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Capital Bank Financial Corp. Reports Third-Quarter 2012 Results

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.

Gene Taylor, Chairman and Chief Executive Officer of Capital Bank, commented, "Since the beginning of the third quarter, we have completed our initial public offering, which raised approximately $90 million in growth capital for the Company, and reorganized our subsidiaries into a single holding company. We also closed the acquisition of Southern Community Financial Corporation ("Southern Community") on October 1, 2012 which strengthened our North Carolina footprint with the addition of 22 well-situated branches, a talented employee base and important customers.

"During the third quarter, our tangible book value benefitted from the increase in our deferred tax assets. On a pro forma basis, assuming the acquisition of Southern Community was completed on September 30, 2012, we estimate that tangible book value per share at the end of the third quarter increased between $0.62 and $0.82 to $17.60 to $17.80, pending final purchase accounting, from $16.98 on June 30, 2012 on a pro forma basis, giving effect to the initial public offering, the reorganization and the Southern Community acquisition. Additionally, this range does not include the incremental $2.67 per share that we estimated would be accretive to our tangible book value if we were marked to fair value at June 30th."

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