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Net income increase of 98% over the prior year first quarter;
Yield on $252.5 million of new loans up sequentially 50 basis points to 4.00%;
Legacy credit expenses down 14% and 30% over the prior year fourth and first quarter, respectively;
ROA and core ROA increased 38 and 21 basis points to 0.70% and 0.76%, respectively, over the prior year first quarter; and
Tangible Book Value per share increased to $18.69.
CORAL GABLES, Fla., April 17, 2014 (GLOBE NEWSWIRE) -- Capital Bank Financial Corp. (Nasdaq:CBF) (the "Company") today reported first quarter 2014 net income of $11.4 million, or $0.22 per diluted share, compared with net income of $12.2 million, or $0.23 per diluted share, for the fourth quarter of 2013 and net income of $5.8 million, or $0.10 per diluted share, for the first quarter of 2013, an increase of 120% in net income per diluted share, over the prior year first quarter. Core net income for the first quarter of 2014 was $12.4 million, or $0.24 per diluted share, compared with core net income of $13.0 million, or $0.25 per diluted share, for the fourth quarter of 2013 and core net income of $9.9 million, or $0.18 per diluted share, for the first quarter of 2013, an increase of 33% in core net income per diluted share over the prior year first quarter.
Core adjustments for the first quarter of 2014 included $0.5 million of non-cash equity compensation associated with original founder awards, $0.8 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 facilitates the assessment of its banking operations and peer comparability, is included in tabular form at the end of this release.