | ||||||||||||||
| Net interest income | 4,852 | 4,822 | 4,837 | 4,945 | 5,031 | 14,511 | 14,836 | ||||||||||||||
| Provision for (reversal of) loan losses | 327 | (67 | ) | (158 | ) | (1,195 | ) | (13 | ) | 102 | 10 | ||||||||||
| Net interest income after provision for | |||||||||||||||||||||
| (reversal of) loan losses | 4,525 | 4,889 | 4,995 | 6,140 | 5,044 | 14,409 | 14,826 | ||||||||||||||
| Noninterest Income | |||||||||||||||||||||
| Deposit service charges | 101 | 95 | 83 | 79 | 105 | 279 | 326 | ||||||||||||||
| Other service fees | 30 | 29 | 20 | 31 | 30 | 79 | 104 | ||||||||||||||
| Mortgage Banking revenue, net | 2,936 | 2,148 | 978 | 1,057 | 1,760 | 6,062 | 5,289 | ||||||||||||||
| Other income | 150 | 179 | 165 | 143 | 173 | 494 | 458 | ||||||||||||||
| Net gains (losses) on sale of securities available for sale | 0 | 0 | 0 | 0 | (7 | ) | 0 | 15 | |||||||||||||
| Unrealized gains (losses) recognized on equity securities | 18 | 34 | 30 | 23 | (18 | ) | 82 | (75 | ) | ||||||||||||
| Net gains on sale of assets | 600 | 225 | 86 | 213 | 1,020 | 911 | 1,746 | ||||||||||||||
| Total noninterest income | 3,835 | 2,710 | 1,362 | 1,546 | 3,063 | 7,907 | 7,863 | ||||||||||||||
| Noninterest Expense | |||||||||||||||||||||
| Compensation and employee benefits | 5,309 | 4,445 | 3,687 | 4,206 | 4,514 | 13,441 | 13,252 | ||||||||||||||
| Equipment | 335 | 353 | 335 | 364 | 351 | 1,023 | 999 | ||||||||||||||
| Occupancy and premises | 420 | 437 | 456 | 423 | 378 | 1,313 | 1,217 | ||||||||||||||
| Data Processing | 165 | 160 | 166 | 169 | 184 | 491 | 500 | ||||||||||||||
| Federal deposit insurance | (5 | ) | 66 | 82 | 74 | 51 | 143 | 148 | |||||||||||||
| Professional services | 198 | 207 | 140 | 270 | 623 | 545 | 1,079 | ||||||||||||||
| Telephone and data communication | 86 | 83 | 78 | 86 | 78 | 247 | 235 | ||||||||||||||
| Insurance | 70 | 52 | 53 | 47 | 60 | 175 | 184 | ||||||||||||||
| Other expense | 655 | 754 | 508 | 776 | 632 | 1,917 | 1,818 | ||||||||||||||
| Total noninterest expense | 7,233 | 6,557 | 5,505 | 6,415 | 6,871 | 19,295 | 19,432 | ||||||||||||||
| Income from operations | |||||||||||||||||||||
| before income taxes | 1,127 | 1,042 | 852 | 1,271 | 1,236 | 3,021 | 3,257 | ||||||||||||||
| Income tax expense | 93 | 281 | 229 | 313 | 345 | 603 | 875 | ||||||||||||||
| Net income | 1,034 | 761 | 623 | 958 | 891 | 2,418 | 2,382 | ||||||||||||||
| Preferred stock dividend | 0 | 0 | 0 | 0 | 0 | 0 | 0 | ||||||||||||||
| Discount from repurchase of preferred shares | 308 | 0 | 0 | 0 | 1,703 | 308 | 1,808 | ||||||||||||||
| Net income allocated to | |||||||||||||||||||||
| common stockholders | $ | 1,342 | $ | 761 | $ | 623 | $ | 958 | $ | 2,594 | $ | 2,726 | $ | 4,190 | |||||||