CIB Marine Bancshares, Inc. Announces 2022 Results

BROOKFIELD, Wis., Jan. 20, 2023 (GLOBE NEWSWIRE) — CIB Marine Bancshares, Inc. (the “Company” or “CIBM”) (OTCQX: CIBH), the holding company of CIBM Bank, announced its unaudited results of operations and financial condition for the year ending December 31, 2022. Operating results for the year were dominated by rising net interest income and related net interest margins; continued asset quality strength; recoveries of prior loan losses; and the difficult operating environment for mortgage banking. Net income for the twelve months ended December 31, 2022, was $3.7 million, or $2.97 basic and $2.16 diluted earnings per share, compared to $6.7 million, or $5.64 basic and $4.06 diluted earnings per share, for the same period of 2021; and net income for the quarter ended December 31, 2022, was $0.9 million, or $0.81 basic and $0.59 diluted earnings per share, compared to $1.1 million, or $1.28 basic and $0.92 diluted earnings per share, for the same period in 2021.

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