CORAL GABLES, Fla., April 19, 2013 (GLOBE NEWSWIRE) -- Capital Bank Financial Corp. (Nasdaq:CBF) today reported first quarter 2013 net income of $5.6 million, or $0.10 per diluted share compared with net income of $5.3 million or $0.10 per diluted share, for the fourth quarter of 2012 and net income of $6.2 million, or $0.12 per diluted share, for the first quarter of 2012. Results for the first quarter of 2013 included $2.6 million of contingent value right ("CVR") expense, $1.6 million of non-cash equity compensation associated with original founder awards, $0.3 million of loss on extinguishment of debt related to $34.5 million in prepayments of trust preferred securities and $0.1 million of merger related costs. Excluding these items, core net income, a non-GAAP measure, for the first quarter of 2013 was $9.4 million or $0.17 per diluted share as compared to core net income of $9.3 million, or $0.17 per diluted share for the fourth quarter of 2012. The reconciliation of non-GAAP measures (including core net income, tangible book value and tangible book value per share), which the Company believes facilitate the assessment of its banking operations and peer comparability, is included in tabular form at the end of this release.
- Originated $251.4 million of new loans for the quarter, demonstrating continued execution of the Company's organic growth strategies.
- Cost of deposits declined 3 basis points during the quarter to 0.46%.
- Provision expense of $6.9 million included a $7.8 million charge related to deterioration in a $9.2 million commercial credit.
- Capital Bank Financial Corp. ended the first quarter with a tier 1 leverage ratio of 13.2% and held $86.9 million in cash and cash equivalents.
- Completed the first quarter with tangible book value of $17.89 per share, an increase of $0.15.