TIB Financial (TIBB) Reports Large Q3 Loss
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TIB Financial Corp. (NASDAQ: TIBB) reports a Q3 loss of $0.59 vs. consensus for $0.40 loss. The net loss for the third quarter was primarily due to the provision for loan losses of $14.8 million.
TIB Financial reported total assets of $1.72 billion as of September 30, 2009, an increase of 7% from December 31, 2008.
Total loans remained relatively flat at $1.23 billion compared to $1.22 billion at December 31, 2008 as growth in the commercial loan and residential loan portfolios offset a $26.2 million, or 32%, decline in indirect auto loans and a $32.7 million, or 22%, decline in construction and land loans.
Total deposits of $1.33 billion as of September 30, 2009 increased $198.0 million, or 17%, from December 31, 2008 due principally to the assumption of approximately $317 million of deposits and the operations of nine branches of the former Riverside Bank of the Gulf Coast from the FDIC in February 2009.
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