Citing deteriorating credit quality, TIB Financial Corp., of Naples, Fla., said Thursday it lost $13.3 million in the fourth quarter, roughly double the amount it lost a year earlier.

The $1.6 billion-asset company hiked its provision for loan losses 150%, to $15.1 million, as chargeoffs increased 235%, to $9.4 million, and nonperforming loans increased 148%, to $39.8 million. The nonperformers made up 3.25% of total loans at yearend.

"The markets we serve continue to be among the most severely impacted in the country," Thomas J. Longe, TIB's chairman and chief executive officer, said in a press release. "The shocks have continued to spread economic stress to consumers and local businesses."

TIB attributed the quarterly loss partly to a $4.1 million other-than-temporary-impairment charge on three collateralized debt obligations. Though they were once valued at $10 million, the securities had been written down several times over the past year, and the company now estimates their value at $763,000.

The company also said its indirect auto lending shrunk 30% last year, to $82 million, or 7% of total loans. Nonperforming loans in that segment totaled $1.9 million at yearend, down 39% from a year earlier, but up 46% from the third quarter.

Mr. Longe stressed that the company remains well capitalized; it received a $37 million infusion from the Treasury Department's Troubled Asset Relief Program in December, bringing the total amount of capital raised last year to $47 million.

Its total risk-based capital ratio rose to 12.6% at yearend, from 10.7% at Sept. 30. 

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