CIB Marine Bancshares, Inc. Announces 2023 Results

BROOKFIELD, Wis., Jan. 26, 2024 (GLOBE NEWSWIRE) — CIB Marine Bancshares, Inc. (the “Company” or “CIB Marine”) (OTCQX: CIBH), the holding company of CIBM Bank (the “Bank”), announced its unaudited results of operations and financial condition for the quarter and year ended December 31, 2023. During the year, CIBM Bank grew its commercial loan portfolio and, to a lesser extent, residential loan portfolio; took cost reduction actions; and expanded the foundations of its mortgage operations during a very challenging mortgage operating environment. The Mortgage Division had an operating loss of $0.7 million for the year of 2023 and $0.9 million for the year of 2022 due to higher interest rates and housing supply shortages. The Bank’s cost of funds was sharply higher for the year 2023, causing a reduction in Banking Division earnings. In addition, there was a tax provision of $1.6 million during the year 2023. During the second half of 2023, the State of Wisconsin enacted a new tax law exempting interest income from commercial loans under $5 million dollars made to Wisconsin borrowers. The result was a reduction in forecasted future Wisconsin taxable income, causing a $1.1 million provision to adjust the valuation allowance for deferred tax assets related to State of Wisconsin net operating loss carryforwards.

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