CIB Marine Bancshares and Centrue Financial Corp. each reported Friday that their first-quarter net losses were significantly smaller than a year ago.

CIB Marine Bancshares — the parent company of Central Illinois Bank — said its net loss was $1.3 million, down from $2.4 million during the first quarter of 2010.

For shareholders, that amounted to a loss of 7 cents a share, compared with a loss of 13 cents a share during the year-ago quarter.

Company CEO Chuck Ponicki attributed the improved results primarily to "a reduced loan loss provision."

Although he called that development "favorable," Ponicki said "deteriorated real estate markets continue to weigh heavily on our loan portfolio, resulting in higher non-performing assets."

CIB Marine Bancshares is the holding company for CIBM Bank, which operates as Central Illinois Bank in Illinois and as Marine Bank in Wisconsin, Indiana and Arizona.

The Waukesha, Wis.-based company announced earlier this year that it plans to close its Arizona branch, "which should lead to further improvements in operating efficiencies," Ponicki said in a letter to shareholders.

That will leave the company with 10 Central Illinois Bank locations and four Marine Bank locations — three in Wisconsin and one in Indianapolis.

As of March 31, the company had 144 full-time equivalent employees, down from 164 a year earlier. The bank was considered "adequately capitalized" by regulatory standards.

Centrue Financial reported its first-quarter net loss was $3.5 million, compared with a $6.3 million net loss in the first quarter of 2010.

For shareholders, that amounted to a net loss of 65 cents per common diluted share, compared with a loss of $1.11 per share during the same quarter last year.

"Despite reporting a loss for the quarter, we are encouraged by some of the positive trends experienced in recent months," said Centrue CEO Thomas Daiber in a released statement.

Specifically, he noted decreases in non-performing loans, non-performing assets and loan charge-offs.

The company is the parent company of Centrue Bank, which has an office on South Neil Street in Champaign. Most of Centrue's other offices are in communities south and west of Chicago or in communities near St. Louis.

The bank remains "adequately capitalized" under regulatory standards.

Centrue and CIB Marine Bancshares were the last two publicly traded banking companies with offices in East Central Illinois to report first-quarter earnings.

Other area banking companies that reported earnings in recent weeks included:

— Old National Bancorp, which reported May 2 it had first-quarter net income of $16.4 million, up 63 percent from $10.1 million for the first quarter of 2010.

For shareholders, that amounted to earnings of 17 cents per share, up from 12 cents per share a year earlier.

The Evansville, Ind.-based company completed its acquisition of Monroe Bancorp of Bloomington, Ind., on Jan. 1.

— Itasca-based First Midwest Bancorp, which reported April 27 it had first quarter net income of $10.2 million before adjustments for preferred dividends and restricted shares, compared with $8.1 million a year earlier.

After the adjustments, net income for the most recent quarter totaled $7.5 million, up 39 percent from $5.4 million in the first quarter of 2010.

For shareholders, that meant earnings of 10 cents per share, up from 8 cents per share a year earlier.

— Mattoon-based First Mid-Illinois Bancshares, which reported April 27 it had first-quarter net income of $2.85 million, up nearly 12 percent from $2.55 million a year earlier.

Diluted earnings per share were 35 cents in the first quarter, compared with 32 cents during the same quarter a year ago.

Seven other area banking companies had previously reported earnings, all of them reporting first-quarter profits that exceeded those of 2010.