October 14, 2022 05:00 ET | Source: CIB Marine Bancshares, Inc. CIB Marine Bancshares, Inc.

BROOKFIELD, Wis., Oct. 14, 2022 (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 quarter and nine months ended September 30, 2022. Continued strong net interest income supported increased earnings over the prior quarter, however, third quarter earnings are down compared to the same period in 2021 due to substantially reduced mortgage banking income in the rapidly changing interest rate environment. Net income for the quarter was $1.0 million, or $0.78 basic and $0.57 diluted earnings per share, compared to $2.1 million, or $1.61 basic and $0.94 diluted earnings per share, for the same period of 2021; and net income for the nine-month period was $2.8 million, or $2.16 basic and $1.57 diluted earnings per share, compared to $5.6 million, or $4.36 basic and $2.53 diluted earnings per share, for the same period in 2021.

Financial highlights for the quarter include:

Mr. J. Brian Chaffin, CIBM’s President and CEO, commented, “Despite declining real gross domestic product, rapidly rising interest rates, and declining asset prices, we have been able to improve our core banking operating revenues with solid lending and deposit activity while maintaining strong asset quality measures. Although residential lending and related earnings have receded dramatically this year, we are positioned for longer-term success as the marketplace continues to consolidate.”  

CIB Marine Bancshares, Inc. is the holding company for CIBM Bank, which operates ten banking offices and two mortgage loan offices in Illinois, Wisconsin and Indiana. More information on the Company is available at www.cibmarine.com, including recent shareholder letters, links to regulatory financial reports, and audited financial statements.

FORWARD-LOOKING STATEMENTS CIB Marine has made statements in this release that may constitute “forward-looking statements” within the meaning of the Private Securities Litigation Reform Act of 1995. CIB Marine intends these forward-looking statements to be subject to the safe harbor created thereby and is including this statement to avail itself of the safe harbor. Forward-looking statements are identified generally by statements containing words and phrases such as “may,” “project,” “are confident,” “should be,” “intend,” “predict,” “believe,” “plan,” “expect,” “estimate,” “anticipate” and similar expressions. These forward-looking statements reflect CIB Marine’s current views with respect to future events and financial performance that are subject to many uncertainties and factors relating to CIB Marine’s operations and the business environment, which could change at any time.

There are inherent difficulties in predicting factors that may affect the accuracy of forward-looking statements.

Stockholders should note that many factors, some of which are discussed elsewhere in this Earnings Release and in the documents that are incorporated by reference, could affect the future financial results of CIB Marine and could cause those results to differ materially from those expressed in forward-looking statements contained or incorporated by reference in this document. These factors, many of which are beyond CIB Marine’s control, include but are not limited to:

These factors should be considered in evaluating the forward-looking statements, and undue reliance should not be placed on such statements. Forward-looking statements speak only as of the date they are made. CIB Marine undertakes no obligation to update or revise any forward-looking statements, whether as a result of new information, future events, or otherwise. Forward-looking statements are subject to significant risks and uncertainties and CIB Marine’s actual results may differ materially from the results discussed in forward-looking statements.

FOR INFORMATION CONTACT: J. Brian Chaffin, President & CEO (217) 355-0900 brian.chaffin@cibmbank.com