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Fourth Quarter Net Income of $47 Million or $0.22 Per Share
19% Annual Loan Growth at CapitalSource Bank Following 4Q Loan Production of $843 Million
Net Interest Margin at CapitalSource Bank of 4.84% in 4Q
8 Million Shares Repurchased in 4Q - Outstanding Shares Reduced by 35% Since December 2010
$104 Million Special Dividend Paid in December 2012 ($0.50 Per Share) Increased Total Capital Returned to Shareholders to $919 Million Since December 2010
LOS ANGELES, Jan. 29, 2013 (GLOBE NEWSWIRE) -- CapitalSource Inc. (NYSE:CSE) today announced financial results for the fourth quarter of 2012. The Company reported net income for the quarter of $47 million or $0.22 per diluted share, which included $0.06 per diluted share of non-recurring tax benefits, compared to net income of $31 million or $0.14 per diluted share in the prior quarter and net income of $9 million or $0.03 per diluted share in the fourth quarter of 2011. Net income for the full year 2012 was $491 million or $2.13 per diluted share, compared to a net loss of $52 million or $0.17 per diluted share for the full year 2011.
"The fourth quarter concluded a year of substantial achievement on key financial metrics and important progress on our principal strategic objectives, including growing CapitalSource Bank, returning excess capital to shareholders, reversing a substantial portion of our deferred tax asset valuation allowance and significantly improving and stabilizing the overall credit profile of our loan portfolio," said James J. Pieczynski, CapitalSource CEO. "Our return of capital initiative continued in the fourth quarter, with payment of a $0.50 per share special dividend in December and eight million additional shares repurchased. Since December of 2010 we have returned over $900 million to shareholders in the form of dividends and share repurchases, while retiring 35% of our outstanding shares," concluded Pieczynski.