CapitalSource Reports Fourth Quarter And Full Year 2013 Results

  • Net Income of $58 Million or $0.29 Per Share in 4Q, Includes Gains on Asset Sales of $23 million or $0.12 Per Share
  • 4Q Loan Growth of $312 Million (4.8%) at CapitalSource Bank Resulted in 2013 Loan Growth of 19.0%
  • 4Q Net Interest Income of $91 Million at CapitalSource Bank was 9% Higher Than 4Q'12
  • Full Year Net Income of $141 Million at CapitalSource Bank was 15% Higher than the Prior Year
  • Net Interest Margin of 4.76% at CapitalSource Bank in 4Q / Full Year NIM of 4.87%
  • CapitalSource Bank Credit Metrics Remained at Very Low Levels - Year End NPAs at 60 bps of Total Assets

LOS ANGELES, Jan. 23, 2014 (GLOBE NEWSWIRE) -- CapitalSource Inc. (NYSE:CSE) today announced financial results for the fourth quarter and full year 2013. The Company reported fourth quarter net income of $58 million or $0.29 per diluted share, compared to net income of $48 million or $0.24 per diluted share in the prior quarter and net income of $47 million or $0.22 per diluted share in the fourth quarter of 2012. Net income for 2013 was $164 million or $0.82 per diluted share, compared to net income of $491 million or $2.13 per diluted share for 2012, which included $347 million or $1.49 per diluted share related to the reversal of a substantial portion of the Company's deferred tax asset valuation allowance in the second quarter of 2012.

"2013 was an outstanding year of growth and profitability for CapitalSource Bank. Our national lending franchise once again outperformed our expectations - originating over $2.5 billion of new loans which resulted in 19% loan growth," said James J. Pieczynski, CapitalSource CEO. "Our strong financial performance last year will be greatly enhanced by the planned merger with PacWest Bancorp. We are very pleased that CapitalSource shareholders overwhelmingly approved the merger at a special meeting on January 13, and we look forward to receiving the required regulatory approvals so the transaction can close before the end of the first quarter."

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