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Capital Bank Financial Corp. Reports Fourth-Quarter Net Income Of $0.10 And Core Net Income Of $0.17 Per Diluted Share

Loan Portfolio Growth and Composition

During the fourth quarter, the loan portfolio increased to $4.7 billion from $4.1 billion at September 30, 2012 due to the acquisition of Southern Community, which closed on October 1, 2012. Excluding the effect of the acquisition of Southern Community, the loan portfolio decreased by $154.3 million, as strong originations of $253.0 million were exceeded by elevated paydowns. These paydowns reflect Capital Bank's strategy to reduce its legacy concentration in commercial real estate loans.

The relative composition of our loan portfolio at the end of the fourth and third quarters of 2012 and the fourth quarter of 2011 was as follows:

  December 31, 2012 September 30, 2012 December 31, 2011
Commercial real estate 31% 32% 35%
Commercial 37% 36% 32%
Consumer 30% 30% 31%
Other 2% 2% 2%
Total 100% 100% 100%

At December 31, 2012, commercial real estate loans had declined to 31% of the total portfolio and commercial loans had increased to 37%, consistent with the Company's portfolio diversification strategy.

For the fourth quarter of 2012, the loan portfolio yield declined to 6.04% from 6.28% for the third quarter, reflecting the addition of Southern Community's $772.7 million loan portfolio on October 1, 2012, which had a weighted average yield of 4.99% and lower yields on new loan production.

Deposit Growth, Composition, and Yields

During the fourth quarter, total deposits increased to $5.9 billion from $4.8 billion at September 30, 2012 due to the acquisition of Southern Community. Excluding the impact of the acquisition of Southern Community, deposits decreased by $67.0 million, as $136.0 million of growth in core deposits was offset by planned shrinkage in high-cost legacy time deposits. Core deposits now make up 64.7% of total deposits as compared to 63.1% in the third quarter.

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