TIB Financial Corp. in Naples, Fla., said late Tuesday that it returned to profitability after its new owner, North American Financial Holdings, restructured its balance sheet.
The $1.8 billion-asset TIB, which completed a $175 million recapitalization at the end of the third quarter, swung to a fourth-quarter profit of $560,000 from a $45.1 million loss a year earlier.
The company attributed last year's quarterly loss on the writedown of deferred tax assets, a huge loan-loss provision and a goodwill impairment charge.
Net income rose 11% from a year earlier, to $12.4 million, primarily because of fair-value accounting adjustments after the sale to North American.
TIB said it has satisfied capital requirements laid out in agreements with regulators. At Dec. 31 it had a leverage ratio of 8.1%, a Tier 1 risk-based capital ratio of 13.0%, and a total risk-based capital ratio of 13.1%.
It said a 1-for-100 reverse stock split in the fourth quarter resulted in $8 million of additional capital.