TIB Financial Corp. of Naples, Fla., said its net loss nearly tripled in the second quarter as it awaits a takeover by North American Financial Holdings Inc.
TIB announced on Thursday that it posted a net loss of $14.1 million, compared with a net loss of $4.9 million a year earlier.
The $1.7 billion-asset company said several factors contributed to the steeper loss, including $4.1 million resulting from real estate value adjustments, an additional $1.9 million in loan-loss provisions and a $1.6 million expense from its capital-raising efforts.
North American Financial, a Miami holding company backed by private-equity groups, announced in late June that it planned to inject $175 million into TIB and take a 99% ownership stake.
