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Capital Bank Financial Corp. Reports Fourth Quarter Net Income Of $12.2 Million Or $0.23 Per Diluted Share And Core Net Income Of $13.0 Million Or $0.25 Per Diluted Share

  • Loan portfolio grew sequentially at an annualized rate of 6.7%;
  • Strong C&I growth drove record originations of $409 million;
  • Net interest margin increased during the quarter by seven basis points to 4.52%;
  • Legacy credit expenses totaled $6.3 million, down 48% year-over-year;
  • Efficiency ratio and core efficiency ratio declined for the quarter by 230 and 360 basis points to 71.21% and 69.78%, respectively;
  • ROA and core ROA increased to 0.74% and 0.79%, respectively; and
  • Tangible Book Value per share increased to $18.55.

CORAL GABLES, Fla., Jan. 23, 2014 (GLOBE NEWSWIRE) -- Capital Bank Financial Corp. (Nasdaq:CBF) (the "Company") today reported fourth quarter 2013 net income of $12.2 million, or $0.23 per diluted share, an increase of 5% over the third quarter of 2013 and 188% over the fourth quarter of 2012. Core net income for the fourth quarter of 2013 increased to $13.0 million, or $0.25 per diluted share, an increase of 4% over the third quarter and 56% over the fourth quarter of 2012.

Core adjustments for the fourth quarter of 2013 included $0.9 million of non-cash equity compensation associated with original founder awards, $0.3 million of contingent value right ("CVR") expense and a $0.2 million gain on investment securities. 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 Financial Corp., commented, "Despite the competitive environment, we were successful in capturing new and expanded relationships with several premier companies within our footprint. As we continue to strengthen our lending teams in key markets, we expect the momentum we have created to carry into 2014."

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