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CIB Marine Bancshares, Inc. Announces 2016 Results

WAUKESHA, WI--(Marketwired - January 13, 2017) - 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 fourth quarter and year of 2016. Net income for the fourth quarter of 2016 was $1.4 million or $0.08 basic and $0.04 diluted earnings per share compared to a loss of $0.8 million or $0.04 basic and diluted earnings per share for the same period in 2015, and for the year ended December 31, 2016, net income was $4.4 million or $0.24 basic and $0.12 diluted earnings per share compared to a loss of $0.6 million or $0.03 basic and diluted earnings per share for the same period of 2015.

Select highlights for the quarter and year include:

  • Return on average assets was 0.71% for the year 2016, a substantial improvement over the (0.12%) reported for the year 2015.
  • Net income for subsidiary CIBM Bank was $4.6 million for the year 2016, an increase of $4.3 million from the year 2015.
  • Net interest income increased $1.8 million for the year 2016 compared 2015. The increase was primarily due to a $64 million dollar increase in average loans outstanding.
  • Non-interest income increased $5.0 million for the year 2016 compared to the same period of 2015, due primarily to mortgage activity and, to a lesser extent, gains related to assets previously charged or written down. For the quarter, net mortgage banking revenues were down $0.9 million due to seasonal factors and the increase in interest rates.
  • Reversal of loan losses was $0.9 million for the year ending December 31, 2016, compared to a provision for loan losses of $0.1 million for the same period in 2015. The reversal of loan losses was related to a $1.5 million structured settlement payment announced earlier in 2016 which has been received and recorded in the allowance for loan losses as a recovery of loans previously charged off.
  • Noninterest expenses rose for the year 2016 by $2.7 million versus the prior year, primarily due to a $2.9 million increase in compensation caused by commissions for higher loan originations offset by reductions in other areas.
  • Non-performing assets to total assets were 1.83% at the year-end 2016, down from 2.25% the prior year end and up from 1.32% at September 30, 2016. The increase from the prior quarter-end was due primarily to one relationship.
  • Net recoveries for loans previously charged off to average loans was (0.24%) for the year ending December 31, 2016, compared to (0.11%) for the same period in the prior year.

"CIB Marine completed a successful year in 2016 and is pleased to be reporting for the year an increase of 74% in the book value per share of common stock and progress in a number of strategic areas of the company," said Mr. J. Brian Chaffin, President and Chief Executive Officer of CIB Marine Bancshares, Inc. "For the year 2016 our loan portfolio grew on net 8.8% reflecting more than $100 million in new portfolio loan originations, deposits grew 8.9% and mortgage revenues grew 92%. In addition, we started our SBA lending and facility financing activities; executed a significant expense management program; and made a number of investments in information technology to enhance our services and improve product delivery, as well as fund a number of security and infrastructure measures."

Mr. Chaffin added, "Our eyes and energy are focused on 2017 and the future now. Interest rates are higher across the yield curve over the past year and Fed policy rates are forecast to increase further in 2017. During 2017 we expect a softer residential lending market due to the increase in mortgage rates, but we continue to work on expanding our mortgage lending activities more deeply through our banking markets and we are optimistic our SBA lending activities will increase over the prior year. Our traditional retail and commercial community banking activities contributed significantly to the results in 2016 and we are working towards continued development and growth of our customer relationships within the communities where we live and work."

CIB Marine Bancshares, Inc. is the holding company for CIBM Bank, which operates 11 banking offices and 3 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.

Notice that Preferred Dividend has not been declared: Pursuant to Sections 5.4(e)(v) and 5.5(e)(v) of the Company's Articles of Incorporation, notice is hereby given that the Board of Directors of the Company has not declared a dividend on its Series A Preferred Stock or its Series B Convertible Preferred Stock for the period ended December 31, 2016 and, accordingly, no dividend will be paid to preferred shareholders for such Dividend Period.

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, 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                       
                ------------------------------------------------------------
                 December   September                            December  
                    31,         30,       June 30,   March 31,      31,     
                   2016        2016        2016        2016        2015    
                ------------------------------------------------------------
                   (Dollars in thousands, except share and per share data)  
Selected                                                                    
 Statement of                                                               
 Operations Data                                                            
Interest and                                                                
 dividend income$     5,273 $     5,286 $     5,214 $     5,176 $     4,874 
Interest expense        793         740         729         735         654 
                ------------------------------------------------------------
 Net interest                                                               
  income              4,480       4,546       4,485       4,441       4,220 
Provision for                                                               
 (reversal of)                                                              
 loan losses        (1,101)          69         118          61         215 
                ------------------------------------------------------------
 Net interest                                                               
  income after                                                              
  provision for                                                             
  (reversal of)                                                             
  loan losses         5,581       4,477       4,367       4,380       4,005 
Noninterest                                                                 
 income (1)           1,908       2,651       2,788       2,053         592 
Noninterest                                                                 
 expense              6,127       6,220       5,951       5,481       5,386 
                ------------------------------------------------------------
 Income (loss)                                                              
  before income                                                             
  taxes               1,362         908       1,204         952       (789) 
Income tax                                                                  
 expense                (5)          40          15           0          6 
                ------------------------------------------------------------
 Net income                                                                 
  (loss)        $     1,367 $       868 $     1,189 $       952 $     (795) 
                ============================================================
                                                                            
Common Share                                                                
 Data                                                                       
 Basic net                                                                  
  income (loss)                                                             
  per share     $      0.08 $      0.05 $      0.07 $      0.05 $    (0.04) 
 Diluted net                                                                
  income (loss)                                                             
  per share            0.04        0.02        0.03        0.03      (0.04) 
 Dividend                 0           0           0           0          0 
 Tangible book                                                              
  value per                                                                 
  share (2)            1.03        1.04        0.99        0.90        0.79 
 Book value per                                                             
  share (2)            0.54        0.56        0.51        0.41        0.31 
 Weighted                                                                   
  average shares                                                            
  outstanding -                                                             
  basic          18,127,892  18,127,892  18,127,892  18,127,892  18,127,892 
 Weighted                                                                   
  average shares                                                            
  outstanding -                                                             
  diluted        36,082,522  35,818,022  35,631,892  35,631,892  18,127,892 
Financial                                                                   
 Condition Data                                                             
 Total assets   $   653,864 $   632,628 $   615,708 $   597,089 $   571,233 
 Loans              484,255     466,057     461,859     470,424     445,050 
 Allowance for                                                              
  loan losses       (8,329)     (8,549)     (8,219)     (8,235)     (8,064) 
 Investment                                                                 
  securities        112,072     103,853     103,542      97,474      94,702 
 Deposits           483,097     476,428     468,377     467,334     443,571 
 Borrowings          96,944      81,636      72,833      57,929      58,883 
 Stockholders'                                                              
  equity             69,828      70,094      69,266      67,475      65,586 
Financial Ratios                                                            
 and Other Data                                                             
 Performance                                                                
  Ratios:                                                                   
  Net interest                                                              
   margin (3)         2.84%       2.95%       3.11%       3.15%       3.14% 
  Net interest                                                              
   spread (4)         2.70%       2.80%       2.96%       3.00%       2.98% 
  Noninterest                                                               
   income to                                                                
   average                                                                  
   assets (5)         1.18%       1.68%       1.88%       1.42%       0.43% 
  Noninterest                                                               
   expense to                                                               
   average                                                                  
   assets             3.79%       3.93%       4.02%       3.78%       3.89% 
  Efficiency                                                                
   ratio (6)         95.91%      86.42%      81.82%      84.40%     111.93% 
  Earnings                                                                  
   (loss) on                                                                
   average                                                                  
   assets (7)         0.85%       0.55%       0.80%       0.66%      -0.57% 
  Earnings                                                                  
   (loss) on                                                                
   average                                                                  
   equity (8)         7.63%       4.89%       6.98%       5.75%      -4.65% 
Asset Quality                                                               
 Ratios:                                                                    
 Nonaccrual                                                                 
  loans to loans                                                            
  (9)                 1.41%       1.16%       0.81%       0.81%       0.70% 
 Nonaccrual                                                                 
  loans,                                                                    
  restructured                                                              
  loans and                                                                 
  loans 90 days                                                             
  or more past                                                              
  due and still                                                             
  accruing to                                                               
  total loans                                                               
  (9)                 1.75%       1.58%       1.63%       1.64%       1.96% 
 Nonperforming                                                              
  assets,                                                                   
  restructured                                                              
  loans and                                                                 
  loans 90 days                                                             
  or more past                                                              
  due and still                                                             
  accruing to                                                               
  total assets                                                              
  (9)                 1.83%       1.32%       1.59%       1.94%       2.25% 
 Allowance for                                                              
  loan losses to                                                            
  total loans         1.72%       1.83%       1.78%       1.75%       1.81% 
 Allowance for                                                              
  loan losses to                                                            
  nonaccrual                                                                
  loans,                                                                    
  restructured                                                              
  loans and                                                                 
  loans 90 days                                                             
  or more past                                                              
  due and still                                                             
  accruing (9)       98.16%     116.08%     109.14%     106.74%      92.25% 
 Net charge-offs                                                            
  (recoveries)                                                              
  annualized to                                                             
  average loans      -0.74%      -0.22%       0.12%      -0.10%       0.03% 
Capital Ratios:                                                             
 Total equity to                                                            
  total assets       10.68%      11.08%      11.25%      11.30%      11.48% 
 Total risk-                                                                
  based capital                                                             
  ratio              15.55%      15.66%      15.60%      15.19%      15.45% 
 Tier 1 risk-                                                               
  based capital                                                             
  ratio              14.29%      14.41%      14.34%      13.93%      14.20% 
 Leverage                                                                   
  capital ratio      11.18%      11.20%      11.69%      11.72%      12.27% 
Other Data:                                                                 
 Number of                                                                  
  employees                                                                 
  (full-time                                                                
  equivalent)           171         169         167         180         173 
 Number of                                                                  
  banking                                                                   
  facilities             11          11          11          11          11 
                                                                            
                                   
                      At or for the      
                -------------------------
                       Years Ended       
                -------------------------
                December 31, December 31,
                    2016         2015    
                -------------------------
                  (Dollars in thousands, 
                   except share and per  
                       share data)       
Selected                                 
 Statement of                            
 Operations Data                         
Interest and                             
 dividend income$     20,949 $     18,530
Interest expense       2,997        2,377
                -------------------------
 Net interest                            
  income              17,952       16,153
Provision for                            
 (reversal of)                           
 loan losses           (853)           61
                -------------------------
 Net interest                            
  income after                           
  provision for                          
  (reversal of)                          
  loan losses         18,805       16,092
Noninterest                              
 income (1)            9,400        4,426
Noninterest                              
 expense              23,779       21,117
                -------------------------
 Income (loss)                           
  before income                          
  taxes                4,426        (599)
Income tax                               
 expense                  50           6
                -------------------------
 Net income                              
  (loss)        $      4,376 $      (605)
                =========================
                                         
Common Share                             
 Data                                    
 Basic net                               
  income (loss)                          
  per share     $       0.24 $     (0.03)
 Diluted net                             
  income (loss)                          
  per share             0.12       (0.03)
 Dividend                  0           0
 Tangible book                           
  value per                              
  share (2)             1.03         0.79
 Book value per                          
  share (2)             0.54         0.31
 Weighted                                
  average shares                         
  outstanding -                          
  basic           18,127,892   18,127,892
 Weighted                                
  average shares                         
  outstanding -                          
  diluted         35,791,952   18,127,892
Financial                                
 Condition Data                          
 Total assets   $    653,864 $    571,233
 Loans               484,255      445,050
 Allowance for                           
  loan losses        (8,329)      (8,064)
 Investment                              
  securities         112,072       94,702
 Deposits            483,097      443,571
 Borrowings           96,944       58,883
 Stockholders'                           
  equity              69,828       65,586
Financial Ratios                         
 and Other Data                          
 Performance                             
  Ratios:                                
  Net interest                           
   margin (3)          3.01%        3.18%
  Net interest                           
   spread (4)          2.86%        3.03%
  Noninterest                            
   income to                             
   average                               
   assets (5)          1.53%        0.84%
  Noninterest                            
   expense to                            
   average                               
   assets              3.88%        4.02%
  Efficiency                             
   ratio (6)          86.94%      102.68%
  Earnings                               
   (loss) on                             
   average                               
   assets (7)          0.71%       -0.12%
  Earnings                               
   (loss) on                             
   average                               
   equity (8)          6.32%       -0.89%
Asset Quality                            
 Ratios:                                 
 Nonaccrual                              
  loans to loans                         
  (9)                  1.41%        0.70%
 Nonaccrual                              
  loans,                                 
  restructured                           
  loans and                              
  loans 90 days                          
  or more past                           
  due and still                          
  accruing to                            
  total loans                            
  (9)                  1.75%        1.96%
 Nonperforming                           
  assets,                                
  restructured                           
  loans and                              
  loans 90 days                          
  or more past                           
  due and still                          
  accruing to                            
  total assets                           
  (9)                  1.83%        2.25%
 Allowance for                           
  loan losses to                         
  total loans          1.72%        1.81%
 Allowance for                           
  loan losses to                         
  nonaccrual                             
  loans,                                 
  restructured                           
  loans and                              
  loans 90 days                          
  or more past                           
  due and still                          
  accruing (9)        98.16%       92.25%
 Net charge-offs                         
  (recoveries)                           
  annualized to                          
  average loans       -0.24%       -0.11%
Capital Ratios:                          
 Total equity to                         
  total assets        10.68%       11.48%
 Total risk-                             
  based capital                          
  ratio               15.55%       15.45%
 Tier 1 risk-                            
  based capital                          
  ratio               14.29%       14.20%
 Leverage                                
  capital ratio       11.18%       12.27%
Other Data:                              
 Number of                               
  employees                              
  (full-time                             
  equivalent)            171          173
 Number of                               
  banking                                
  facilities              11           11
                                         
----------------------------------------                         
(1) Noninterest income includes gains and losses on securities.             
(2) Tangible book value per share is the shareholder 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 shareholder equity less the liquidation preference of  
    the preferred stock, divided by the total shares of common outstanding. 
(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 common     
    equity.                                                                 
(9) Excludes loans held for sale.                                           
                                                                            
                                                                            
                         CIB MARINE BANCSHARES, INC.                        
                   Consolidated Balance Sheets (unaudited)                  
                                                                            
                       December   September                        December 
                          31,        30,     June 30,   March 31,     31,   
                         2016       2016       2016       2016       2015   
                      ------------------------------------------------------
                             (Dollars in thousands, except share data)      
Assets                                                                      
Cash and due from                                                           
 banks                $  10,291  $  11,427  $   9,808  $   9,136  $   9,170 
Reverse repurchase                                                          
 agreements              24,275     27,560     20,313          -          - 
Securities available                                                        
 for sale               112,072    103,853    103,542     97,474     94,702 
Loans held for sale      11,469     15,875     11,602     10,176     12,275 
                                                                            
Loans                   484,255    466,057    461,859    470,424    445,050 
Allowance for loan                                                          
 losses                  (8,329)    (8,549)    (8,219)    (8,235)    (8,064)
                      ------------------------------------------------------
  Net loans             475,926    457,508    453,640    462,189    436,986 
                                                                            
Federal Home Loan Bank                                                      
 Stock                    3,803      3,803      2,170      2,170      2,170 
Premises and                                                                
 equipment, net           4,427      4,256      4,358      4,716      4,771 
Accrued interest                                                            
 receivable               1,382      1,289      1,290      1,468      1,296 
Other real estate                                                           
 owned, net               3,464        982      2,283      3,859      4,126 
Bank owned life                                                             
 insurance                4,389      4,363      4,336      4,310      4,285 
Goodwill and other                                                          
 intangible assets          221        226        232        237        243 
Other assets              2,145      1,486      2,134      1,354      1,209 
                      ------------------------------------------------------
  Total Assets        $ 653,864  $ 632,628  $ 615,708  $ 597,089  $ 571,233 
                      ======================================================
                                                                            
Liabilities and                                                             
 Stockholders' Equity                                                       
Deposits:                                                                   
  Noninterest-bearing                                                       
   demand             $  77,154  $  87,216  $  82,460  $  74,564  $  77,580 
  Interest-bearing                                                          
   demand                33,832     29,821     31,508     32,096     33,192 
  Savings               176,435    169,390    175,955    175,576    162,663 
  Time                  195,676    190,001    178,454    185,098    170,136 
                      ------------------------------------------------------
    Total deposits      483,097    476,428    468,377    467,334    443,571 
Short-term borrowings    96,944     81,636     72,833     57,929     58,883 
Accrued interest                                                            
 payable                    349        319        335        339        321 
Other liabilities         3,646      4,151      4,897      4,012      2,872 
                      ------------------------------------------------------
    Total liabilities   584,036    562,534    546,442    529,614    505,647 
                                                                            
Stockholders' Equity                                                        
Preferred stock, $1                                                         
 par value; 5,000,000                                                       
 authorized shares; 7%                                                      
 fixed rate                                                                 
 noncumulative                                                              
 perpetual issued-                                                          
 55,624 shares of                                                           
 series A and 4,376                                                         
 shares of series B;                                                        
 convertible;                                                               
 aggregate liquidation                                                      
 preference- $60,000     51,000     51,000     51,000     51,000     51,000 
Common stock, $1 par                                                        
 value; 50,000,000                                                          
 authorized shares;                                                         
 18,346,391 issued                                                          
 shares; 18,135,344                                                         
 outstanding shares      18,346     18,346     18,346     18,346     18,346 
Capital surplus         158,552    158,510    158,493    158,493    158,493 
Accumulated deficit    (155,212)  (156,579)  (157,446)  (158,636)  (159,588)
Accumulated other                                                           
 comprehensive loss,                                                        
 net                     (2,329)      (654)      (598)    (1,199)    (2,136)
Treasury stock 218,499                                                      
 shares at cost            (529)      (529)      (529)      (529)      (529)
                      ------------------------------------------------------
    Total                                                                   
     stockholders'                                                          
     equity              69,828     70,094     69,266     67,475     65,586 
                      ------------------------------------------------------
    Total liabilities                                                       
     and stockholders'                                                      
     equity           $ 653,864  $ 632,628  $ 615,708  $ 597,089  $ 571,233 
                      ======================================================
                                                                            
                                                                            
                        CIB MARINE BANCSHARES, INC.                         
             Consolidated Statements of Operations (Unaudited)              
                                            At or for the                   
                        ----------------------------------------------------
                                          Quarters Ended                    
                        ----------------------------------------------------
                        December   September                      December  
                           31,        30,      June 30, March 31,    31,    
                          2016       2016        2016      2016     2015    
                        ----------------------------------------------------
                                       (Dollars in thousands)               
                                                                            
Interest Income                                                             
Loans                   $  4,493  $    4,540  $   4,635 $   4,572 $  4,248  
Loans held for sale          141         153         95        83       77  
Securities                   563         513        478       517      546  
Other investments             76          80          6         4        3  
                        ----------------------------------------------------
  Total interest income    5,273       5,286      5,214     5,176    4,874  
                                                                            
Interest Expense                                                            
Deposits                     697         659        692       705      640  
Short-term borrowings         96          81         37        30       14  
                        ----------------------------------------------------
  Total interest expense     793         740        729       735      654  
                        ----------------------------------------------------
  Net interest income      4,480       4,546      4,485     4,441    4,220  
Provision for (reversal                                                     
 of) loan losses          (1,101)         69        118        61      215  
                        ----------------------------------------------------
  Net interest income                                                       
   after provision for                                                      
   (reversal of) loan                                                       
   losses                  5,581       4,477      4,367     4,380    4,005  
                                                                            
Noninterest Income                                                          
Deposit service charges      121         125        121       103      113  
Other service fees            45          47         52        67       60  
Mortgage Banking                                                            
 revenue, net              1,414       2,285      2,102     1,336      545  
Other income                 136         206         96       117      104  
Net gains on sale of                                                        
 securities                    0           0          0         0        0  
Net gains (losses) on                                                       
 sale of assets and                                                         
 (writedowns)                192         (12)       417       430     (230) 
                        ----------------------------------------------------
  Total noninterest                                                         
   income                  1,908       2,651      2,788     2,053      592  
                                                                            
Noninterest Expense                                                         
Compensation and                                                            
 employee benefits         4,228       4,426      4,143     3,624    3,419  
Equipment                    305         277        293       273      277  
Occupancy and premises       390         377        389       435      396  
Data Processing              123         185        151       154      158  
Federal deposit                                                             
 insurance                    92         105        106       106      104  
Professional services        156         157        213       249      228  
Telephone and data                                                          
 communication                90          92         99       109      113  
Insurance                     60          60         56        54       53  
Other expense                683         541        501       477      638  
                        ----------------------------------------------------
  Total noninterest                                                         
   expense                 6,127       6,220      5,951     5,481    5,386  
                        ----------------------------------------------------
Income (loss) from                                                          
 operations before                                                          
 income taxes              1,362         908      1,204       952     (789) 
Income tax expense            (5)         40         15         0        6  
                        ----------------------------------------------------
  Net income (loss)        1,367         868      1,189       952     (795) 
Preferred stock dividend       0           0          0         0        0  
                        ----------------------------------------------------
    Net income (loss)                                                       
     allocated to common                                                    
     stockholders       $  1,367  $      868  $   1,189 $     952 $   (795) 
                        ====================================================
                                                                            
                           At or for the   
                        -------------------
                            Years Ended    
                        -------------------
                        December  December 
                           31,       31,   
                          2016      2015   
                        -------------------
                            (Dollars in    
                            thousands)     
                                           
Interest Income                            
Loans                   $ 18,240  $ 15,972 
Loans held for sale          472       341 
Securities                 2,071     2,206 
Other investments            166        11 
                        -------------------
  Total interest income   20,949    18,530 
                                           
Interest Expense                           
Deposits                   2,753     2,327 
Short-term borrowings        244        50 
                        -------------------
  Total interest expense   2,997     2,377 
                        -------------------
  Net interest income     17,952    16,153 
Provision for (reversal                    
 of) loan losses            (853)       61 
                        -------------------
  Net interest income                      
   after provision for                     
   (reversal of) loan                      
   losses                 18,805    16,092 
                                           
Noninterest Income                         
Deposit service charges      470       450 
Other service fees           211       236 
Mortgage Banking                           
 revenue, net              7,137     3,724 
Other income                 555       444 
Net gains on sale of                       
 securities                    0        13 
Net gains (losses) on                      
 sale of assets and                        
 (writedowns)              1,027      (441)
                        -------------------
  Total noninterest                        
   income                  9,400     4,426 
                                           
Noninterest Expense                        
Compensation and                           
 employee benefits        16,421    13,515 
Equipment                  1,148     1,068 
Occupancy and premises     1,591     1,576 
Data Processing              613       621 
Federal deposit                            
 insurance                   409       425 
Professional services        775       942 
Telephone and data                         
 communication               390       411 
Insurance                    230       221 
Other expense              2,202     2,338 
                        -------------------
  Total noninterest                        
   expense                23,779    21,117 
                        -------------------
Income (loss) from                         
 operations before                         
 income taxes              4,426      (599)
Income tax expense            50         6 
                        -------------------
  Net income (loss)        4,376      (605)
Preferred stock dividend       0         0 
                        -------------------
    Net income (loss)                      
     allocated to common                   
     stockholders       $  4,376  $   (605)
                        ===================
                                           

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