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On March 12, 2009, TIB Financial ( TIBB) reported that its Q4 FY08 net loss widened, hurt by increased provision for loan losses. Net loss increased to $13.42 million or $0.93 per share from $6.50 million or $0.49 per share in the same quarter of the last year. The latest quarterly consensus estimate was a loss of $0.14 per share.

Total interest and dividend income dropped 11.1% to $21.22 million from $23.86 million during Q4 FY07. Total average interest earning assets rose 13.8% to $1.50 billion, while yield on average interest earning assets declined to 5.63% from 7.20% in Q4 FY07. Total interest expense slipped 16.1% to $10.50 million from $12.51 million. Total average interest bearing liabilities climbed 17.3% to $1.34 billion, whereas rate paid on interest bearing liabilities dived 122 basis points to 3.12% from 4.34%. Subsequently, net interest income edged down 5.6% to $10.72 million from $11.35 million. As a result, net interest margin contracted to 2.85% from 3.44%, while net interest spread decelerated to 2.51% from 2.86%. Non-interest loss was at $2.76 million, down 35.5% from $4.27 million in the year-ago quarter.

TIBB's provision for credit losses more than doubled to $15.10 million, while net loan charge-offs jumped more than three-fold to $9.35 million. Furthermore, allowance for loan losses as a percentage of total loans advanced to 1.94% from 1.32% in Q4 FY07. Finally, non-performing loans (NPL) soared 147.3% to $39.78 million, while NPL as a percentage of gross loans increased to 3.25% from 1.42% a year ago. Moreover, the bank remains well capitalized, as its Tier 1 and total capital to risk weighted assets stood at 11.3% and 12.6% as of December 31, 2008.

For FY08, TIBB's total interest and dividend income slipped 6.9% to $88.16 million, while non-interest income plunged 42.2% to $784,000. Moreover, the bank's net loss widened to $20.93 million from $2.42 million a year ago.

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