Cib Marine Bancshares Inc Stock Price, News & Analysis

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.

CIB Marine Bancshares reported its Q1 2022 financial results, revealing a net income of $0.9 million, down from $2.1 million in Q1 2021. Net interest income decreased to $5.5 million from $5.7 million year-over-year, with a net mortgage banking revenue drop from $5 million to $1.4 million, influenced by rising mortgage rates impacting loan originations. Asset quality remains strong, with non-performing assets at 0.19%. The company issued $10 million in subordinated debentures to support its preferred stock redemption plan.

CIB Marine Bancshares has issued $10 million in 10-year fixed-to-floating rate subordinated notes to support future redemptions of its preferred stock. These notes qualify as Tier 2 capital and feature an interest rate of 4.50% until February 18, 2027, transitioning to a floating rate thereafter. The issuance aims to retain capital at CIBM Bank during the preferred stock redemption process. The company plans future redemptions with regulatory approval while building shareholder value, following a previous redemption of nearly 50% of outstanding preferred stock.

CIB Marine Bancshares, Inc. reported its unaudited financial results for 2021, showing a net income of $6.7 million, down from $8.2 million in 2020. Key highlights include a 9.1% increase in tangible book value to $57.06 per share, driven by earnings and the repurchase of preferred stock. Net interest income rose to $23.3 million, aided by a significant increase in commercial loan originations and net recoveries from previous loan losses. The bank's mortgage division closed approximately $440 million in loans, reflecting strong performance amid rising interest rates.

CIB Marine Bancshares announced the appointment of Ms. Rhonda Hopps, CFA, to its Board of Directors, effective November 18, 2021. With over two decades in finance, Ms. Hopps has significant experience, having managed up to $4 billion at Allstate Investments and held senior roles in the industry. Her current role as Executive Director at Comer Education Campus highlights her commitment to community service. Chairman Mark Elste emphasized the proactive approach in board succession planning and the goal of enhancing diversity and perspectives within the Board.

CIB Marine Bancshares has successfully completed the $18 million initial redemption of preferred stock, redeeming approximately 49.7% of its Series A and B shares at $825 per share. This transfer was executed on October 29, 2021, through Computershare Trust Company, N.A. Shareholders who have not yet submitted their shares are encouraged to do so. The company operates ten banking offices and five mortgage loan offices across Illinois, Wisconsin, and Indiana. Further details can be accessed on their official website.

CIB Marine Bancshares (OTCQX: CIBH) announced an initial redemption of preferred stock set for October 29, 2021. Approximately 49.7% of Series A and B Preferred shares will be redeemed at $825 per share, totaling about $18 million, financed through earnings from CIBM Bank. This move aims to enhance liquidity for preferred shareholders while creating value for common shareholders. CIB Marine plans to complete the redemption of all preferred shares within the next three to four years, as outlined at the recent Annual Shareholder Meeting.

CIB Marine Bancshares, Inc. (CIBH) reported unaudited results for the nine months and quarter ending September 30, 2021. Net income was $5.6 million for the nine-month period, down from $5.9 million in 2020, with quarterly net income at $2.1 million, compared to $3.4 million the prior year. Return on average assets decreased to 0.99%. Common stock tangible book value increased to $56.14 per share. Non-interest income fell by $2.9 million, while loan quality improved, leading to a $0.7 million reversal of loan loss provisions. Additionally, CIBH's Preferred Stock Redemption Plan is set for October, redeeming $18 million in shares.