Capital Bank Announces Financial Results For 2009
RALEIGH, N.C., Feb. 1 /PRNewswire-FirstCall/ -- Capital Bank Corporation (Nasdaq: CBKN), the parent company of Capital Bank, today reported a net loss of $7.2 million for the quarter ended December 31, 2009 compared to a net loss of $62.1 million for the quarter ended December 31, 2008. After dividends and accretion on preferred stock issued under the Capital Purchase Program, net loss attributable to common shareholders was $7.8 million, or $0.68 per diluted share, for the fourth quarter of 2009 compared with net loss attributable to common shareholders of $62.2 million, or $5.50 per diluted share, for the fourth quarter of 2008. The fourth quarter 2008 results include a goodwill impairment charge of $62.0 million, net of taxes. The Company's financial results reflect a significant increase in provision for loan losses, higher FDIC insurance costs, and nonrecurring expenses related to the Company's recent proposed public stock offering, partially offset by improved net interest income and a larger income tax benefit.
The Company reported a net loss of $6.8 million for the year ended December 31, 2009 compared to a net loss of $55.7 million for the year ended December 31, 2008. Net loss attributable to common shareholders was $9.2 million, or $0.80 per diluted share, for 2009 compared with net loss attributable to common shareholders of $55.8 million, or $4.94 per diluted share, for 2008. The full-year 2008 results also include the goodwill impairment charge of $62.0 million, net of taxes.
Capital Bank Corporation also announced today that its Board of Directors voted to suspend payment of the Company's quarterly cash dividend. The Board will continue to evaluate the payment of a cash dividend on a quarterly basis.
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