CapitalSource reported a third quarter net loss of $81 million compared to net income of $17 million in the prior quarter. Net income in the third quarter of 2010 was $78 million, which included a carry-back tax benefit of $37 million.
The company said the loss in the quarter was driven by a one-time charge of $114 million resulting from the early retirement of debt.
“Funded loan production was particularly strong in the quarter. Loan growth so far this year of $688 million at CapitalSource Bank, on new funded loan production of approximately $1.8 billion, represents 18% growth year-to-date. It is clear, therefore, that we can expect loan growth for the full year in excess of 20%,” said James J. Pieczynski, CapitalSource CEO.
Pieczynski added, “Growth in the quarter was broad-based with the largest concentrations in technology cash flow, healthcare real estate, equipment finance, general real estate and multifamily. We have been actively hiring across our entire lending platform and we are attracting highly talented professionals, which underscores the momentum we are experiencing.”
To read the full text of the CapitalSource news release: click here.
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