TIB Financial Corp. in Naples said after the market closed Thursday that it had lost $6.5 million, or 51 cents a share, in the fourth quarter partly because of an almost fourfold increase in its loan-loss provision, to $6.2 million.
It also wrote down $5.7 million on a collateralized debt obligation that had declined in value.
TIB's stock price fell 4.7% Friday, to $7.53 a share.
The $1.4 billion-asset, two-bank holding company had reported a profit of $1.9 million, or 16 cents a share, in the fourth quarter of 2006.
"The weak real estate market and a challenging short-term outlook for the local economy are evident in the loan delinquency trends we experienced during the fourth quarter, and accordingly we increased our reserves for possible credit losses," Edward V. Lett, the bank's chief executive officer and president, said in a press release.
