Waukesha-based CIB Marine Bancshares Inc. today reported third quarter net income of $1.1 million, or 6 cents per share, up from $868,000, or 5 cents per share, in the third quarter of 2016.
Net interest income was $4.9 million, up from $4.5 million in the third quarter of 2016, which the company attributed to $40 million of higher average interest-earning asset balances. Noninterest income was $2.3 million, down from $2.7 million in the year-ago quarter, which the company attributed to lower net mortgage banking revenue as refinancing activity decreases.
CIB Marine had $490.1 million in loans in the third quarter, up from $466.1 million in the same period a year ago. It reduced its allowance for loan losses from $8.5 million to $7.9 million in the most recent quarter.
CIB Marine reported $640.3 million in total assets in the third quarter, up from $632.6 million in the third quarter of 2016.
“We are pleased with the positive impact increased earning assets and net interest income have had on our operating results,” said J. Brian Chaffin, president and chief executive officer of CIB marine. “The growth and development of our SBA lending business has added some additional noninterest income that has more than offset the softer revenues from our residential lending business this year, in part caused by higher interest rates. At the same time, our noninterest expenses year to date are approximately ($100,000) lower than last year.”
CIB Marine Bancshares is the holding company of CIBM Bank, which operates 11 branches in Wisconsin, Illinois and Indiana, as well as four mortgage loan offices in those states. It is known as Marine Bank in Wisconsin.
