Waukesha-based CIB Marine Bancshares Inc. reported lower first quarter profits, but attributed some income growth to federal policy.
The company’s first quarter net income was $888,000, down from $952,000 in the first quarter of 2016.
Non-interest income totaled $1.8 million, down from $2.1 million in the same period a year ago. Net interest income was $4.7 million, up from $4.4 million in the year-ago quarter.
Brian Chaffin, president and chief executive officer of CIB Marine, attributed the profit increase partly to the recent rate hikes by the U.S. Federal Reserve.
“CIB Marine’s performance reflected continued gains consistent with our business plan,” said Brian Chaffin, president and chief executive officer of CIB Marine. “Our net interest income grew due to higher earning asset volumes and the new Fed rate hikes.”
CIB Marine reported $497.1 million in total deposits in the first quarter, up from $467.3 million in the first quarter of 2016.
The bank company had $631.2 million in assets and $560.3 million in liabilities as of the end of the first quarter. In the first quarter of 2016, it had $597.1 million in assets and $529.6 million in liabilities.
Net loans totaled $475.9 million at the end of the first quarter, up from $462.2 million in the first quarter of 2016.
CIBM did not declare a dividend for its Series A Preferred Stock and Series B Convertible Preferred Stock, and no dividend will be paid to those shareholders for the quarter.
CIB Marine Bancshares is the holding company for CIBM Bank, which operates 11 banking offices in Wisconsin, Illinois and Indiana. It also has four mortgage loan offices in those states.
