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CapitalSource Reports Third Quarter 2013 Results

Stocks in this article: CSE

  • Net Income of $48 Million or $0.24 Per Share, Includes Non-recurring Tax Benefit of $12 million or $0.06 Per Share
  • Net Interest Income of $92 Million at CapitalSource Bank is 9% Higher Than 3Q'12
  • 3Q Loan Growth of $174 Million or 2.7% at CapitalSource Bank / 13.6% Growth YTD
  • Net Interest Margin at CapitalSource Bank of 4.86%
  • Credit Metrics Remained at Very Low Levels

LOS ANGELES, Oct. 23, 2013 (GLOBE NEWSWIRE) -- CapitalSource Inc. (NYSE:CSE) today announced financial results for the third quarter of 2013. The Company reported net income of $48 million or $0.24 per diluted share, including a tax benefit of $12 million or $0.06 per diluted share recorded in connection with resolution of an IRS examination of three prior tax years. Excluding the tax benefit, net income was $36 million or $0.18 per diluted share, compared to net income of $29 million or $0.15 per diluted share in the prior quarter and net income of $31 million or $0.14 per diluted share in the third quarter of 2012.

"The third quarter was an ongoing demonstration of the breadth and depth of our national lending franchise, as loan growth of $174 million raised year-to-date growth to 13.6%," said James J. Pieczynski, CapitalSource CEO. "Despite continuing competitive pressures, we saw early signs this quarter that pricing is stabilizing with a bias to go higher as interest rates start to move up. We are continuing to execute on all of our core business strategies in anticipation of the merger with PacWest Bancorp, which is still expected to close in the first quarter of next year."

"Key indicators of growth and profitability at CapitalSource Bank - including net interest income, net interest margin, return on assets and credit performance - each improved in the quarter," said Tad Lowrey, CapitalSource Bank Chairman and CEO. "Particularly noteworthy were the Bank's net interest margin at 4.86%, which is among the highest in the industry, and a decline in non-performing assets to 0.56% of total assets. Finally, our capital levels remain extremely strong, with a Tier 1 Leverage Ratio of 13.55%."

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