CIB Marine Bancshares, Inc. Announces Second Quarter 2022 Results

BROOKFIELD, Wis., July 15, 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 six months ended June 30, 2022. Net income for core banking activity (i.e., deposits and portfolio loans) strengthened, however earnings declined as a result of substantially reduced mortgage banking income following the significant rise in mortgage interest rates. Net income for the quarter was $0.9 million, or $0.68 basic and $0.49 diluted earnings per share, compared to $1.4 million, or $1.08 basic and $0.63 diluted earnings per share, for the same period of 2021; and net income for the six month period was $1.8 million, or $1.38 basic and $1.00 diluted earnings per share, compared to $3.5 million, or $2.74 basic and $1.59 diluted earnings per share, for the same period in 2021.