TIB Financial Corp. in Naples, Fla., had a wider net loss of $33.7 million in the third quarter after its new owner overhauled the company's balance sheet.
The $1.7 billion-asset TIB revalued its balance sheet at fair value as part of North American Financial Holdings Inc.'s Sept. 30 buyout and $175 million recapitalization. The third-quarter results were released Monday.
The change created a $14.4 million increase in valuation adjustments, a $2.3 million spike in the loan-loss provision and a $2.2 million decrease in noninterest income compared with a year earlier.
Expenses from foreclosed assets also tripled to $15.4 million from the second quarter. TIB had a loss of $8.1 million in the third quarter of 2009.
The North American transaction raised total equity to $177 million at Sept. 30, compared with $39 million at June 30 and $104.3 million a year earlier. TIB Bank's total risk-based capital ratio was 11% at Sept. 30, up from 7.1% at June 30.
Last week, Capital Bank in Raleigh, N.C., reported a $9.7 million loss. North American is planning to buy 85% of Capital's common stock, keeping its brand for all of the other banks it has acquired.