CIB MARINE BANCSHARES - CIBH STOCK NEWS

CIB Marine Bancshares, Inc. (OTCQX: CIBH) reported its Q3 2024 results, showing improved earnings. Net income for the quarter was $1.1 million ($0.79 basic and $0.59 diluted EPS), up from $0.4 million in Q3 2023. For the nine months ended September 30, 2024, net income was $5.0 million. Key highlights include:

- Net interest income increased $0.4 million from the previous quarter
- Net interest margin improved to 2.55%
- Loan portfolio balances decreased $12 million over the quarter
- Deposits decreased $22 million for the quarter
- Non-performing assets to total assets ratio increased to 1.25%

The company plans to complete the final redemption of all remaining preferred stock on October 31, 2024. CIB Marine's President and CEO, J. Brian Chaffin, noted improvements in cost of funds and net interest margins, and highlighted the positive impact of targeted expense controls implemented in late 2023 and early 2024.

CIB Marine Bancshares, Inc. (OTCQX: CIBH) has announced the full and final redemption of all preferred stock effective October 31, 2024. Approximately 14,633 Series A Preferred shares and 1,610 Series B Preferred shares will be redeemed at $825 per share, totaling a $13.4 million redemption. This will be funded by cash on hand from various sources, including a distribution from CIBM Bank and CIB Marine Capital, , and a portion of the $10 million subordinated debt offering from Q1 2022.

The redemption price is below both the balance sheet carrying value of $850 per share and the liquidation preference value of $1,000 per share. This move simplifies the Company's capital structure to only common stock with full voting rights, potentially increasing shareholder value and eliminating dilutive convertible Series B shares.

CIB Marine Bancshares, Inc. (OTCQX: CIBH) announced its Q2 2024 results, reporting net income of $3.8 million, or $2.79 basic and $2.06 diluted earnings per share. This marks a significant increase from $1.2 million in Q2 2023. The company completed a sale-leaseback transaction with a gross purchase price of $6.6 million, resulting in a net gain of $4.5 million. Excluding this non-recurring gain, net income was $0.5 million for the quarter.

Key highlights include:

• Net interest income increased $0.2 million from the previous quarter
• Mortgage Division earned $0.2 million
• Loan portfolio balances decreased $17 million over the quarter
• Deposits decreased $3 million for the quarter but increased $42 million from December 31, 2023
• The loan to deposit ratio improved from 98% to 92%

CIB Marine Bancshares, Inc. announced its first quarter 2024 results, showing a slowdown in loan portfolio growth, improved liquidity profile, and controlled cost of funds. Net income for the quarter was $0.2 million, with positive financial highlights including loan portfolio and deposits growth. The company's non-performing assets decreased, but net interest margin and net interest income were down compared to previous quarters. The Mortgage Division had an operating loss due to market challenges. The CEO highlighted successes in deposit growth and cost controls, aiming for improved capital ratios and future preferred stock redemptions.

CIB Marine Bancshares, Inc. (CIBH) announced its financial results for the quarter and year ended December 31, 2023. The company experienced a net loss for the fourth quarter of 2023 and a significant decrease in net income for the full year. The Mortgage Division had an operating loss, and the Bank's cost of funds was higher, leading to a reduction in earnings. Non-performing assets and loans past due increased, and the company took actions to mitigate interest rate risks. The company's loan portfolio and deposits grew, but the net interest margin declined. Despite challenges, the Corporate Banking Division outperformed and credit quality remained moderately strong.

CIB Marine Bancshares, Inc. announces unaudited results for Q3 2023

CIB Marine Bancshares, Inc. announces unaudited results of operations and financial condition for Q2 2023. Net income for the quarter was $1.2 million, compared to $0.9 million in 2022. Loan portfolio balances increased $70 million year to date. Non-performing assets and restructured loans decreased. Net interest income and margin declined. Total deposits are down $15 million since December 2022. Mortgage Division turned a profit in Q2 after a significant loss in Q1. CEO highlights completion of significant projects and focus on core markets.

CIB Marine Bancshares, Inc. has closed the sale of retail deposits from its Danville branch, resulting in a gain of $1.5 million. The sale is part of the company's strategic plan to improve efficiencies.

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.