Cib Marine Bancshares Inc Stock Price, News & Analysis

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.

CIB Marine Bancshares, Inc. (OTCQX: CIBH) has announced the redemption of approximately 26.4% of its Series A Preferred shares, effective December 19, 2022. This redemption, amounting to $4.8 million, will be funded by $10 million of subordinated debt issued earlier in 2022. Shareholders will receive $825 per share on a pro-rata basis. Documentation has been sent to all preferred shareholders of record by Computershare Trust Company, N.A. The company operates ten banking offices and two mortgage loan offices across Illinois, Wisconsin, and Indiana.

CIB Marine Bancshares reported its unaudited financial results for Q3 and the nine-month period ending September 30, 2022. Net income decreased to $1.0 million, or $0.78 EPS, compared to $2.1 million, or $1.61 EPS in Q3 2021. For the nine months, net income was $2.8 million, down from $5.6 million in the prior year. Although net interest income rose to $6.4 million, mortgage banking revenues fell by $2.5 million due to a sharp decline in loan originations linked to rising mortgage rates. The company emphasized strong asset quality and improved deposit mix despite challenges in the market.

CIB Marine Bancshares (CIBH) reported a net income of $0.9 million for Q2 2022, down from $1.4 million in Q2 2021. For the first half of 2022, net income totaled $1.8 million, a decrease from $3.5 million in 2021. Mortgage banking income significantly declined due to rising interest rates, causing a 54% drop in loan originations. Despite challenges, deposits grew by $24 million as of June 30, 2022. The company is also focused on improving core banking operations and managing loan risks amid economic uncertainty. Plans to redeem Series A preferred stock were announced for Q4 2022.