BOLI, TRUST & INVESTMENT INCOME BRIGHT SPOTS AT TIB

Naples, FL-based, $1.72 billion-asset TIB Financial Group reported third-quarter investment advisory and trust fees climbed 82.4% to $279,000, up from $153,000 in third quarter 2008, and its $1.19 million in bank-owned life insurance (BOLI) income helped propel noninterest income ahead 206.7% to $4.6 million, up from $1.5 million. BOLI comprised 25.9% of noninterest income, while investment advisory and trust fees comprised 6.1%. In contrast to noninterest income, TIB reported a net interest loss of $7 million on a net interest margin of 2.86% compared to net interest income of $6.9 million a year ago, as loan loss provisions surged by $10 million to $14.76 million. The company reported a net loss of $8.1 million, almost four times greater than a net loss of $2.2 million a year ago. TIB Financial President and CEO Thomas Longe said, “The operating and economic environment in our markets continues to be challenging with high levels of unemployment impacting economic activity and borrowers continuing to struggle.” He added, “We are aggressively moving to resolve our nonperforming assets and working closely with our customers to restructure their obligations when prudent.”