TIB Financial Corp. in Naples, Fla., announced record earnings for the second quarter: $2.18 million, up 74% from the same period in 2004.
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The $1 billion-asset company attributed the increase to a 31% jump in net interest income, to $7.36 million. Total loans increased 31%, to $773.8 million, while deposits rose 39%, to $870 million, the company said Monday.
However, noninterest expense was up 11.2%, to $9.07 million, primarily because of a 22% increase in salaries and benefits related to the company's recent growth in southwest Florida.
