- Net income and core net income increased 101% and 28% to $11.1 million, or $0.21 per diluted share, and $12.1 million, or $0.22 per diluted share, respectively, over the first quarter;
- Loan originations increased to a record high of $301.6 million for the quarter, a 20% increase over the first-quarter and the prior-year second quarter;
- Total cost of deposits declined during the quarter by three basis points to 0.43% and core deposit costs declined to 0.14%;
- Net interest margin increased by six basis points to 4.47%;
- Resolved $132.3 million in problem assets on strong loan collections and REO sales;
- Ended the second quarter with a Tier 1 leverage ratio of 13.3%.
CORAL GABLES, Fla., July 24, 2013 (GLOBE NEWSWIRE) -- Capital Bank Financial Corp. (Nasdaq:CBF) today reported second quarter 2013 net income of $11.1 million, or $0.21 per diluted share, an increase of 101% compared to net income of $5.6 million, or $0.10 per diluted share, for the first quarter of 2013. Core net income for the second quarter of 2013 increased 28% to $12.1 million, or $0.22 per diluted share, compared to core net income of $9.4 million, or $0.17 per diluted share for the first quarter of 2013. Core adjustments for the second quarter of 2013 included $1.3 million of non-cash equity compensation associated with original founder awards, $0.2 million of contingent value right ("CVR") expense, a $0.2 million gain on investment securities, and $0.1 million of merger related costs. 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.
Gene Taylor, Chairman and Chief Executive Officer of Capital Bank, commented, "As we pass the third anniversary of the start of our banking operations, we are pleased to see growing originations, lower deposit costs, and improved profitability with core return on average assets of 0.69%."
Check Out Our Best Services for Investors
- $2.5+ million portfolio
- Large-cap and dividend focus
- Intraday trade alerts from Cramer
Access the tool that DOMINATES the Russell 2000 and the S&P 500.
- Buy, hold, or sell recommendations for over 4,300 stocks
- Unlimited research reports on your favorite stocks
- A custom stock screener
- Model portfolio
- Stocks trading below $10
- Intraday trade alerts