Attached files
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| 8-K - TIB FINANCIAL CORP. PRESS RELEASE - TIB FINANCIAL CORP. | tibb8k8152011.htm |
CONTACT:
Christopher G. Marshall
Chief Financial Officer
Phone: (704) 554-5901
E-mail: cmarshall@nafhinc.com
FOR IMMEDIATE RELEASE
TIB FINANCIAL CORP. REPORTS SECOND QUARTER RESULTS
NAPLES, FL. August 15, 2011 – 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:
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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;
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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;
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NAFH National Bank changed its name to and was rebranded as Capital Bank, National Association (“Capital Bank, NA”);
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As a result of the mergers, the Company held a 33% ownership interest in at June 30, 2011; and
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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.
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“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.
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)
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For the Quarter Ended
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June 30, 2011
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March 31, 2011
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December 31,
2010
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September 30,
2010
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June 30,
2010
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Successor Company
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Predecessor Company
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Interest and dividend income
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$ | 5,290 | $ | 15,844 | $ | 15,681 | $ | 17,042 | $ | 16,988 | ||||||||||
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Interest expense
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1,356 | 3,162 | 3,249 | 6,256 | 6,386 | |||||||||||||||
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NET INTEREST INCOME
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3,934 | 12,682 | 12,432 | 10,786 | 10,602 | |||||||||||||||
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Provision for loan losses
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136 | 485 | 402 | 17,072 | 7,700 | |||||||||||||||
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NON-INTEREST INCOME:
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Equity in income of Capital Bank NA
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658 | - | - | - | - | |||||||||||||||
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Service charges on deposit accounts
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257 | 813 | 864 | 831 | 839 | |||||||||||||||
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Fees on mortgage loans sold
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144 | 354 | 449 | 455 | 481 | |||||||||||||||
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Investment securities gains, net
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- | 12 | - | - | 993 | |||||||||||||||
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Investment advisory and trust fees
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379 | 387 | 354 | 328 | 313 | |||||||||||||||
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Gain on bank owned life insurance policy
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- | - | - | - | 134 | |||||||||||||||
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Other income
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464 | 1,205 | 1,043 | 804 | 734 | |||||||||||||||
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Total non-interest income
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1,902 | 2,771 | 2,710 | 2,418 | 3,494 | |||||||||||||||
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NON-INTEREST EXPENSE:
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Salaries & employee benefits
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2,250 | 6,501 | 6,632 | 6,610 | 6,413 | |||||||||||||||
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Net occupancy expense
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692 | 2,048 | 2,051 | 2,391 | 2,273 | |||||||||||||||
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Foreclosed asset related expense
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43 | 522 | 536 | 15,438 | 5,149 | |||||||||||||||
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Other expense
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1,614 | 4,254 | 4,704 | 5,348 | 6,660 | |||||||||||||||
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Total non-interest expense
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4,599 | 13,325 | 13,923 | 29,787 | 20,495 | |||||||||||||||
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Income (loss) before income taxes
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1,101 | 1,643 | 817 | (33,655 | ) | (14,099 | ) | |||||||||||||
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Income tax expense
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141 | 575 | 257 | - | - | |||||||||||||||
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NET INCOME (LOSS)
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$ | 960 | $ | 1,068 | $ | 560 | $ | (33,655 | ) | $ | (14,099 | ) | ||||||||
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Dividends earned by preferred shareholders and discount accretion
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- | - | - | 680 | 669 | |||||||||||||||
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Gain on retirement of Series A preferred allocated to common shareholders
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- | - | - | (24,276 | ) | - | ||||||||||||||
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Net income (loss) allocated to common shareholders
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$ | 960 | $ | 1,068 | $ | 560 | $ | (10,059 | ) | $ | (14,768 | ) | ||||||||
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BASIC EARNINGS (LOSS) PER COMMON SHARE:
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$ | 0.08 | $ | 0.09 | $ | 0.05 | $ | (67.69 | ) | $ | (99.45 | ) | ||||||||
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DILUTED EARNINGS (LOSS) PER COMMON SHARE:
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$ | 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)
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As of or For the Quarter Ended
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June 30,
2011
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March 31,
2011
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December 31,
2010
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September 30,
2010
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June 30,
2010
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| Successor Company | Predecessor Company | |||||||||||||||||||
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Real estate mortgage loans:
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Commercial
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$ | - | $ | 604,192 | $ | 600,372 | $ | 605,643 | $ | 649,679 | ||||||||||
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Residential
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- | 232,347 | 225,850 | 228,271 | 235,423 | |||||||||||||||
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Farmland
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- | 12,538 | 12,083 | 11,889 | 13,571 | |||||||||||||||
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Construction and vacant land
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- | 40,503 | 38,956 | 43,584 | 60,698 | |||||||||||||||
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Commercial and agricultural loans
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- | 60,219 | 60,642 | 61,479 | 68,696 | |||||||||||||||
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Indirect auto loans
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- | 40,653 | 28,038 | 24,748 | 25,918 | |||||||||||||||
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Home equity loans
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- | 30,541 | 29,658 | 33,367 | 36,856 | |||||||||||||||
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Other consumer loans
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- | 8,471 | 8,730 | 8,862 | 9,759 | |||||||||||||||
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Total loans
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$ | - | $ | 1,029,464 | $ | 1,004,329 | $ | 1,017,843 | $ | 1,100,600 | ||||||||||
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Gross loans
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$ | - | $ | 1,030,377 | $ | 1,004,630 | $ | 1,017,843 | $ | 1,101,672 | ||||||||||
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Net loan charge-offs (Predecessor Company)
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N/A | N/A | N/A | $ | 12,376 | $ | 7,819 | |||||||||||||
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Net loan charge-offs (Successor Company)
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$ | 14 | $ | 10 | $ | - | N/A | N/A | ||||||||||||
| Successor Company | Predecessor Company | |||||||||||||||||||
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Allowance for loan losses
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$ | - | $ | 877 | $ | 402 | $ | - | $ | 27,710 | ||||||||||
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Allowance for loan losses/ total loans
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N/A | N/A | N/A | N/A | 2.52 | % | ||||||||||||||
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Allowance for loan losses/ loans originated in Successor period
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N/A | 1.14 | % | 1.76 | % | N/A | N/A | |||||||||||||
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Allowance for loan losses excluding specific reserves
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N/A | 877 | 402 | N/A | $ | 20,352 | ||||||||||||||
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Allowance for loan losses excluding specific reserves/non-impaired loans
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N/A | N/A | N/A | N/A | 2.06 | % | ||||||||||||||
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Non-performing loans
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N/A | N/A | N/A | N/A | $ | 76,632 | ||||||||||||||
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Allowance for loan losses/non-performing loans (1)
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N/A | N/A | N/A | N/A | 36 | % | ||||||||||||||
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Non-performing loans/gross loans (1)
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N/A | N/A | N/A | N/A | 6.96 | % | ||||||||||||||
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Annualized net charge-offs/average loans
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N/M | N/M | N/A | N/A | 2.81 | % | ||||||||||||||
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Total interest-earning assets
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$ | 5,124 | $ | 1,546,918 | $ | 1,563,640 | $ | 1,561,983 | $ | 1,532,946 | ||||||||||
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Other real estate owned
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$ | - | $ | 19,504 | $ | 25,673 | $ | 29,531 | $ | 38,699 | ||||||||||
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Other repossessed assets
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$ | - | $ | 108 | $ | 104 | $ | 163 | $ | 204 | ||||||||||
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Goodwill and intangibles, net of accumulated amortization
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$ | 3,288 | $ | 41,042 | $ | 41,405 | $ | 41,769 | $ | 6,510 | ||||||||||
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Interest-bearing deposits:
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NOW accounts
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$ | - | $ | 180,204 | $ | 175,349 | $ | 175,751 | $ | 194,663 | ||||||||||
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Money market
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- | 214,532 | 193,904 | 177,763 | 171,495 | |||||||||||||||
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Savings deposits
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- | 111,645 | 80,674 | 72,714 | 73,059 | |||||||||||||||
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Time deposits
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- | 609,219 | 719,006 | 730,059 | 724,355 | |||||||||||||||
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Non-interest bearing deposits
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- | 224,614 | 198,092 | 171,376 | 178,159 | |||||||||||||||
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Total deposits
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$ | - | $ | 1,340,214 | $ | 1,367,025 | $ | 1,327,663 | $ | 1,341,731 | ||||||||||
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(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.
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June 30,
2011
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March 31,
2011
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December 31,
2010
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September 30, 2010 | June 30, 2010 | ||||||||||||||||
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Successor Company
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Predecessor Company
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Tax equivalent net interest margin
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3.08 | % | 3.34 | % | 3.16 | % | 2.85 | % | 2.74 | % | ||||||||||
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Non-interest expense/tax equivalent net interest income and non-interest income
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78.68 | % | 86.06 | % | 91.76 | % | 224.96 | % | 144.96 | % | ||||||||||
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Average diluted common shares outstanding (basic for quarters ended September 30, 2010 and June 30, 2010)
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13,430 | 14,963 | 18,320 | 149 | 148 | |||||||||||||||
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Successor Company
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Predecessor Company
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End of quarter common shares outstanding
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12,350 | 12,350 | 11,817 | 7,149 | 149 | |||||||||||||||
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Total equity
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$ | 180,036 | $ | 186,981 | $ | 176,750 | $ | 178,498 | $ | 39,036 | ||||||||||
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Book value per common share
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$ | 14.58 | $ | 15.14 | $ | 14.96 | $ | 15.18 | $ | 22.04 | ||||||||||
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Tangible book value per common share
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$ | 12.33 | $ | 11.82 | $ | 11.45 | $ | 9.33 | $ | (21.68 | ) | |||||||||
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Tier 1 capital to average assets – Capital Bank, NA at June 30, 2011; TIB Bank at prior periods
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10.5 | % | 8.4 | % | 8.1 | % | 7.8 | % | 3.9 | % | ||||||||||
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Tier 1 capital to risk weighted assets - Capital Bank, NA at June 30, 2011; TIB Bank at prior periods
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17.0 | % | 13.2 | % | 13.0 | % | 12.9 | % | 5.9 | % | ||||||||||
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Total capital to risk weighted assets - Capital Bank, NA at June 30, 2011; TIB Bank at prior periods
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17.5 | % | 13.3 | % | 13.1 | % | 12.9 | % | 7.1 | % | ||||||||||
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Total assets
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$ | 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)
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Successor Company
Quarter Ended
June 30, 2011
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Predecessor Company
Quarter Ended
June 30, 2010
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Average
Balances
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Interest*
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Yield*
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Average
Balances
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Interest*
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Yield*
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Loans
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$ | 339,036 | $ | 4,355 | 5.15 | % | $ | 1,116,406 | $ | 14,656 | 5.27 | % | ||||||||||||
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Investments
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133,543 | 908 | 2.73 | % | 310,715 | 2,292 | 2.96 | % | ||||||||||||||||
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Interest bearing deposits
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37,091 | 31 | 0.34 | % | 119,817 | 75 | 0.25 | % | ||||||||||||||||
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Federal Home Loan Bank stock
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3,110 | 6 | 0.77 | % | 10,447 | 7 | 0.27 | % | ||||||||||||||||
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Total interest earning assets
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512,780 | 5,300 | 4.15 | % | 1,557,385 | 17,030 | 4.39 | % | ||||||||||||||||
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Non-interest earning assets
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186,690 | 129,101 | ||||||||||||||||||||||
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Total assets
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$ | 699,470 | $ | 1,686,486 | ||||||||||||||||||||
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Interest bearing liabilities:
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Time
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$ | 196,358 | $ | 580 | 1.18 | % | $ | 714,003 | $ | 3,710 | 2.08 | % | ||||||||||||
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Money market
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70,570 | 129 | 0.73 | % | 178,889 | 470 | 1.05 | % | ||||||||||||||||
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NOW
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60,135 | 50 | 0.33 | % | 210,200 | 192 | 0.37 | % | ||||||||||||||||
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Savings
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37,353 | 63 | 0.68 | % | 75,833 | 137 | 0.72 | % | ||||||||||||||||
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Total interest-bearing deposits
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364,416 | 822 | 0.90 | % | 1,178,925 | 4,509 | 1.53 | % | ||||||||||||||||
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Short-term borrowings and FHLB advances
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54,076 | 69 | 0.51 | % | 193,268 | 1,206 | 2.50 | % | ||||||||||||||||
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Long-term borrowings
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22,984 | 466 | 8.13 | % | 63,000 | 671 | 4.27 | % | ||||||||||||||||
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Total interest bearing liabilities
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441,476 | 1,357 | 1.23 | % | 1,435,193 | 6,386 | 1.78 | % | ||||||||||||||||
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Non-interest bearing deposits
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72,545 | 187,898 | ||||||||||||||||||||||
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Other liabilities
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5,513 | 12,503 | ||||||||||||||||||||||
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Shareholders’ equity
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179,936 | 50,892 | ||||||||||||||||||||||
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Total liabilities and shareholders’ equity
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$ | 699,470 | $ | 1,686,486 | ||||||||||||||||||||
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Net interest income and spread
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$ | 3,943 | 2.92 | % | $ | 10,644 | 2.61 | % | ||||||||||||||||
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Net interest margin
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3.08 | % | 2.74 | % | ||||||||||||||||||||
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_______
* Presented on a fully tax equivalent basis
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Successor Company Six Months Ended
June 30, 2011
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Predecessor Company Six Months Ended
June 30, 2010
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Average
Balances
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Interest*
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Yield*
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Average
Balances
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Interest*
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Yield*
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Interest-earning assets:
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Loans
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$ | 674,231 | $ | 17,776 | 5.32 | % | $ | 1,147,456 | $ | 30,674 | 5.39 | % | ||||||||||||
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Investment securities
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270,081 | 3,266 | 2.44 | % | 297,279 | 4,537 | 3.08 | % | ||||||||||||||||
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Interest-bearing deposits in other banks
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74,638 | 101 | 0.27 | % | 120,013 | 149 | 0.25 | % | ||||||||||||||||
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Federal Home Loan Bank stock
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6,205 | 31 | 1.01 | % | 10,447 | 10 | 0.19 | % | ||||||||||||||||
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Total interest-earning assets
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1,025,155 | 21,174 | 4.17 | % | 1,575,195 | 35,370 | 4.53 | % | ||||||||||||||||
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Non-interest earning assets
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184,107 | 118,175 | ||||||||||||||||||||||
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Total assets
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$ | 1,209,262 | $ | 1,693,370 | ||||||||||||||||||||
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Interest-bearing liabilities:
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Interest-bearing deposits:
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Time deposits
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$ | 418,892 | $ | 2,368 | 1.14 | % | $ | 701,993 | $ | 7,738 | 2.22 | % | ||||||||||||
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Money market
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136,504 | 497 | 0.73 | % | 191,023 | 998 | 1.05 | % | ||||||||||||||||
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NOW accounts
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117,528 | 180 | 0.31 | % | 210,356 | 384 | 0.37 | % | ||||||||||||||||
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Savings deposits
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70,128 | 231 | 0.66 | % | 81,490 | 291 | 0.72 | % | ||||||||||||||||
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Total interest-bearing deposits
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743,052 | 3,276 | 0.89 | % | 1,184,862 | 9,411 | 1.60 | % | ||||||||||||||||
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Short-term borrowings and FHLB advances
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112,544 | 320 | 0.57 | % | 193,679 | 2,443 | 2.54 | % | ||||||||||||||||
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Long-term borrowings
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22,948 | 922 | 8.10 | % | 63,000 | 1,325 | 4.24 | % | ||||||||||||||||
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Total interest-bearing liabilities
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878,544 | 4,518 | 1.04 | % | 1,441,541 | 13,179 | 1.84 | % | ||||||||||||||||
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Non-interest bearing deposits
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140,187 | 186,535 | ||||||||||||||||||||||
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Other liabilities
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8,265 | 12,058 | ||||||||||||||||||||||
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Shareholders’ equity
|
182,266 | 53,236 | ||||||||||||||||||||||
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Total liabilities and shareholders’ equity
|
$ | 1,209,262 | $ | 1,693,370 | ||||||||||||||||||||
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Net interest income and spread
|
$ | 16,656 | 3.13 | % | $ | 22,191 | 2.69 | % | ||||||||||||||||
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Net interest margin
|
3.28 | % | 2.84 | % | ||||||||||||||||||||
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(1) * Presented on a fully tax equivalent basis
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