CORAL GABLES, Fla., Oct. 23, 2012 (GLOBE NEWSWIRE) -- Capital Bank Financial Corp. (Nasdaq:CBF) today reported third quarter 2012 net income of $37.8 million, or $0.75 per diluted share, compared with net income of $6.4 million or $0.12 per diluted share, for the second quarter of 2012 and net income of $3.7 million, or $0.07 per diluted share, for the third quarter of 2011. Results for the third quarter of 2012 included a tax benefit of $34.0 million related to an increase in our deferred tax asset resulting from an improvement in forecasted tax deductible losses from acquired loans and gains on securities sales of $4.9 million, offset by $4.7 million of merger and conversion related expense, $4.2 million of non-cash equity compensation and $2.9 million of early debt extinguishment expense. Excluding these items, net income for the third quarter of 2012 was $8.7 million or $0.19 per diluted share. On a similar basis, net income for the second quarter of 2012 was $9.7 million. The reconciliation of Non-GAAP measures, which we believe facilitates assessment of the Company's banking operations and peer comparability, is included in tabular form at the end of this release.
Capital Bank Financial Corp. Reports Third-Quarter 2012 Results
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