CIB Marine Bancshares, Inc. Announces First Quarter 2024 Results [Yahoo! Finance]
CIB MARINE BANCSHARES (CIBH)
NASDAQ:AMEX Investor Relations:
cibmarine.com
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Source: Yahoo! Finance
of CIBM Bank (the “Bank”), announced its unaudited results of operations and financial condition for the quarter and three months ended March 31, 2024. During the quarter, CIBM Bank's loan portfolio growth slowed to $14 million and deposits grew $45 million, allowing the Bank to reduce borrowings by $45 million, improve its liquidity profile, and control cost of funds. The Mortgage Division improved its operating results versus the first quarter of 2023, but did have an operating loss as a result of the severe production environment created by higher interest rates and lack of housing supply. Income before tax was $0.2 million for the first quarter of 2024, nominally higher than the fourth quarter of 2023. Net income was $0.2 million for the first quarter of 2024 or $0.13 basic and $0.10 diluted net income per share, compared to a loss of $0.9 million during the fourth quarter of 2023 or $0.67 basic and $0.67 diluted net loss per share. Net income for the first quarter of 2023 was $
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