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Capital Bank Financial Corp. Reports Third Quarter Net Income Of $11.4 Million Or $0.22 Per Diluted Share And Core Net Income Of $12.7 Million Or $0.24 Per Diluted Share

  • Loan originations increased 68% from the prior year third quarter to $291.3 million;
  • Total cost of deposits declined during the quarter by five basis points to 0.38%;
  • Net interest margin increased during the quarter by thirteen basis points to 4.45%;
  • Resolved $79.0 million in problem assets on strong long collections and REO sales;
  • Repurchased 600,000 shares and ended the quarter with a Tier 1 leverage ratio of 14.5%;
  • Recorded Southern Community Financial Corporation measurement period adjustments, which increased estimated fair values of loans by $43.2 million.

CORAL GABLES, Fla., Oct. 17, 2013 (GLOBE NEWSWIRE) -- Capital Bank Financial Corp. (Nasdaq:CBF) (the "Company") today reported third quarter 2013 net income of $11.4 million, or $0.22 per diluted share, an increase of 29% compared to net income of $9.4 million, or $0.17 per diluted share, for the second quarter of 2013. Core net income for the third quarter of 2013, increased 20% to $12.7 million, or $0.24 per diluted share, compared to core net income of $10.6 million, or $0.20 per diluted share for the second quarter of 2013.

Core adjustments for the third quarter of 2013 included $1.1 million of non-cash equity compensation associated with original founder awards, $0.8 million of income from the reduction of contingent value right ("CVR") expected payouts, a $0.4 million gain on extinguishment of debt related to $8.0 million in prepayments of trust preferred securities, a $0.1 million loss on investment securities, and a tax adjustment of $1.6 million associated with changes in certain statutory rates that were enacted into law during the third quarter, which are effective in future years. 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. In addition, the reconciliation of the impact of measurement period adjustments details the retrospective adjustments and their impact on the operating results of the Company during the fourth quarter of 2012 and the first and second quarters of 2013.

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