The payment from the settlement of the claims, related to 2006 and 2007 asset purchase transactions, is expected to be received in the second half of the year.
CIB Marine also today reported the results of its second quarter, in which it recovered from a year-ago loss.
The company’s second quarter net income was $1.2 million, or 3 cents per diluted share, compared with a net loss of $143,000, or 1 cent per share, in the second quarter of 2015.
CIB Marine had $615.7 million in total assets at the end of the second quarter, up from $525.5 million at the same point last year. Loans increased from $394.3 million in 2015’s second quarter to $461.9 million in the most recent quarter. Deposits also increased, from $90.9 million to $103.5 million year-over-year.
As we look forward, we are focused on fulfilling our mission and growing our client relationship-based banking businesses along our corporate, mortgage and retail lines; at the same time further developing our SBA lending business and other related complementary banking and trust services as we leverage our geographic footprint and operations,” said J. Brian Chaffin, president and chief executive officer.
CIB Marine has 11 branches in Wisconsin, Illinois and Indiana. Its Wisconsin branches are in Elm Grove and Waukesha.