New TIB posts small gain

NAPLES — After posting $97 million in net losses in its four previous quarters, TIB Financial Corp. (symbol: TIBB) reported profits of $560,000 in the fourth quarter of 2010.

Poorly performing assets had been weighing down the Naples bank's financials. Over the year that ended Sept. 30, 2010, TIB committed $44 million to its provision for loan losses. In the third quarter of 2010 alone, the bank spent $15.4 million on foreclosure-related expenses.

Then on Sept. 30, North American Financial Holdings acquired TIB and invested $175 million to shore up its balance sheet. The influx of cash helped clean up TIB's balance sheet, and the investment paid off over the last three months of the year.