TIB Financial Corp Showing Losses
As a consumer bankruptcy attorney in Southwest Florida, I hear about financial news as it happens. This is particularly true when it comes to creditors hitting hard times. Many of my clients keep me updated with creditor information like TIB Financial Corp. TIB bank and its affiliates finance cars and real estate. Their 2008 first quarter loss was $1.44 million dollars. This information alone is not so bad; however, when you combine it with the losses from the fourth quarter of 2007 of $6.49 million, then you start to see a problem. In the last 6 months, TIB Financial Corp. has lost almost $8 million.
I hate to hit a good company when it is down, but TIB's non-performing loans have climbed to $26.8 million from $3 million a year ago. Why? Because the consumer is the one being hit the hardest by the economic woes of the United States, and when the consumer is hit the hardest: Where is the money going to come from? Well, a look at the 10K filing of TIB Bank will demonstrate that the largest increase of their loan portfolio between 2006 and 2007 was in home equity loans and other consumer loans. In other words, TIB Bank bought into the consumer craze of 2006 and 2007 and now they are paying the price.
So, if you are an investor in this bank, be careful and watch the non-performing consumer loans, this could get ugly.
This post was submitted by Carmen Dellutri, Esq., founder of The Dellutri Law Group, P.A. Mr. Dellutri is one of the founding members of the Bankruptcy Law Network, Debt Law Network, Credit Law Network, and Mortgage Law Network. Mr. Dellutri is a Board Certified Consumer Bankruptcy Attorney, Certified by the American Board of Certification. Mr. Dellutri now sits on the Board of Directors for the American Board of Certification.
