Welcome to our dedicated page for Cib Marine Bancshares news (Ticker: CIBH), a resource for investors and traders seeking the latest updates and insights on Cib Marine Bancshares stock.
CIB Marine Bancshares, Inc. (CIBH) is the holding company for CIBM Bank, a commercial banking institution that reports detailed financial and operating results through regular public announcements. Its news flow centers on earnings releases, capital actions, and developments at both the Banking Division and Mortgage Division levels.
On this page, readers can follow CIB Marine’s quarterly and annual earnings releases, which discuss net interest income, net interest margin, cost of funds, loan and deposit balances, and asset quality ratios. The company’s reports also highlight performance by division, including Banking Division net income and Mortgage Division results, along with commentary on expense controls and staffing changes.
News items also cover capital structure decisions, such as the full and final redemption of all Series A and Series B preferred stock and the authorization and expansion of common stock repurchase programs. These announcements explain how redemptions and repurchases affect the company’s equity structure and provide context on funding sources, including distributions from subsidiaries and subordinated debt.
In addition, CIB Marine’s releases describe asset quality trends, including non-performing assets and non-accrual loans, and discuss how economic forecasts and qualitative factors influence the allowance for credit losses on loans. Forward-looking statements sections outline key risks, including regulatory, credit, market, and economic factors that may affect future results.
Investors and analysts who follow commercial banking and regional financial institutions can use this news feed to review CIB Marine’s ongoing disclosures about its banking offices, mortgage operations, and capital planning. Returning to this page provides a consolidated view of the company’s historical announcements and financial updates.
CIB Marine Bancshares, Inc. (OTCQX: CIBH) announced its Q2 2024 results, reporting net income of $3.8 million, or $2.79 basic and $2.06 diluted earnings per share. This marks a significant increase from $1.2 million in Q2 2023. The company completed a sale-leaseback transaction with a gross purchase price of $6.6 million, resulting in a net gain of $4.5 million. Excluding this non-recurring gain, net income was $0.5 million for the quarter.
Key highlights include:
- Net interest income increased $0.2 million from the previous quarter
- Mortgage Division earned $0.2 million
- Loan portfolio balances decreased $17 million over the quarter
- Deposits decreased $3 million for the quarter but increased $42 million from December 31, 2023
- The loan to deposit ratio improved from 98% to 92%
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CIB Marine Bancshares reported its Q1 2023 financial results, revealing a net income of $0.2 million, a decline from $0.9 million in Q1 2022. The Banking Division contributed positively with net income of $1.0 million, while the Mortgage Division faced an operating loss of $0.6 million due to onboarding expenses from hiring 35 new loan officers.
Net interest income rose to $5.9 million with a net interest margin of 3.22%. Despite a $31 million increase in the total loan portfolio, non-performing assets decreased. As of March 31, 2023, the allowance for credit losses was 1.51%. The company adopted the CECL accounting standard, affecting retained earnings directly. The first quarter also saw total deposits grow by $3 million amidst a shift in deposit mix due to rising rates. CIBM’s President indicated plans for better earnings performance going forward.
CIB Marine Bancshares, Inc. (OTCQX: CIBH) reported its financial performance for the year ending December 31, 2022. Net income was $3.7 million, down from $6.7 million in 2021, with earnings per share at $2.97 basic and $2.16 diluted. Despite lower mortgage banking revenues, net interest income rose to $23.9 million, with a 3.27% margin. The company experienced a 58% drop in mortgage loan originations due to rising average mortgage rates. Non-performing assets remained stable at 0.20% of total assets. CIBH redeemed preferred shares, further impacting earnings allocation.
CIB Marine Bancshares announces the appointment of Frank Binetti as EVP – Director of Mortgage Operations for its subsidiary CIBM Bank. Binetti, a seasoned mortgage industry veteran with 35 years of experience, will lead efforts to recruit approximately 30 new mortgage loan officers and operational staff. This initiative aims to more than double the bank's mortgage originations and expand operations into new states including Arizona, Connecticut, Florida, Massachusetts, New York, and Rhode Island. The onboarding costs are expected to be absorbed in the first half of 2023.
CIB Marine Bancshares announced the completion of a $4.8 million redemption of preferred stock, affecting approximately 26.4% of total outstanding preferred shares. The redemption was executed at a rate of $825 per share, in line with its Second Amended and Restated Articles of Incorporation. Funds were transferred to the redemption agent on December 19, 2022. Shareholders are encouraged to tender their shares promptly. CIB Marine operates multiple banking and mortgage loan offices across several states, with more details available on its website.
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