Over time, as it finally returned to profitability, TransAtlantic Bank ended 2009 in high spirits. While being a subsidiary of Spanish banking giant Banco Sabadell, it claimed net income of $2.9 million during the fourth quarter. As noted by its Federal Financial Institutions Examination Council filing, they sew a net loss of $812,000 in the quarter before that. Athough it had a $2.3 million loss that year, it still finished out the year of 2009 in the red. This was certainly an improvement from its $.2 million loss it experienced in 2008.
A hefty amount of $1.9 million gained from recovering income taxes that they paid while they were in they good years, was a huge boost TransAtlantic received in the fourth quarter. Instead of just two years, Congress changed a law last year to make available so some companies who experienced losses in 2009 could take back taxes paid on profits gains back to five years. Within their fourth quarter TransAtlantic had few troubles in regard to problem loans. They went from $13.6 million, or 4.16 percent total loans, and their unpaid of even their late loans rose slightly to $13.6 million. This amount was seen since as of Dec. 31.
