NAPLES — Losses widened for Naples-based TIB Financial Corp. in 2008.
But the banker is better capitalized now than it was a year ago.
TIB lost $13.3 million, or 93 cents a share, in the fourth quarter. That was nearly double its loss of $6.5 million, or 49 cents a share, in the same quarter a year ago.
For the year, TIB lost $20.9 million, or $1.49 a share, reflecting $28.2 million set aside for loan losses.
“The markets we serve continue to be among the most severely impacted in the country. The shocks have continued to spread economic stress to consumers and local businesses,” said Tom Longe, chairman and CEO of TIB Financial, in a statement.
In a phone interview, Longe emphasized the good news that TIB Financial, a bank holding company, is well capitalized. The company — parent of TIB Bank, The Bank of Venice and Naples Capital Advisors — raised an additional $47 million in capital in 2008.
Recently, it took over Riverside Bank of the Gulf Coast in Cape Coral after its collapse.
“We had the financial strength, despite the current loss, to acquire Riverside and its deposits,” Longe said.
Riverside’s branches have reopened under the name TIB.
“By acquiring the deposits at Riverside we have a significant level of liquidity,” said Michael Carrigan, CEO and president of TIB Bank, referring to the company’s assets that can be converted to cash.
Much of TIB Financial’s new capital came through the United States Treasury’s Capital Purchase Program, which resulted in the sale of $37 million of preferred stock and common stock warrants.
Bad loans continue to hurt TIB Financial, as they do most bankers.
Non-accruing loans increased $12.8 million in the fourth quarter to $39.8 million. That includes $18.3 million tied to four real estate loans, primarily commercial.
TIB foreclosed on $2.9 million in loans in the fourth quarter.
The fourth quarter results include a provision for loan losses of $15.1 million. That includes $9.4 million in write-offs and a $5.7 million increase in the allowance for loans losses.
“The loan losses were anticipated by us in the fourth quarter and we planned for them,” Longe said. “But it’s just a tough economy that we are dealing with out there in Southwest Florida.”
TIB Financial ended last year with total assets of $1.61 billion, up 11 percent from 2007. Total loans increased by $95.7 million, or 8 percent, to $1.22 billion.
At year end, the company had deposits of $1.14 billion, up 8 percent from 2007.
TIB trades under the symbol TIBB on Nasdaq. Shares closed up 3 cents at $3.13 on Thursday.