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CapitalSource Inc. (CSE) filed Quarterly Report for the period ended 2011-09-30.
Capitalsource Inc has a market cap of $2.05 billion; its shares were traded at around $6.36 with a P/E ratio of 33.5 and P/S ratio of 3.4. The dividend yield of Capitalsource Inc stocks is 0.6%.
This is the annual revenues and earnings per share of CSE over the last 10 years. For detailed 10-year financial data and charts, go to 10-Year Financials of CSE.
Highlight of Business Operations:
Total interest income increased to $92.2 million for the three months ended September 30, 2011 from $86.2 million for the three months ended September 30, 2010, with an average yield on interest-earning assets of 5.97% for the three months ended September 30, 2011 compared to 6.10% for the three months ended September 30, 2010. During the three months ended September 30, 2011 and 2010, interest income on loans was $79.3 million and $69.8 million, respectively, yielding 7.51% and 7.80% on average loan balances of $4.2 billion and $3.6 billion, respectively. During the three months ended September 30, 2011 and 2010, $2.9 million and $7.9 million, respectively, of interest income was not recognized for loans on non-accrual status, which negatively impacted the yield on loans by 0.27% and 0.88%, respectively.Total interest income increased to $274.5 million for the nine months ended September 30, 2011 from $246.6 million for the nine months ended September 30, 2010, with an average yield on interest-earning assets of 6.19% for the nine months ended September 30, 2011, compared to 5.91% for the nine months ended September 30, 2010. During the nine months ended September 30, 2011 and 2010, interest income on loans was $234.7 million and $188.4 million, respectively, yielding 7.89% and 7.66% on average loan balances of $4.0 billion and $3.3 billion, respectively. During the nine months ended September 30, 2011 and 2010, $12.4 million and $23.2 million, respectively, of interest income was not recognized for loans on non-accrual, which negatively impacted the yield on loans by 0.42% and 0.94%, respectively.
Other income increased to $12.9 million for the three months ended September 30, 2011 from $7.1 million for the three months ended September 30, 2010 primarily due to $4.2 million in gains on sales of loans and $1.6 million in sales of investments compared to no such gains during the three months ended September 30, 2010, and a $1.3 million increase in gains on derivatives. These factors were partially offset by a $1.4 million increase in net expense of real estate owned and other foreclosed assets.
Other income decreased to $18.9 million for the nine months ended September 30, 2011 from $22.4 million for the nine months ended September 30, 2010 primarily due to a $10.2 million increase in net expense of real estate owned and other foreclosed assets and a $4.5 million loss on the sale of unfunded commitments during the nine months ended September 30, 2011. In addition, loan servicing fees paid by the Parent Company to CapitalSource Bank decreased by $2.1 million as a result of the sale of our direct real estate investments during 2010 and a decrease in the Parent Company’s loan portfolio. These factors were partially offset by $4.1 million increase in gains on sales of loans, realized gains of $2.8 million on sales of investments during the nine months ended September 30, 2011, as compared to no such gains during the nine months ended September 30, 2010, an increase in borrower loan and servicing fees of $2.8 million, a $1.4 million increase in foreign currency exchange losses and a $1.1 million provision reversal of our allowance for unfunded commitments.
Net interest margin was 2.06% for the nine months ended September 30, 2011, a decrease of 1.36% from 3.42% for the nine months ended September 30, 2010. Net interest spread was 0.05% for the nine months ended September 30, 2011, a decrease of 2.22% from 2.27% for the nine months ended September 30, 2010. The decreases in net interest margin and net interest spread were primarily due to the decrease in our yield on average interest-earning assets and the increase in our cost of borrowings.
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