CapitalSource Bank Reports 23% Q2 Y/Y ABL Loan Growth
CapitalSource Bank Q2/13 net income of $30.1 million was down sequentially from $34.6 million and up from $23.1 million in Q2/12 on higher interest income compared to the same quarter in 2012 and year-over-year provision charges that were 44% or $5.5 million lower.
New loans or commitment increases funded in Q2/13 was $710 million, up from $596 million or about 19% from the same quarter a year earlier. Total loans and leases were $6.4 billion at quarter end, an increase of 20% from $5.3 billion one-year ago.
CapitalSource said asset-based loans and leases totaled $1.763 billion at quarter end, up 23% from $1.432 billion a year earlier. The asset-based loan portfolio consists primarily of Lender Finance & Time Share, Equipment Finance and Healthcare. Equipment Finance contributed 62% or $206 million of the total increase of $331 million on growth of 44%.
The bank’s average Q2/13 loan balance of $5.9 billion showed an average yield of 6.45%, which was 23 basis points lower the average yield of 6.68% from $5.66 billion the prior quarter.
To read the entire CapitalSource news release, click here.