CIB Marine Bancshares, Inc. reported net income of $0.9 million for the second quarter of 2026, an increase from $0.7 million in the same period of 2025. Basic and diluted net income per share rose to $0.69 and $0.68, respectively, compared to $0.49 and $0.48 in the prior year. For the six months ended June 30, 2026, net income increased to $1.5 million, or $1.14 basic and $1.12 diluted per share, from $1.0 million, or $0.73 basic and $0.71 diluted per share, in the same period of 2025.

The company’s net interest margin expanded to 3.03% for the quarter, up from 2.96% in the first quarter of 2026 and 2.69% in the second quarter of 2025. This improvement was primarily due to the cost of funds declining at a faster pace than earning asset yields. Net interest income increased by $0.5 million for the quarter and $1.1 million for the six-month period compared to the prior year, offsetting the impact of lower average earning asset balances.

Operational Performance

Net income for the Banking and Mortgage Divisions increased by $0.3 million and $0.1 million, respectively, for the six months ended June 30, 2026. The Banking Division’s growth was driven by higher net interest income, which more than offset increased provisions for credit losses. The Mortgage Division’s improved results were attributed to effective cost management, as mortgage origination volumes remained low due to higher rates and limited housing inventory.

Asset quality metrics improved, with the allowance for credit losses to loans declining to 1.20% at June 30, 2026, from 1.27% at December 31, 2025. Non-performing assets to total assets and non-accrual loans to loans improved to 0.87% and 1.09%, respectively, from 1.04% and 1.31% at year-end 2025.

Balance Sheet and Capital

Since year-end 2025, loan balances decreased by $6 million, reflecting lower origination activity, while deposit balances grew by $6 million, allowing CIBM Bank to reduce total borrowings. The company is targeting growth in loan portfolio balances during the remainder of 2026, primarily within its commercial lending segments.

J. Brian Chaffin, President and CEO of CIB Marine, attributed the earnings improvement to net interest margin expansion and expense management. He noted that the net interest margin for CIBM Bank was 3.09% for the second quarter, up from 2.75% in the same quarter of 2025, supported by new customer relationships and continued repricing of loans and deposits.

Share Repurchases

Regarding the company’s common stock repurchase plan, Chaffin stated that purchases for the first half of 2026 totaled $1.2 million at a weighted average price of $38.33 per share. Since February 2025, the company has repurchased 5% of its outstanding stock at a price of $36.17 per share, utilizing $2.5 million of the $3.5 million authorized through 2026.