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CapitalSource Reports Second Quarter 2013 Results

Stocks in this article: CSE

  • Net Income of $29 Million or $0.15 Per Share
  • Quarterly Loan Growth of $346 million (5.8%) at CapitalSource Bank, Not Including $58 Million of Loans Purchased from the Parent
  • Net Interest Income of $86 million at CapitalSource Bank is 6% Higher Than Prior Year Quarter
  • Net Interest Margin at CapitalSource Bank of 4.79%
  • All Remaining Securitization Debt Repaid

LOS ANGELES, July 23, 2013 (GLOBE NEWSWIRE) -- CapitalSource Inc. (NYSE:CSE) today announced financial results for the second quarter of 2013. The Company reported net income for the quarter of $29 million or $0.15 per diluted share compared to net income of $29 million or $0.14 per diluted share in the prior quarter and net income of $40 million or $0.17 per diluted share in the second quarter of 2012, not including the impact of the reversal of $347 million of the Company's deferred tax asset valuation allowance which added $1.49 per diluted share to net income in the second quarter of 2012.

"We are extremely pleased with loan growth in the second quarter totaling $346 million or 5.8% at CapitalSource Bank - based on very strong new loan production of $710 million," said James J. Pieczynski, CapitalSource Chief Executive Officer. "Though pricing pressure continued, its impact moderated significantly in recent months as we saw only a five basis point decline for the all-in yield on new loans written in the quarter. We continued to benefit from the diversity and national footprint of our specialty lending franchise, with significant production coming from our commercial real estate, multi-family, technology cash flow and equipment finance groups."

"The second quarter at CapitalSource Bank was in line with our expectations, as our growth and profitability metrics continue to outperform most of our peer banks of comparable size," said Tad Lowrey, CapitalSource Bank Chairman and Chief Executive Officer. "Our net interest margin was down from the prior quarter as we expected, but still above most peers at 4.79%. Our credit performance remained stable, our return on average assets at 1.6% was consistent with the last eight quarters which averaged 1.7% and our capital ratios remain well above industry norms with a Tier 1 leverage ratio of 13.51% at quarter end," concluded Lowrey.

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