FOR IMMEDIATE RELEASE
TIB FINANCIAL CORP. REPORTS SECOND QUARTER RESULTS
NAPLES, Fla. July 23, 2008 – TIB Financial Corp. (NASDAQ: TIBB), parent company of TIB Bank, The Bank of Venice and Naples Capital Advisors, leading financial services providers serving the greater Naples, Bonita Springs and Fort Myers area, Highlands County, South Miami-Dade County, the Florida Keys and Sarasota County, today reported a net loss for the three months ended June 30, 2008 of $4.0 million compared to net income of $1.7 million for the second quarter of 2007. On a per share basis, the net loss was $0.29 for the 2008 quarter, compared to net income of $0.13 for the comparable 2007 quarter.
TIB Financial also reported total assets of $1.58 billion as of June 30, 2008, representing 9% asset growth from December 31, 2007. Total loans increased $69.2 million, or 6%, compared to $1.13 billion at December 31, 2007. Total deposits of $1.14 billion as of June 30, 2008 increased $88.2 million, or 8%, from December 31, 2007.
“While our second quarter result is disappointing, it reflects our aggressiveness in addressing the impact of the current economic environment. The holding company, TIB Bank and The Bank of Venice remain financially sound and exceed all regulatory requirements for well capitalized financial institutions,” said Tom Longe, Chairman and CEO. “Despite the challenging economic and operating environment, we have a number of positive developments during the period which reflect our continuous focus on new business initiatives, improvement of operating performance and response to new opportunities.”
These positive developments include:
| · | Non performing loans decreased $4.3 million to $22.6 million from $26.9 million at March 31, 2008, and were 1.9% of loans at the end of June. |
| · | The restructuring of the indirect auto finance operations resulted in significant resolution and reduction in loan delinquency and non performing loans. From a first quarter peak of 6%, total loan delinquencies in this portfolio declined to 3.44% and non performing loans declined from $3.7 million to $1.2 million at the end of June. |
| · | The net interest margin increased to 3.25% for the quarter compared to 3.13% in the first quarter. |
| · | Under challenging financial market conditions Naples Capital Advisors increased assets under management to $94 million from $84 million at March 31, 2008. |
| · | The private banking group contributed $22.4 million in new relationship based lower cost deposits and $6.5 million of loans during the first six months. |
| · | The hiring of additional residential mortgage and commercial loan officers earlier this year has increased loan production with loans growing $59 million during the second quarter and $69 million year to date. |
“We have experienced some positive trends in resolving non performing loans and continue to work with our customers. We are aggressively addressing our problem assets and reduced non performing loans during the quarter. We do remain cautious, however, in light of the challenging economic conditions,” said Mr. Longe.
In response to a variety of factors including the overall growth of the loan portfolios, continued contraction of economic activity in local markets and net charge–offs resulting primarily from the indirect loan portfolio, the second quarter results include a provision for loan losses of $5.7 million. The provision reflects net charge-offs of $4.9 million and an increase in the reserve for loan losses of $0.8 million, to $16.6 million, or 1.39% of loans at June 30, 2008.
As previously described in the Annual Report on Form 10-K for 2007, the company owns three collateralized debt obligation investment securities aggregating $10.0 million in par value that were written down to $6.1 million as of December 31, 2007. As of June 30, 2008, the estimated fair value of these securities was $5.2 million due to the occurrence of additional defaults by certain underlying issuers. During July 2008, these securities were further downgraded by a nationally recognized rating agency. Due to the ratings downgrade and the amount of unrealized loss resulting from a projection of lower expected cash flows, the company concluded that the additional loss of value was other than temporary under generally accepted accounting principles and wrote-down these investment securities to their estimated fair value. We also own preferred equity securities of a publicly owned company which we originally acquired in 2003 for $3.0 million to obtain community reinvestment credit. As described in our Annual Report, these securities were written down to $1.2 million as of December 31, 2007. During the second quarter of 2008, these securities suffered a significant further decline in market value. We determined that this unrealized loss was other than temporary and wrote this investment down by $1.0 million. Combined, the impairment and write-down of these securities resulted in the recognition of a non-cash charge of $1.9 million. The impact on earnings for the quarter and the year was approximately $1.2 million after tax, or $0.09 per share.
TIB Financial’s results of operations during 2008 include the operations of The Bank of Venice and Naples Capital Advisors subsequent to their acquisitions on April 30, 2007 and January 2, 2008, respectively.
Detailed Financial Discussion
The net loss for the second quarter of 2008 compared to net income during the second quarter of 2007 was due to the increased provision for loan losses, non-cash charges recognized on other than temporary impairment of securities, higher non-interest expenses, lower net interest income, a lower net interest margin and lower non-interest income.
Our increased provision for loan losses reflects net charge offs of $4.9 million. As uncertainty and turmoil in global financial markets intensified along with our perception of market risk, we again elevated certain quantitative and qualitative factors used in estimating our allowance for loan losses. Net charge-offs are comprised principally of $4.0 million of indirect auto loans. As of June 30, 2008, non-performing loans were $22.6 million or 1.9% of loans, a 16% decrease from the $26.9 million and 2.4% of loans as of March 31, 2008.
The allowance for loan losses increased to $16.6 million, amounting to 1.39% of total loans, resulting from our provision for loan losses exceeding net charge-offs for the period. Due to our accelerated resolution of nonperforming indirect auto loans, net charge-offs during the quarter represented 1.70% of average loans on an annualized basis compared to 0.63% and 0.15% for the prior quarter and the second quarter of last year, respectively.
The tax equivalent net interest margin of 3.25% for the three months ended June 30, 2008 increased in comparison with the 3.13% net interest margin reported during the first quarter of 2008. A more stable interest rate environment during the quarter enabled us to partially overcome the lag effect of the re-pricing of deposits relative to the 225 basis point decline of the prime rate during the year. However, we still see intense demand for liquidity in the global financial system and elevated competitive pressures in our local markets.
Non-interest income, excluding the effect of the write-down of the investment securities was $1.5 million in the second quarter compared to $1.6 million in the second quarter last year. The decrease is due primarily to lower sales of residential loans in the secondary market and a greater proportion of our residential mortgage loan production being held in our portfolio.
During the second quarter of 2008, non-interest expense rose 16% to $11.9 million compared to $10.2 million for the second quarter of 2007. The increase reflects approximately $248,000 attributable to the operations of Naples Capital Advisors, Inc., approximately $302,000 is in connection with increased collections and consulting costs incurred in connection with our indirect lending operation and its restructuring along with approximately $229,000 in severance costs associated with the elimination of certain employee positions and a $197,000 increase in FDIC deposit insurance.
During the second quarter of 2008, the Board of Directors of TIB Financial Corp. declared a 1% stock dividend which was distributed on July 17, 2008 to all TIB Financial Corp. common shareholders of record as of July 7, 2008. We believe this stock dividend in lieu of our historical cash dividend is a prudent measure to help sustain our strong capital position and improve future shareholder value. The Board of Directors will continue to evaluate our dividend policy in light of current and expected trends in our financial performance and financial condition.
In August 2007, the Board authorized the repurchase of up to 400,000 shares of the Company's outstanding common stock. The Company did not repurchase any shares during the second quarter of 2008.
About TIB Financial Corp.
Headquartered in Naples, Florida, TIB Financial Corp. is a growth-oriented financial services company with approximately $1.6 billion in total assets and 20 full-service banking offices throughout the Florida Keys, Homestead, Naples, Bonita Springs, Fort Myers, Venice and Sebring. TIB Financial Corp. is also the parent company of Naples Capital Advisors, Inc., a registered investment advisor with approximately $94 million of assets under advisement.
TIB Financial Corp., through its wholly owned subsidiaries, TIB Bank, The Bank of Venice and Naples Capital Advisors, Inc., serves the personal and commercial banking and investment management needs of local residents and businesses in its market areas. The companies’ experienced professionals are local community leaders, who focus on a relationship-based approach built around anticipating specific customer needs, providing sound advice and making timely decisions. To learn more about TIB Bank, The Bank of Venice and Naples Capital Advisors, Inc., visit www.tibbank.com, www.bankofvenice.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 Thomas J. Longe, Chairman and Chief Executive Officer at (239) 659-5857, or Stephen J. Gilhooly, Executive Vice President and Chief Financial Officer, at (239) 659-5876.
# # # # #
Except for historical information contained herein, the statements made in this press release constitute “forward-looking” statements within the meaning of Section 27A of the Securities Act of 1933 and Section 21E of the Securities Exchange Act of 1934. Such statements involve certain risks and uncertainties, including statements regarding the Company’s strategic direction, prospects and future results. Certain factors, including those outside the Company’s control, may cause actual results to differ materially from those in the “forward-looking” statements, including economic and other conditions in the markets in which the Company operates; risks associated with acquisitions, competition, seasonality and the other risks discussed in our filings with the Securities and Exchange Commission, which discussions are incorporated in this press release by reference.
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, 2008 | | | March 31, 2008 | | | December 31, 2007 | | | September 30, 2007 | | | June 30, 2007 | |
| Interest and dividend income | | $ | 21,777 | | | $ | 22,922 | | | $ | 23,863 | | | $ | 23,549 | | | $ | 23,950 | |
| Interest expense | | | 10,368 | | | | 12,066 | | | | 12,513 | | | | 12,263 | | | | 12,068 | |
| NET INTEREST INCOME | | | 11,409 | | | | 10,856 | | | | 11,350 | | | | 11,286 | | | | 11,882 | |
| | | | | | | | | | | | | | | | | | | | | |
| Provision for loan losses | | | 5,716 | | | | 2,654 | | | | 6,168 | | | | 2,385 | | | | 632 | |
| | | | | | | | | | | | | | | | | | | | | |
| NON-INTEREST INCOME: | | | | | | | | | | | | | | | | | | | | |
| Service charges on deposit accounts | | | 719 | | | | 722 | | | | 731 | | | | 661 | | | | 657 | |
| Fees on mortgage loans sold | | | 213 | | | | 232 | | | | 220 | | | | 287 | | | | 406 | |
| Investment securities gain (loss), net | | | (1,912 | ) | | | 910 | | | | (5,660 | ) | | | - | | | | - | |
| Investment advisory fees | | | 136 | | | | 125 | | | | - | | | | - | | | | - | |
| Other income | | | 475 | | | | 472 | | | | 439 | | | | 1,195 | | | | 547 | |
| Total non-interest income | | | (369 | ) | | | 2,461 | | | | (4,270 | ) | | | 2,143 | | | | 1,610 | |
| | | | | | | | | | | | | | | | | | | | | |
| NON-INTEREST EXPENSE: | | | | | | | | | | | | | | | | | | | | |
| Salaries & employee benefits | | | 6,358 | | | | 6,053 | | | | 5,729 | | | | 5,619 | | | | 5,698 | |
| Net occupancy expense | | | 2,186 | | | | 2,014 | | | | 2,052 | | | | 2,041 | | | | 1,977 | |
| Other expense | | | 3,320 | | | | 4,959 | | | | 3,614 | | | | 2,702 | | | | 2,513 | |
| Total non-interest expense | | | 11,864 | | | | 13,026 | | | | 11,395 | | | | 10,362 | | | | 10,188 | |
| | | | | | | | | | | | | | | | | | | | | |
| Income (loss) before income taxes | | | (6,540 | ) | | | (2,363 | ) | | | (10,483 | ) | | | 682 | | | | 2,672 | |
| Income tax expense (benefit) | | | (2,506 | ) | | | (918 | ) | | | (3,985 | ) | | | 188 | | | | 960 | |
| NET INCOME (LOSS) | | $ | (4,034 | ) | | $ | (1,445 | ) | | $ | (6,498 | ) | | $ | 494 | | | $ | 1,712 | |
| | | | | | | | | | | | | | | | | | | | | |
| BASIC EARNINGS (LOSS) PER SHARE: | | $ | (0.29 | ) | | $ | (0.11 | ) | | $ | (0.50 | ) | | $ | 0.04 | | | $ | 0.14 | |
| | | | | | | | | | | | | | | | | | | | | |
| DILUTED EARNINGS (LOSS) PER SHARE: | | $ | (0.29 | ) | | $ | (0.11 | ) | | $ | (0.50 | ) | | $ | 0.04 | | | $ | 0.13 | |
| | | | | | | | | | | | | | | | | | | | | |
| | | | | | | | | | | | | | | | | | | | | |
TIB FINANCIAL CORP. AND SUBSIDIARIES
SELECTED FINANCIAL DATA
(Dollars in thousands, except per share data)
| | | For the Quarter Ended | |
| | | June 30, 2008 | | | March 31, 2008 | | | December 31, 2007 | | | September 30, 2007 | | | June 30, 2007 | |
| Real estate mortgage loans: | | | | | | | | | | | | | | | |
| Commercial | | $ | 646,223 | | | $ | 624,557 | | | $ | 612,084 | | | $ | 604,286 | | | $ | 580,506 | |
| Residential | | | 173,729 | | | | 128,191 | | | | 112,138 | | | | 110,055 | | | | 109,034 | |
| Farmland | | | 13,655 | | | | 11,284 | | | | 11,361 | | | | 10,245 | | | | 8,991 | |
| Construction and vacant land | | | 156,706 | | | | 159,377 | | | | 168,595 | | | | 150,808 | | | | 153,917 | |
| Commercial and agricultural loans | | | 67,234 | | | | 70,170 | | | | 72,076 | | | | 70,847 | | | | 73,426 | |
| Indirect auto dealer loans | | | 99,208 | | | | 112,163 | | | | 117,439 | | | | 127,219 | | | | 131,078 | |
| Home equity loans | | | 27,535 | | | | 22,619 | | | | 21,820 | | | | 18,425 | | | | 17,297 | |
| Other consumer loans | | | 12,597 | | | | 10,121 | | | | 12,154 | | | | 12,080 | | | | 11,356 | |
| Total loans | | $ | 1,196,887 | | | $ | 1,138,482 | | | $ | 1,127,667 | | | $ | 1,103,965 | | | $ | 1,085,605 | |
| | | | | | | | | | | | | | | | | | | | | |
| Gross loans | | $ | 1,198,526 | | | $ | 1,139,993 | | | $ | 1,129,156 | | | $ | 1,105,597 | | | $ | 1,087,264 | |
| | | | | | | | | | | | | | | | | | | | | |
| Net loan charge-offs | | $ | 4,945 | | | $ | 1,771 | | | $ | 2,808 | | | $ | 721 | | | $ | 394 | |
| Allowance for loan losses | | $ | 16,627 | | | $ | 15,856 | | | $ | 14,973 | | | $ | 11,613 | | | $ | 9,949 | |
| Allowance for loan losses/total loans | | | 1.39 | % | | | 1.39 | % | | | 1.32 | % | | | 1.05 | % | | | 0.92 | % |
| | $ | 22,601 | | | $ | 26,870 | | | $ | 16,086 | | | $ | 16,565 | | | $ | 4,401 | |
| Allowance for loan losses/non-performing loans | | | 74 | % | | | 59 | % | | | 93 | % | | | 70 | % | | | 226 | % |
| Non performing loans/gross loans | | | 1.89 | % | | | 2.36 | % | | | 1.42 | % | | | 1.50 | % | | | 0.40 | % |
| Annualized net charge-offs/average loans | | | 1.70 | % | | | 0.63 | % | | | 1.00 | % | | | 0.26 | % | | | 0.15 | % |
| | | | | | | | | | | | | | | | | | | | | |
| Total interest-earning assets | | $ | 1,474,946 | | | $ | 1,410,981 | | | $ | 1,345,795 | | | $ | 1,305,795 | | | $ | 1,265,143 | |
| Other real estate owned | | $ | 5,037 | | | $ | 4,495 | | | $ | 1,846 | | | $ | 186 | | | $ | - | |
| Other repossessed assets | | $ | 2,706 | | | $ | 1,964 | | | $ | 3,136 | | | $ | 2,773 | | | $ | 2,370 | |
| Goodwill and intangibles, net of accumulated amortization | | $ | 8,463 | | | $ | 8,594 | | | $ | 7,458 | | | $ | 7,448 | | | $ | 7,409 | |
| | | | | | | | | | | | | | | | | | | | | |
| Interest-bearing deposits: | | | | | | | | | | | | | | | | | | | | |
| NOW accounts | | $ | 185,770 | | | $ | 180,610 | | | $ | 161,878 | | | $ | 136,892 | | | $ | 151,359 | |
| Money market | | | 162,943 | | | | 180,207 | | | | 176,900 | | | | 185,789 | | | | 198,760 | |
| Savings deposits | | | 51,864 | | | | 51,860 | | | | 55,045 | | | | 55,675 | | | | 60,323 | |
| Time deposits | | | 579,403 | | | | 544,428 | | | | 512,754 | | | | 484,600 | | | | 460,461 | |
| Non-interest bearing deposits | | | 158,210 | | | | 163,846 | | | | 143,381 | | | | 156,461 | | | | 173,196 | |
| Total deposits | | $ | 1,138,190 | | | $ | 1,120,951 | | | $ | 1,049,958 | | | $ | 1,019,417 | | | $ | 1,044,099 | |
| | | | | | | | | | | | | | | | | | | | | |
| Tax equivalent net interest margin | | | 3.25 | % | | | 3.13 | % | | | 3.44 | % | | | 3.52 | % | | | 3.73 | % |
| Return (loss) on average assets | | | (1.07 | ) % | | | (0.39 | ) % | | | (1.83 | ) % | | | 0.14 | % | | | 0.50 | % |
| Return (loss) on average equity | | | (15.77 | ) % | | | (5.83 | ) % | | | (26.17 | ) % | | | 1.93 | % | | | 7.03 | % |
| Non-interest expense/tax equivalent net interest income and non-interest income | | | 107.05 | % | | | 97.46 | % | | | 159.06 | % | | | 76.69 | % | | | 75.06 | % |
| | | | | | | | | | | | | | | | | �� | | | | |
| Average diluted shares (basic for the quarters ended June 30, 2008, March 31, 2008 and December 31, 2007) | | | 14,060,280 | | | | 13,149,945 | | | | 12,880,524 | | | | 13,031,234 | | | | 12,724,645 | |
| End of quarter shares outstanding | | | 14,169,160 | | | | 14,142,978 | | | | 12,910,993 | | | | 12,961,144 | | | | 12,949,428 | |
| Total equity | | $ | 99,149 | | | $ | 103,443 | | | $ | 96,240 | | | $ | 100,651 | | | $ | 102,270 | |
| Book value per common share | | $ | 7.00 | | | $ | 7.31 | | | $ | 7.45 | | | $ | 7.77 | | | $ | 7.90 | |
| Total assets | | $ | 1,578,821 | | | $ | 1,512,637 | | | $ | 1,444,739 | | | $ | 1,395,547 | | | $ | 1,358,773 | |
| | | | | | | | | | | | | | | | | | | | | |
___________
1 Non-performing loans in periods through March 31, 2008 include a loan of approximately $1.6 million which was fully guaranteed as to principal and interest by a U.S. government agency. We discontinued accruing interest on this loan during the fourth quarter of 2006 pursuant to a ruling made by the agency. The loan guarantee was honored during the second quarter of 2008 resulting in the repayment of the guaranteed amount of principal and interest. TIB FINANCIAL CORP. AND SUBSIDIARIES
QUARTERLY AVERAGE BALANCES AND YIELDS
(Dollars in thousands)
| | | Quarter Ended June 30, 2008 | | | Quarter Ended June 30, 2007 | |
| | | Average Balances | | | Interest* | | | Yield* | | | Average Balances | | | Interest* | | | Yield* | |
| Loans | | $ | 1,168,413 | | | $ | 19,279 | | | | 6.64 | % | | $ | 1,083,868 | | | $ | 21,398 | | | | 7.92 | % |
| Investments | | | 176,266 | | | | 2,073 | | | | 4.73 | % | | | 140,683 | | | | 1,796 | | | | 5.12 | % |
| Interest bearing deposits | | | 4,916 | | | | 32 | | | | 2.63 | % | | | 340 | | | | 4 | | | | 4.72 | % |
| Federal Home Loan Bank stock | | | 8,742 | | | | 125 | | | | 5.77 | % | | | 8,288 | | | | 124 | | | | 6.00 | % |
| Fed funds sold and securities purchased under agreements to resell | | | 59,586 | | | | 312 | | | | 2.11 | % | | | 53,247 | | | | 709 | | | | 5.34 | % |
| Total interest earning assets | | | 1,417,923 | | | | 21,821 | | | | 6.19 | % | | | 1,286,426 | | | | 24,031 | | | | 7.49 | % |
| Non-interest earning assets | | | 94,698 | | | | | | | | | | | | 87,093 | | | | | | | | | |
| Total assets | | $ | 1,512,621 | | | | | | | | | | | $ | 1,373,519 | | | | | | | | | |
| | | | | | | | | | | | | | | | | | | | | | | | | |
| Interest bearing liabilities: | | | | | | | | | | | | | | | | | | | | | | | | |
| NOW | | $ | 189,220 | | | $ | 772 | | | | 1.64 | % | | $ | 159,343 | | | $ | 1,325 | | | | 3.34 | % |
| Money market | | | 170,742 | | | | 951 | | | | 2.24 | % | | | 195,945 | | | | 2,068 | | | | 4.23 | % |
| Savings | | | 50,852 | | | | 131 | | | | 1.04 | % | | | 58,753 | | | | 274 | | | | 1.87 | % |
| Time | | | 539,982 | | | | 6,029 | | | | 4.49 | % | | | 475,985 | | | | 5,947 | | | | 5.01 | % |
| Total interest-bearing deposits | | | 950,796 | | | | 7,883 | | | | 3.33 | % | | | 890,026 | | | | 9,614 | | | | 4.33 | % |
| Short-term borrowings and FHLB advances | | | 217,307 | | | | 1,667 | | | | 3.09 | % | | | 158,610 | | | | 1,776 | | | | 4.49 | % |
| Long-term borrowings | | | 63,000 | | | | 819 | | | | 5.23 | % | | | 33,000 | | | | 678 | | | | 8.24 | % |
| Total interest bearing liabilities | | | 1,231,103 | | | | 10,369 | | | | 3.39 | % | | | 1,081,636 | | | | 12,068 | | | | 4.48 | % |
| | | | | | | | | | | | | | | | | | | | | | | | | |
| Non-interest bearing deposits | | | 158,376 | | | | | | | | | | | | 174,253 | | | | | | | | | |
| Other liabilities | | | 20,287 | | | | | | | | | | | | 19,981 | | | | | | | | | |
| Shareholders’ equity | | | 102,855 | | | | | | | | | | | | 97,649 | | | | | | | | | |
| Total liabilities and shareholders’ equity | | $ | 1,512,621 | | | | | | | | | | | $ | 1,373,519 | | | | | | | | | |
| | | | | | | | | | | | | | | | | | | | | | | | | |
| Net interest income and spread | | | | | | $ | 11,452 | | | | 2.80 | % | | | | | | $ | 11,963 | | | | 3.01 | % |
| | | | | | | | | | | | | | | | | | | | | | | | | |
| Net interest margin | | | | | | | | | | | 3.25 | % | | | | | | | | | | | 3.73 | % |
| | | | | | | | | | | | | | | | | | | | | | | | | |
_______ * Presented on a fully tax equivalent basis | |
TIB FINANCIAL CORP. AND SUBSIDIARIES
YEAR TO DATE AVERAGE BALANCES AND YIELDS
(Dollars in thousands)
| | | Six Months Ended June 30, 2008 | | | Six Months Ended June 30, 2007 | |
| | | Average Balances | | | Interest* | | | Yield* | | | Average Balances | | | Interest* | | | Yield* | |
| Loans | | $ | 1,152,901 | | | $ | 39,429 | | | | 6.88 | % | | $ | 1,072,260 | | | $ | 42,357 | | | | 7.97 | % |
| Investments | | | 167,020 | | | | 4,013 | | | | 4.83 | % | | | 137,691 | | | | 3,486 | | | | 5.11 | % |
| Interest bearing deposits | | | 3,149 | | | | 44 | | | | 2.79 | % | | | 465 | | | | 12 | | | | 5.20 | % |
| Federal Home Loan Bank stock | | | 8,615 | | | | 252 | | | | 5.88 | % | | | 8,001 | | | | 236 | | | | 5.95 | % |
| Fed funds sold and securities purchased under agreements to resell | | | 76,931 | | | | 1,056 | | | | 2.76 | % | | | 53,766 | | | | 1,405 | | | | 5.27 | % |
| Total interest earning assets | | | 1,408,616 | | | | 44,794 | | | | 6.39 | % | | | 1,272,183 | | | | 47,496 | | | | 7.53 | % |
| Non-interest earning assets | | | 95,521 | | | | | | | | | | | | 85,397 | | | | | | | | | |
| Total assets | | $ | 1,504,137 | | | | | | | | | | | $ | 1,357,580 | | | | | | | | | |
| | | | | | | | | | | | | | | | | | | | | | | | | |
| Interest bearing liabilities: | | | | | | | | | | | | | | | | | | | | | | | | |
| NOW | | $ | 186,601 | | | $ | 1,889 | | | | 2.04 | % | | $ | 154,630 | | | $ | 2,580 | | | | 3.36 | % |
| Money market | | | 174,912 | | | | 2,375 | | | | 2.73 | % | | | 186,414 | | | | 3,882 | | | | 4.20 | % |
| Savings | | | 50,930 | | | | 312 | | | | 1.23 | % | | | 53,834 | | | | 413 | | | | 1.55 | % |
| Time | | | 538,023 | | | | 12,432 | | | | 4.65 | % | | | 494,557 | | | | 12,268 | | | | 5.00 | % |
| Total interest-bearing deposits | | | 950,466 | | | | 17,008 | | | | 3.60 | % | | | 889,435 | | | | 19,143 | | | | 4.34 | % |
| Short-term borrowings and FHLB advances | | | 213,984 | | | | 3,703 | | | | 3.48 | % | | | 153,518 | | | | 3,444 | | | | 4.52 | % |
| Long-term borrowings | | | 63,000 | | | | 1,724 | | | | 5.50 | % | | | 33,022 | | | | 1,358 | | | | 8.29 | % |
| Total interest bearing liabilities | | | 1,227,450 | | | | 22,435 | | | | 3.68 | % | | | 1,075,975 | | | | 23,945 | | | | 4.49 | % |
| | | | | | | | | | | | | | | | | | | | | | | | | |
| Non-interest bearing deposits | | | 155,978 | | | | | | | | | | | | 169,745 | | | | | | | | | |
| Other liabilities | | | 19,480 | | | | | | | | | | | | 19,651 | | | | | | | | | |
| Shareholders’ equity | | | 101,229 | | | | | | | | | | | | 92,209 | | | | | | | | | |
| Total liabilities and shareholders’ equity | | $ | 1,504,137 | | | | | | | | | | | $ | 1,357,580 | | | | | | | | | |
| | | | | | | | | | | | | | | | | | | | | | | | | |
| Net interest income and spread | | | | | | $ | 22,359 | | | | 2.71 | % | | | | | | $ | 23,551 | | | | 3.04 | % |
| | | | | | | | | | | | | | | | | | | | | | | | | |
| Net interest margin | | | | | | | | | | | 3.19 | % | | | | | | | | | | | 3.73 | % |
| | | | | | | | | | | | | | | | | | | | | | | | | |
_______ * Presented on a fully tax equivalent basis | |
TIB FINANCIAL CORP. AND SUBSIDIARIES
SUPPLEMENTAL INFORMATION
(Dollars in thousands)
Nonaccrual loans are as follows:
| | | As of June 30, 2008 | | | As of March 31, 2008 | |
| Loan Type | | Number of Loans | | | Outstanding Balance | | | % of Applicable Loan Portfolio(s) | | | Number of Loans | | | Outstanding Balance | | | % of Applicable Loan Portfolio(s) | |
| Residential | | | 27 | | | $ | 5,207 | | | | 2.9 | % | | | 24 | | | $ | 5,000 | | | | 3.9 | % |
| Commercial and agricultural | | | 4 | | | | 674 | | | | 1.0 | % | | | 2 | | | | 286 | | | | 0.4 | % |
| Commercial real estate | | | 5 | | | | 1,532 | | | | 0.2 | % | | | 4 | | | | 2,372 | | | | 0.4 | % |
| Commercial land development | | | 4 | | | | 13,954 | | | | 8.9 | % | | | 2 | | | | 13,840 | | | | 8.7 | % |
| Government guaranteed loan | | | - | | | | - | | | | 0.0 | % | | | 1 | | | | 1,641 | | | | 0.3 | % |
| Indirect auto-dealer, auto and consumer loans | | | 95 | | | | 1,234 | | | | 1.3 | % | | | 272 | | | | 3,731 | | | | 3.3 | % |
| Total | | | | | | $ | 22,601 | | | | 1.9 | % | | | | | | $ | 26,870 | | | | 2.4 | % |
Impaired loans are as follows:
| | | June 30, 2008 | | | March 31, 2008 | |
| Loans with no allocated allowance for loan losses | | $ | 4,301 | | | $ | 5,783 | |
| Loans with allocated allowance for loan losses | | | 18,107 | | | | 18,106 | |
| Total | | $ | 22,408 | | | $ | 23,889 | |
| | | | | | | | | |
| Amount of the allowance for loan losses allocated | | $ | 2,258 | | | $ | 2,274 | |
| Nonaccrual Loan Activity (Other Than Indirect Auto and Consumer) | |
| | | | |
| Nonaccrual loans at March 31, 2008 | | $ | 23,139 | |
| Loans returned to accrual | | | (272 | ) |
| Net principal paid down on nonaccrual loans | | | (1,482 | ) |
| Charge-offs | | | (689 | ) |
| Loan in-substance foreclosed | | | (855 | ) |
| Loans placed on nonaccrual | | | 1,526 | |
| Nonaccrual loans at June 30, 2008 | | $ | 21,367 | |
| | | | | |
| OREO Activity | |
| | | | |
| OREO as of March 31, 2008 | | $ | 4,495 | |
| Real estate foreclosed | | | 855 | |
| Other increases | | | - | |
| Write-down of value | | | - | |
| Property sold | | | (313 | ) |
| OREO as of June 30, 2008 | | $ | 5,037 | |
| | | | | |
