A year after losing $6 million, the bank earned $1 million in quarterly profits.
NAPLES — A year after posting $5.7 million in quarterly losses, TIB Financial Corp. reported a $1.1 million profit in the first quarter of 2011 in its most recent earnings statement.
And the Naples-based holding company's banking subsidiary is lending. Over the course of the quarter, TIB Bank originated $33.9 million in residential mortgages, $18.5 million in commercial loans and $18.1 million in auto and other loans.
As of March 31, TIB Financial Corp. managed approximately $1.7 billion in total assets, and operated 27 full-service banking offices, through its wholly owned subsidiary, TIB Bank.
On April 29, TIB Bank merged with NAFH National Bank, with TIB Financial Corp. assuming 53% ownership of the newly formed entity, which is based in Miami. The new bank operates 49 branches in Florida and South Carolina.