Florida
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000-21329
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65-0655973
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(State or other jurisdiction of
incorporation or organization)
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(Commission
File Number)
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(IRS Employer
Identification No.)
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£
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Written communications pursuant to Rule 425 under the Securities Act (17 CFR 230.425)
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£
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Soliciting material pursuant to Rule 14a-12 under the Exchange Act (17 CFR 240.14a-12)
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£
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Pre-commencement communications pursuant to Rule 14d-2(b) under the Exchange Act (17 CFR 240.14d-2(b))
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£
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Pre-commencement communications pursuant to Rule 13e-4(c) under the Exchange Act (17 CFR 240.13e-4(c))
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Item 2.02
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Results of Operations and Financial Condition.
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Item 9.01
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Financial Statements and Exhibits.
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(d)
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Exhibits
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Exhibit No.
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Description of Document
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Exhibit 99.1
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Press release dated August 15, 2011
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Date: August 18, 2011
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TIB FINANCIAL CORP.
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By:
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/s/Christopher G. Marshall
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Christopher G. Marshall
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Chief Financial Officer
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Exhibit No.
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Description of Document
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Exhibit 99.1
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Press release dated August 15, 2011
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·
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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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·
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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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·
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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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·
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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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·
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The Company reported net income of $1.0 million and $2.0 million, or $0.07 and $0.14 per diluted share for the three and six months ended June 30, 2011.
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For the Quarter Ended
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||||||||||||||||||||
June 30, 2011
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March 31, 2011
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December 31,
2010
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September 30,
2010
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June 30,
2010
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||||||||||||||||
Successor Company
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Predecessor Company
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|||||||||||||||||||
Interest and dividend income
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$ | 5,290 | $ | 15,844 | $ | 15,681 | $ | 17,042 | $ | 16,988 | ||||||||||
Interest expense
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1,356 | 3,162 | 3,249 | 6,256 | 6,386 | |||||||||||||||
NET INTEREST INCOME
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3,934 | 12,682 | 12,432 | 10,786 | 10,602 | |||||||||||||||
Provision for loan losses
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136 | 485 | 402 | 17,072 | 7,700 | |||||||||||||||
NON-INTEREST INCOME:
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||||||||||||||||||||
Equity in income of Capital Bank NA
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658 | - | - | - | - | |||||||||||||||
Service charges on deposit accounts
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257 | 813 | 864 | 831 | 839 | |||||||||||||||
Fees on mortgage loans sold
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144 | 354 | 449 | 455 | 481 | |||||||||||||||
Investment securities gains, net
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- | 12 | - | - | 993 | |||||||||||||||
Investment advisory and trust fees
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379 | 387 | 354 | 328 | 313 | |||||||||||||||
Gain on bank owned life insurance policy
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- | - | - | - | 134 | |||||||||||||||
Other income
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464 | 1,205 | 1,043 | 804 | 734 | |||||||||||||||
Total non-interest income
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1,902 | 2,771 | 2,710 | 2,418 | 3,494 | |||||||||||||||
NON-INTEREST EXPENSE:
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||||||||||||||||||||
Salaries & employee benefits
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2,250 | 6,501 | 6,632 | 6,610 | 6,413 | |||||||||||||||
Net occupancy expense
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692 | 2,048 | 2,051 | 2,391 | 2,273 | |||||||||||||||
Foreclosed asset related expense
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43 | 522 | 536 | 15,438 | 5,149 | |||||||||||||||
Other expense
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1,614 | 4,254 | 4,704 | 5,348 | 6,660 | |||||||||||||||
Total non-interest expense
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4,599 | 13,325 | 13,923 | 29,787 | 20,495 | |||||||||||||||
Income (loss) before income taxes
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1,101 | 1,643 | 817 | (33,655 | ) | (14,099 | ) | |||||||||||||
Income tax expense
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141 | 575 | 257 | - | - | |||||||||||||||
NET INCOME (LOSS)
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$ | 960 | $ | 1,068 | $ | 560 | $ | (33,655 | ) | $ | (14,099 | ) | ||||||||
Dividends earned by preferred shareholders and discount accretion
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- | - | - | 680 | 669 | |||||||||||||||
Gain on retirement of Series A preferred allocated to common shareholders
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- | - | - | (24,276 | ) | - | ||||||||||||||
Net income (loss) allocated to common shareholders
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$ | 960 | $ | 1,068 | $ | 560 | $ | (10,059 | ) | $ | (14,768 | ) | ||||||||
BASIC EARNINGS (LOSS) PER COMMON SHARE:
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$ | 0.08 | $ | 0.09 | $ | 0.05 | $ | (67.69 | ) | $ | (99.45 | ) | ||||||||
DILUTED EARNINGS (LOSS) PER COMMON SHARE:
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$ | 0.07 | $ | 0.07 | $ | 0.03 | $ | (67.69 | ) | $ | (99.45 | ) | ||||||||
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 | |||||||||||||||||||
Real estate mortgage loans:
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||||||||||||||||||||
Commercial
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$ | - | $ | 604,192 | $ | 600,372 | $ | 605,643 | $ | 649,679 | ||||||||||
Residential
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- | 232,347 | 225,850 | 228,271 | 235,423 | |||||||||||||||
Farmland
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- | 12,538 | 12,083 | 11,889 | 13,571 | |||||||||||||||
Construction and vacant land
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- | 40,503 | 38,956 | 43,584 | 60,698 | |||||||||||||||
Commercial and agricultural loans
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- | 60,219 | 60,642 | 61,479 | 68,696 | |||||||||||||||
Indirect auto loans
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- | 40,653 | 28,038 | 24,748 | 25,918 | |||||||||||||||
Home equity loans
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- | 30,541 | 29,658 | 33,367 | 36,856 | |||||||||||||||
Other consumer loans
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- | 8,471 | 8,730 | 8,862 | 9,759 | |||||||||||||||
Total loans
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$ | - | $ | 1,029,464 | $ | 1,004,329 | $ | 1,017,843 | $ | 1,100,600 | ||||||||||
Gross loans
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$ | - | $ | 1,030,377 | $ | 1,004,630 | $ | 1,017,843 | $ | 1,101,672 | ||||||||||
Net loan charge-offs (Predecessor Company)
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N/A | N/A | N/A | $ | 12,376 | $ | 7,819 | |||||||||||||
Net loan charge-offs (Successor Company)
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$ | 14 | $ | 10 | $ | - | N/A | N/A | ||||||||||||
Successor Company | Predecessor Company | |||||||||||||||||||
Allowance for loan losses
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$ | - | $ | 877 | $ | 402 | $ | - | $ | 27,710 | ||||||||||
Allowance for loan losses/ total loans
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N/A | N/A | N/A | N/A | 2.52 | % | ||||||||||||||
Allowance for loan losses/ loans originated in Successor period
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N/A | 1.14 | % | 1.76 | % | N/A | N/A | |||||||||||||
Allowance for loan losses excluding specific reserves
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N/A | 877 | 402 | N/A | $ | 20,352 | ||||||||||||||
Allowance for loan losses excluding specific reserves/non-impaired loans
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N/A | N/A | N/A | N/A | 2.06 | % | ||||||||||||||
Non-performing loans
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N/A | N/A | N/A | N/A | $ | 76,632 | ||||||||||||||
Allowance for loan losses/non-performing loans (1)
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N/A | N/A | N/A | N/A | 36 | % | ||||||||||||||
Non-performing loans/gross loans (1)
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N/A | N/A | N/A | N/A | 6.96 | % | ||||||||||||||
Annualized net charge-offs/average loans
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N/M | N/M | N/A | N/A | 2.81 | % | ||||||||||||||
Total interest-earning assets
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$ | 5,124 | $ | 1,546,918 | $ | 1,563,640 | $ | 1,561,983 | $ | 1,532,946 | ||||||||||
Other real estate owned
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$ | - | $ | 19,504 | $ | 25,673 | $ | 29,531 | $ | 38,699 | ||||||||||
Other repossessed assets
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$ | - | $ | 108 | $ | 104 | $ | 163 | $ | 204 | ||||||||||
Goodwill and intangibles, net of accumulated amortization
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$ | 3,288 | $ | 41,042 | $ | 41,405 | $ | 41,769 | $ | 6,510 | ||||||||||
Interest-bearing deposits:
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||||||||||||||||||||
NOW accounts
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$ | - | $ | 180,204 | $ | 175,349 | $ | 175,751 | $ | 194,663 | ||||||||||
Money market
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- | 214,532 | 193,904 | 177,763 | 171,495 | |||||||||||||||
Savings deposits
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- | 111,645 | 80,674 | 72,714 | 73,059 | |||||||||||||||
Time deposits
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- | 609,219 | 719,006 | 730,059 | 724,355 | |||||||||||||||
Non-interest bearing deposits
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- | 224,614 | 198,092 | 171,376 | 178,159 | |||||||||||||||
Total deposits
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$ | - | $ | 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.
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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 | ||||||||||||||||
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 | % | ||||||||||
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 | % | ||||||||||
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 | |||||||||||||||
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 | |||||||||||||||
Total equity
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$ | 180,036 | $ | 186,981 | $ | 176,750 | $ | 178,498 | $ | 39,036 | ||||||||||
Book value per common share
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$ | 14.58 | $ | 15.14 | $ | 14.96 | $ | 15.18 | $ | 22.04 | ||||||||||
Tangible book value per common share
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$ | 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
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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
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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
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17.5 | % | 13.3 | % | 13.1 | % | 12.9 | % | 7.1 | % | ||||||||||
Total assets
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$ | 210,103 | $ | 1,729,342 | $ | 1,756,866 | $ | 1,737,183 | $ | 1,659,065 |
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 | % | ||||||||||||
Investments
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133,543 | 908 | 2.73 | % | 310,715 | 2,292 | 2.96 | % | ||||||||||||||||
Interest bearing deposits
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37,091 | 31 | 0.34 | % | 119,817 | 75 | 0.25 | % | ||||||||||||||||
Federal Home Loan Bank stock
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3,110 | 6 | 0.77 | % | 10,447 | 7 | 0.27 | % | ||||||||||||||||
Total interest earning assets
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512,780 | 5,300 | 4.15 | % | 1,557,385 | 17,030 | 4.39 | % | ||||||||||||||||
Non-interest earning assets
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186,690 | 129,101 | ||||||||||||||||||||||
Total assets
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$ | 699,470 | $ | 1,686,486 | ||||||||||||||||||||
Interest bearing liabilities:
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Time
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$ | 196,358 | $ | 580 | 1.18 | % | $ | 714,003 | $ | 3,710 | 2.08 | % | ||||||||||||
Money market
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70,570 | 129 | 0.73 | % | 178,889 | 470 | 1.05 | % | ||||||||||||||||
NOW
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60,135 | 50 | 0.33 | % | 210,200 | 192 | 0.37 | % | ||||||||||||||||
Savings
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37,353 | 63 | 0.68 | % | 75,833 | 137 | 0.72 | % | ||||||||||||||||
Total interest-bearing deposits
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364,416 | 822 | 0.90 | % | 1,178,925 | 4,509 | 1.53 | % | ||||||||||||||||
Short-term borrowings and FHLB advances
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54,076 | 69 | 0.51 | % | 193,268 | 1,206 | 2.50 | % | ||||||||||||||||
Long-term borrowings
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22,984 | 466 | 8.13 | % | 63,000 | 671 | 4.27 | % | ||||||||||||||||
Total interest bearing liabilities
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441,476 | 1,357 | 1.23 | % | 1,435,193 | 6,386 | 1.78 | % | ||||||||||||||||
Non-interest bearing deposits
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72,545 | 187,898 | ||||||||||||||||||||||
Other liabilities
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5,513 | 12,503 | ||||||||||||||||||||||
Shareholders’ equity
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179,936 | 50,892 | ||||||||||||||||||||||
Total liabilities and shareholders’ equity
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$ | 699,470 | $ | 1,686,486 | ||||||||||||||||||||
Net interest income and spread
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$ | 3,943 | 2.92 | % | $ | 10,644 | 2.61 | % | ||||||||||||||||
Net interest margin
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3.08 | % | 2.74 | % | ||||||||||||||||||||
_______
* 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 | % | ||||||||||||
Investment securities
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270,081 | 3,266 | 2.44 | % | 297,279 | 4,537 | 3.08 | % | ||||||||||||||||
Interest-bearing deposits in other banks
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74,638 | 101 | 0.27 | % | 120,013 | 149 | 0.25 | % | ||||||||||||||||
Federal Home Loan Bank stock
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6,205 | 31 | 1.01 | % | 10,447 | 10 | 0.19 | % | ||||||||||||||||
Total interest-earning assets
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1,025,155 | 21,174 | 4.17 | % | 1,575,195 | 35,370 | 4.53 | % | ||||||||||||||||
Non-interest earning assets
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184,107 | 118,175 | ||||||||||||||||||||||
Total assets
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$ | 1,209,262 | $ | 1,693,370 | ||||||||||||||||||||
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 | % | ||||||||||||
Money market
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136,504 | 497 | 0.73 | % | 191,023 | 998 | 1.05 | % | ||||||||||||||||
NOW accounts
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117,528 | 180 | 0.31 | % | 210,356 | 384 | 0.37 | % | ||||||||||||||||
Savings deposits
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70,128 | 231 | 0.66 | % | 81,490 | 291 | 0.72 | % | ||||||||||||||||
Total interest-bearing deposits
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743,052 | 3,276 | 0.89 | % | 1,184,862 | 9,411 | 1.60 | % | ||||||||||||||||
Short-term borrowings and FHLB advances
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112,544 | 320 | 0.57 | % | 193,679 | 2,443 | 2.54 | % | ||||||||||||||||
Long-term borrowings
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22,948 | 922 | 8.10 | % | 63,000 | 1,325 | 4.24 | % | ||||||||||||||||
Total interest-bearing liabilities
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878,544 | 4,518 | 1.04 | % | 1,441,541 | 13,179 | 1.84 | % | ||||||||||||||||
Non-interest bearing deposits
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140,187 | 186,535 | ||||||||||||||||||||||
Other liabilities
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8,265 | 12,058 | ||||||||||||||||||||||
Shareholders’ equity
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182,266 | 53,236 | ||||||||||||||||||||||
Total liabilities and shareholders’ equity
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$ | 1,209,262 | $ | 1,693,370 | ||||||||||||||||||||
Net interest income and spread
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$ | 16,656 | 3.13 | % | $ | 22,191 | 2.69 | % | ||||||||||||||||
Net interest margin
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3.28 | % | 2.84 | % | ||||||||||||||||||||
(1) * Presented on a fully tax equivalent basis
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