CIB Marine Bancshares, Inc. Announces Third Quarter 2023 Results

BROOKFIELD, Wis., Oct. 13, 2023 (GLOBE NEWSWIRE) — CIB Marine Bancshares, Inc. (the “Company” or “CIBM”) (OTCQX: CIBH), the holding company of CIBM Bank (the “Bank”), announced its unaudited results of operations and financial condition for the quarter and nine months ended September 30, 2023. During the quarter, CIBM Bank grew its commercial loan portfolio, took cost reduction actions, and continued to adjust its mortgage operations at an increasingly challenged time in this interest rate cycle. The Mortgage Division had a nominal operating loss in the third quarter versus a small operating profit in the second quarter of 2023. The Bank’s cost of funds was sharply higher, causing a reduction in Banking Division earnings. Net income for the quarter was $0.4 million, or $0.28 basic and $0.21 diluted earnings per share, compared to $1.0 million, or $0.78 basic and $0.57 diluted earnings per share, for the same period of 2022. Net income for the nine months ended September 30, 2023, was $1.8 million, or $1.34 basic and $0.98 diluted earnings per share, compared to $2.8 million, or $2.16 basic and $1.57 diluted earnings per share, for the same period of 2022.

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