CIB MARINE BANCSHARES - CIBH STOCK NEWS

CIB Marine Bancshares announces the appointment of Frank Binetti as EVP – Director of Mortgage Operations for its subsidiary CIBM Bank. Binetti, a seasoned mortgage industry veteran with 35 years of experience, will lead efforts to recruit approximately 30 new mortgage loan officers and operational staff. This initiative aims to more than double the bank's mortgage originations and expand operations into new states including Arizona, Connecticut, Florida, Massachusetts, New York, and Rhode Island. The onboarding costs are expected to be absorbed in the first half of 2023.

CIB Marine Bancshares announced the completion of a $4.8 million redemption of preferred stock, affecting approximately 26.4% of total outstanding preferred shares. The redemption was executed at a rate of $825 per share, in line with its Second Amended and Restated Articles of Incorporation. Funds were transferred to the redemption agent on December 19, 2022. Shareholders are encouraged to tender their shares promptly. CIB Marine operates multiple banking and mortgage loan offices across several states, with more details available on its website.

CIB Marine Bancshares, Inc. (OTCQX: CIBH) has announced the redemption of approximately 26.4% of its Series A Preferred shares, effective December 19, 2022. This redemption, amounting to $4.8 million, will be funded by $10 million of subordinated debt issued earlier in 2022. Shareholders will receive $825 per share on a pro-rata basis. Documentation has been sent to all preferred shareholders of record by Computershare Trust Company, N.A. The company operates ten banking offices and two mortgage loan offices across Illinois, Wisconsin, and Indiana.

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.