TIB Posts Profit Under New Owner
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.