TIB Financial Corp. (Nasdaq:TIBB) a majority-owned subsidiary of
North American Financial Holdings, Inc. ("NAFH"), today reported
its unaudited financial results for the second quarter of 2011.
Operating and financial highlights include the following:
- TIB Bank, which was the wholly-owned banking subsidiary of TIB
Financial Corporation (the "Company"), was merged with and into
NAFH National Bank on April 29, 2011;
- Capital Bank, which was the wholly-owned banking subsidiary of
Capital Bank Corporation ("Capital Bank Corp."), an affiliate and
majority owned subsidiary of NAFH was merged with and into NAFH
National Bank on June 30, 2011;
- NAFH National Bank changed its name to and was rebranded as
Capital Bank, National Association ("Capital Bank, NA");
- As a result of the mergers, the Company held a 33% ownership
interest in at June 30, 2011; and
- The Company reported net income of $1.0 million and $2.0
million, or $0.07 and $0.14 per diluted share for the three and six
months ended June 30, 2011.
"Following the bank subsidiary merger in the second quarter, TIB
Financial Corp. now owns 33% of the newly-merged and rebranded
Capital Bank, NA, which has 82 branches and $4.5 billion in assets
in Florida, North Carolina and South Carolina. I am pleased with
the bank's progress in new loan originations and core deposit
growth, which should set the stage for continued improvements in
profitability," stated Gene Taylor, Chairman and Chief Executive
Officer of TIB Financial Corp. and NAFH.
"Capital Bank, NA is an independent, southeastern regional bank
with a unique brand identity, a single integrated technology
platform, a new set of value-added products, and very strong
capital levels. Our team is committed to providing first-class
service to our customers, and we are growing in each of our
markets," commented Chris Marshall, Chief Financial Officer of TIB
Financial Corp. and NAFH.
Bank Merger
Effective April 29, 2011, TIB Bank (the "Bank"), a wholly-owned
subsidiary of the Company, merged (the "Merger") with and into NAFH
National Bank ("NAFH Bank"), a national banking association, with
NAFH Bank as the surviving entity. Additionally, on June 30, 2011,
Capital Bank, a wholly-owned subsidiary of Capital Bank Corp., an
affiliated majority-owned subsidiary of NAFH, also merged with and
into NAFH Bank, with NAFH Bank as the surviving entity. In
connection with the merger, NAFH Bank changed its name to Capital
Bank, NA. NAFH is the owner of approximately 94% of the Company's
common stock and approximately 83% of Capital Bank Corp.'s common
stock.
Through the subsidiary bank mergers, each share of the Bank
common stock was converted into the right to receive shares of
Capital Bank, NA common stock based on each entity's relative
tangible book value on March 31, 2011. As a result of the mergers,
the Company now owns approximately 33% of Capital Bank, NA, with
NAFH directly owning 29% and Capital Bank Corp. owning the
remaining 38%.
Capital Bank, NA was formed in connection with the July 16, 2010
purchase and assumption of assets and deposits of three banks –
Metro Bank of Dade County (Miami, Florida), Turnberry Bank
(Aventura, Florida) and First National Bank of the South
(Spartanburg, South Carolina) – from the Federal Deposit Insurance
Corporation (the "FDIC") and is a party to loss sharing agreements
with the FDIC covering the large majority of the loans it acquired
from the FDIC. As of June 30, 2011, following the mergers, Capital
Bank, NA had total assets of $4.5 billion, total deposits of $3.5
billion and shareholders' equity of $610.3 million and operated 82
branches in Florida, North Carolina and South Carolina.
Due to its ownership level, the Company's investment in Capital
Bank, NA is recorded as an equity-method investment in that entity.
As of June 30, 2011, the Company's investment in Capital Bank, NA
totaled $199.9 million, which reflected the Company's pro rata
ownership of Capital Bank, NA's total shareholders' equity at that
date. In periods subsequent to the merger, the Company will adjust
this equity investment balance based on its equity in Capital Bank,
NA's net income and comprehensive income. In connection with the
Merger, the assets and liabilities of the Bank were de-consolidated
from the Company's balance sheet resulting in a significant
decrease in the total assets and total liabilities of the Company
in the second quarter of 2011.
Financial Discussion
The Company reported net income for the second quarter of $1.0
million compared to net income of $1.1 million for the first
quarter of 2011 and a net loss of $14.1 million for the second
quarter of 2010 (Predecessor Company). Due to the Merger
discussed above and the resulting deconsolidation of TIB Bank on
April 29, 2011, the operating results for the second quarter of
2011 only include the results of TIB Bank for approximately 1 month
and therefore are generally not comparable to the operations in
prior quarters. The loss reported in the second quarter of last
year was primarily due to $7.7 million in provision for loan losses
recorded during the period, $5.1 million in foreclosed asset
related expenses and $1.6 million in expenses incurred in
connection with our capital raising activities and the termination
of a related consulting agreement.
The net interest margin decreased 26 basis points to 3.08%
during the quarter in comparison to 3.34% in the first quarter of
2011 due primarily to the deconsolidation of TIB Bank on April 29,
2011. Subsequent to the deconsolidation, the Company's only
interest earning asset is comprised of cash on deposit at Capital
Bank NA As the Company accounts for its investment in Capital Bank
NA using the equity method, the Company's proportional share of the
net after tax earnings of Capital Bank NA are recorded as Equity in
income of Capital Bank NA which for the period from April 29, 2011
through June 30, 2011 was $658,000.
The provision for loan losses of $136,000 recorded during the
second quarter of 2011 reflects the additional allowance for loan
losses established for loans originated subsequent to September 30,
2010.
Naples Capital Advisors and Capital Bank NA's trust department
continued to establish new investment management and trust
relationships, increasing the market value of assets under
management by $56 million or 33% from June 30, 2010 and by $9
million, or 4% during the quarter to $225 million as of June 30,
2011.
About TIB Financial Corp.
Headquartered in Naples, Florida, TIB Financial Corp. is a
financial services company with a 33% equity method investment in
Capital Bank NA, a national banking association with approximately
$4.5 billion in total assets and 82 full-service banking offices
throughout southern Florida and the Florida Keys, North Carolina
and South Carolina. TIB Financial Corp. is also the parent company
of Naples Capital Advisors, Inc., a registered investment advisor
with approximately $225 million of assets under advisement.
The TIB Financial Corp. logo is available at
http://www.globenewswire.com/newsroom/prs/?pkgid=7275
To learn more about Capital Bank NA and Naples Capital Advisors,
Inc., visit www.capitalbank-us.com and
www.naplescapitaladvisors.com, respectively.
Copies of recent news releases, SEC filings, price quotes, stock
charts and other valuable information may be found on TIB's
investor relations site at www.tibfinancialcorp.com. For more
information, contact Christopher G. Marshall, Chief Financial
Officer, at (704) 554-5901.
Information in this press release contains forward-looking
statements. Such forward looking statements can be identified by
the use of forward looking terminology such as "may," "will,"
"expect," "anticipate," "estimate," "believe," or "continue," or
the negative thereof or other variations thereof or comparable
terminology. These statements involve risks and uncertainties
that could cause actual results to differ materially, including
without limitation, market and economic conditions, the management
of our growth, the risks associated with Capital Bank NA's loan
portfolio and real estate holdings, local economic conditions
affecting retail and commercial real estate, the ability to
integrate our new management and directors without encountering
potential difficulties, the Company's geographic concentration in
the southeastern region of the United States, ability to integrate
the operations of the Bank with those of Capital Bank, NA, the
potential for the interests of the other shareholders of Capital
Bank, NA to differ from those of the Company, restrictions imposed
by Capital Bank, NA's loss sharing agreements with the FDIC, the
assumptions and judgments required by loss share accounting and the
acquisition method of accounting, competition within the industry,
dependence on key personnel, government legislation and regulation,
the risks associated with identification, completion and
integration of any future acquisitions, risks related to Capital
Bank NA's technology and information systems, risks associated with
the controlling interest of NAFH in the Company, and risks
associated with the limited liquidity of the Company's common
stock. Additional factors that could cause actual results to differ
materially are discussed in the Company's filings with the
Securities and Exchange Commission, including without limitation
its Annual Report on Form 10-K, its Quarterly Reports on Form 10-Q
and its Current Reports on Form 8-K. The Company does not undertake
a duty to update any forward-looking statements in this press
release.
SUPPLEMENTAL FINANCIAL DATA IS ATTACHED
TIB FINANCIAL CORP. AND
SUBSIDIARIES |
UNAUDITED CONSOLIDATED
STATEMENTS OF OPERATIONS |
(Dollars in thousands, except
per share data) |
|
|
For the Quarter
Ended |
|
June 30, 2011 |
March 31, 2011 |
December 31, 2010 |
September 30, 2010 |
June 30, 2010 |
|
Successor Company |
Predecessor Company |
Interest and dividend income |
$5,290 |
$15,844 |
$15,681 |
$17,042 |
$16,988 |
Interest expense |
1,356 |
3,162 |
3,249 |
6,256 |
6,386 |
NET INTEREST INCOME |
3,934 |
12,682 |
12,432 |
10,786 |
10,602 |
|
|
|
|
|
|
Provision for loan losses |
136 |
485 |
402 |
17,072 |
7,700 |
|
|
|
|
|
|
NON-INTEREST INCOME: |
|
|
|
|
|
Equity in income of Capital
Bank NA |
658 |
-- |
-- |
-- |
-- |
Service charges on deposit
accounts |
257 |
813 |
864 |
831 |
839 |
Fees on mortgage loans
sold |
144 |
354 |
449 |
455 |
481 |
Investment securities gains,
net |
-- |
12 |
-- |
-- |
993 |
Investment advisory and trust
fees |
379 |
387 |
354 |
328 |
313 |
Gain on bank owned life
insurance policy |
-- |
-- |
-- |
-- |
134 |
Other income |
464 |
1,205 |
1,043 |
804 |
734 |
Total non-interest income |
1,902 |
2,771 |
2,710 |
2,418 |
3,494 |
|
|
|
|
|
|
NON-INTEREST EXPENSE: |
|
|
|
|
|
Salaries & employee
benefits |
2,250 |
6,501 |
6,632 |
6,610 |
6,413 |
Net occupancy expense |
692 |
2,048 |
2,051 |
2,391 |
2,273 |
Foreclosed asset related
expense |
43 |
522 |
536 |
15,438 |
5,149 |
Other expense |
1,614 |
4,254 |
4,704 |
5,348 |
6,660 |
Total non-interest expense |
4,599 |
13,325 |
13,923 |
29,787 |
20,495 |
|
|
|
|
|
|
Income (loss) before income taxes |
1,101 |
1,643 |
817 |
(33,655) |
(14,099) |
Income tax expense |
141 |
575 |
257 |
-- |
-- |
NET INCOME (LOSS) |
$960 |
$1,068 |
$560 |
$ (33,655) |
$ (14,099) |
Dividends earned by preferred
shareholders and discount accretion |
-- |
-- |
-- |
680 |
669 |
Gain on retirement of Series A preferred
allocated to common shareholders |
-- |
-- |
-- |
(24,276) |
-- |
Net income (loss) allocated to common
shareholders |
$960 |
$1,068 |
$560 |
$ (10,059) |
$ (14,768) |
|
|
|
|
|
|
BASIC EARNINGS (LOSS) PER
COMMON SHARE: |
$0.08 |
$0.09 |
$0.05 |
$ (67.69) |
$ (99.45) |
|
|
|
|
|
|
DILUTED EARNINGS (LOSS) PER
COMMON SHARE: |
$0.07 |
$0.07 |
$0.03 |
$ (67.69) |
$ (99.45) |
|
|
TIB FINANCIAL CORP.
AND SUBSIDIARIES |
SELECTED FINANCIAL
DATA |
(Dollars and shares in
thousands, except per share data) |
|
|
|
As of or For the Quarter
Ended |
|
June 30, 2011 |
March 31, 2011 |
December 31, 2010 |
September 30, 2010 |
June 30, 2010 |
|
Successor Company |
Predecessor Company |
Real estate mortgage loans: |
|
|
|
|
|
Commercial |
$-- |
$604,192 |
$600,372 |
$605,643 |
$649,679 |
Residential |
-- |
232,347 |
225,850 |
228,271 |
235,423 |
Farmland |
-- |
12,538 |
12,083 |
11,889 |
13,571 |
Construction and vacant
land |
-- |
40,503 |
38,956 |
43,584 |
60,698 |
Commercial and agricultural loans |
-- |
60,219 |
60,642 |
61,479 |
68,696 |
Indirect auto loans |
-- |
40,653 |
28,038 |
24,748 |
25,918 |
Home equity loans |
-- |
30,541 |
29,658 |
33,367 |
36,856 |
Other consumer loans |
-- |
8,471 |
8,730 |
8,862 |
9,759 |
Total loans |
$-- |
$1,029,464 |
$1,004,329 |
$1,017,843 |
$1,100,600 |
|
|
|
|
|
|
Gross loans |
$-- |
$1,030,377 |
$1,004,630 |
$1,017,843 |
$1,101,672 |
|
|
|
|
|
|
Net loan charge-offs (Predecessor
Company) |
N/A |
N/A |
N/A |
$12,376 |
$7,819 |
Net loan charge-offs (Successor
Company) |
$14 |
$10 |
$-- |
N/A |
N/A |
|
|
|
|
Successor Company |
Predecessor Company |
Allowance for loan losses |
$-- |
$877 |
$402 |
$-- |
$27,710 |
Allowance for loan losses/ total loans |
N/A |
N/A |
N/A |
N/A |
2.52% |
Allowance for loan losses/ loans originated
in Successor
period |
N/A |
1.14% |
1.76% |
N/A |
N/A |
Allowance for loan losses excluding specific
reserves |
N/A |
877 |
402 |
N/A |
$20,352 |
Allowance for loan losses excluding specific
reserves/non-impaired loans |
N/A |
N/A |
N/A |
N/A |
2.06% |
Non-performing loans |
N/A |
N/A |
N/A |
N/A |
$76,632 |
Allowance for loan losses/non-performing
loans (1) |
N/A |
N/A |
N/A |
N/A |
36% |
Non-performing loans/gross loans (1) |
N/A |
N/A |
N/A |
N/A |
6.96% |
Annualized net charge-offs/average loans |
N/M |
N/M |
N/A |
N/A |
2.81% |
|
|
|
|
|
|
Total interest-earning assets |
$5,124 |
$1,546,918 |
$1,563,640 |
$1,561,983 |
$1,532,946 |
Other real estate owned |
$-- |
$19,504 |
$25,673 |
$29,531 |
$38,699 |
Other repossessed assets |
$-- |
$108 |
$104 |
$163 |
$204 |
Goodwill and intangibles, net of accumulated
amortization |
$3,288 |
$41,042 |
$41,405 |
$41,769 |
$6,510 |
|
|
|
|
|
|
Interest-bearing deposits: |
|
|
|
|
|
NOW accounts |
$-- |
$180,204 |
$175,349 |
$175,751 |
$194,663 |
Money market |
-- |
214,532 |
193,904 |
177,763 |
171,495 |
Savings deposits |
-- |
111,645 |
80,674 |
72,714 |
73,059 |
Time deposits |
-- |
609,219 |
719,006 |
730,059 |
724,355 |
Non-interest bearing deposits |
-- |
224,614 |
198,092 |
171,376 |
178,159 |
Total deposits |
$-- |
$1,340,214 |
$1,367,025 |
$1,327,663 |
$1,341,731 |
(1) As the allowance
for loan losses for the Successor Company relates to loans
originated subsequent to the investment by NAFH and no such loans
are considered non-performing, this ratio was not meaningful.
|
|
June 30, 2011 |
March 31, 2011 |
December 31, 2010 |
September 30, 2010 |
June 30, 2010 |
|
Successor
Company |
Predecessor Company |
Tax equivalent net interest margin |
3.08% |
3.34% |
3.16% |
2.85% |
2.74% |
Non-interest expense/tax equivalent net
interest income and non-interest income |
78.68% |
86.06% |
91.76% |
224.96% |
144.96% |
Average diluted common shares outstanding
(basic for quarters ended September 30, 2010 and June
30, 2010) |
13,430 |
14,963 |
18,320 |
149 |
148 |
|
|
|
|
|
|
|
Successor Company |
Predecessor Company |
|
End of quarter common shares
outstanding |
12,350 |
12,350 |
11,817 |
7,149 |
149 |
|
Total equity |
$180,036 |
$186,981 |
$176,750 |
$178,498 |
$39,036 |
|
Book value per common share |
$14.58 |
$15.14 |
$14.96 |
$15.18 |
$22.04 |
|
Tangible book value per common
share |
$12.33 |
$11.82 |
$11.45 |
$9.33 |
$(21.68) |
|
Tier 1 capital to average assets
– Capital Bank, NA at June 30, 2011; TIB Bank at prior
periods |
10.5% |
8.4% |
8.1% |
7.8% |
3.9% |
|
Tier 1 capital to risk weighted
assets - Capital Bank, NA at June 30, 2011; TIB Bank at
prior periods |
17.0% |
13.2% |
13.0% |
12.9% |
5.9% |
|
Total capital to risk weighted
assets - Capital Bank, NA at June 30, 2011; TIB Bank at prior
periods |
17.5% |
13.3% |
13.1% |
12.9% |
7.1% |
|
|
|
|
|
|
|
|
Total assets |
$210,103 |
$1,729,342 |
$1,756,866 |
$1,737,183 |
$1,659,065 |
|
|
|
TIB FINANCIAL CORP. AND
SUBSIDIARIES |
QUARTERLY AVERAGE
BALANCES AND YIELDS |
(Dollars in thousands) |
|
|
Successor
Company Quarter Ended June 30,
2011 |
Predecessor
Company Quarter Ended June 30,
2010 |
|
Average Balances |
Interest* |
Yield* |
Average Balances |
Interest* |
Yield* |
Loans |
$339,036 |
$4,355 |
5.15% |
$1,116,406 |
$14,656 |
5.27% |
Investments |
133,543 |
908 |
2.73% |
310,715 |
2,292 |
2.96% |
Interest bearing deposits |
37,091 |
31 |
0.34% |
119,817 |
75 |
0.25% |
Federal Home Loan Bank stock |
3,110 |
6 |
0.77% |
10,447 |
7 |
0.27% |
Total interest earning assets |
512,780 |
5,300 |
4.15% |
1,557,385 |
17,030 |
4.39% |
Non-interest earning assets |
186,690 |
|
|
129,101 |
|
|
Total assets |
$699,470 |
|
|
$1,686,486 |
|
|
|
|
|
|
|
|
|
Interest bearing liabilities: |
|
|
|
|
|
|
Time |
$196,358 |
$580 |
1.18% |
$714,003 |
$3,710 |
2.08% |
Money market |
70,570 |
129 |
0.73% |
178,889 |
470 |
1.05% |
NOW |
60,135 |
50 |
0.33% |
210,200 |
192 |
0.37% |
Savings |
37,353 |
63 |
0.68% |
75,833 |
137 |
0.72% |
Total interest-bearing deposits |
364,416 |
822 |
0.90% |
1,178,925 |
4,509 |
1.53% |
Short-term borrowings and FHLB advances |
54,076 |
69 |
0.51% |
193,268 |
1,206 |
2.50% |
Long-term borrowings |
22,984 |
466 |
8.13% |
63,000 |
671 |
4.27% |
Total interest bearing liabilities |
441,476 |
1,357 |
1.23% |
1,435,193 |
6,386 |
1.78% |
|
|
|
|
|
|
|
Non-interest bearing deposits |
72,545 |
|
|
187,898 |
|
|
Other liabilities |
5,513 |
|
|
12,503 |
|
|
Shareholders' equity |
179,936 |
|
|
50,892 |
|
|
Total liabilities and shareholders'
equity |
$699,470 |
|
|
$1,686,486 |
|
|
|
|
|
|
|
|
|
Net interest income and spread |
|
$3,943 |
2.92% |
|
$10,644 |
2.61% |
|
|
|
|
|
|
|
Net interest margin |
|
|
3.08% |
|
|
2.74% |
|
|
|
|
|
|
|
_______ * Presented on a fully
tax equivalent basis |
|
Successor Company
Six Months Ended June 30, 2011 |
Predecessor
Company Six Months Ended June 30,
2010 |
|
Average Balances |
Interest* |
Yield* |
Average Balances |
Interest* |
Yield* |
|
Interest-earning assets: |
|
|
|
|
|
|
|
Loans |
$674,231 |
$17,776 |
5.32% |
$1,147,456 |
$30,674 |
5.39% |
|
Investment securities |
270,081 |
3,266 |
2.44% |
297,279 |
4,537 |
3.08% |
|
Interest-bearing deposits in
other banks |
74,638 |
101 |
0.27% |
120,013 |
149 |
0.25% |
|
Federal Home Loan Bank
stock |
6,205 |
31 |
1.01% |
10,447 |
10 |
0.19% |
|
Total interest-earning assets |
1,025,155 |
21,174 |
4.17% |
1,575,195 |
35,370 |
4.53% |
|
Non-interest earning assets |
184,107 |
|
|
118,175 |
|
|
|
Total assets |
$1,209,262 |
|
|
$1,693,370 |
|
|
|
|
|
|
|
|
|
|
|
Interest-bearing liabilities: |
|
|
|
|
|
|
|
Interest-bearing deposits: |
|
|
|
|
|
|
|
Time deposits |
$418,892 |
$2,368 |
1.14% |
$701,993 |
$7,738 |
2.22% |
|
Money market |
136,504 |
497 |
0.73% |
191,023 |
998 |
1.05% |
|
NOW accounts |
117,528 |
180 |
0.31% |
210,356 |
384 |
0.37% |
|
Savings deposits |
70,128 |
231 |
0.66% |
81,490 |
291 |
0.72% |
|
Total interest-bearing deposits |
743,052 |
3,276 |
0.89% |
1,184,862 |
9,411 |
1.60% |
|
Short-term borrowings and FHLB
advances |
112,544 |
320 |
0.57% |
193,679 |
2,443 |
2.54% |
|
Long-term borrowings |
22,948 |
922 |
8.10% |
63,000 |
1,325 |
4.24% |
|
Total interest-bearing liabilities |
878,544 |
4,518 |
1.04% |
1,441,541 |
13,179 |
1.84% |
|
|
|
|
|
|
|
|
|
Non-interest bearing
deposits |
140,187 |
|
|
186,535 |
|
|
|
Other liabilities |
8,265 |
|
|
12,058 |
|
|
|
Shareholders' equity |
182,266 |
|
|
53,236 |
|
|
|
Total liabilities and shareholders'
equity |
$1,209,262 |
|
|
$1,693,370 |
|
|
|
|
|
|
|
|
|
|
|
Net interest income and spread |
|
$16,656 |
3.13% |
|
$22,191 |
2.69% |
|
|
|
|
|
|
|
|
|
Net interest margin |
|
|
3.28% |
|
|
2.84% |
|
|
|
|
|
|
|
|
|
(1) * Presented on a fully
tax equivalent basis |
|
CONTACT: Christopher G. Marshall
Chief Financial Officer
Phone: (704) 554-5901
E-mail: cmarshall@nafhinc.com
Grafico Azioni Tib Financial Corp. (MM) (NASDAQ:TIBB)
Storico
Da Ago 2024 a Set 2024
Grafico Azioni Tib Financial Corp. (MM) (NASDAQ:TIBB)
Storico
Da Set 2023 a Set 2024