Capital Bank Financial (CBF) Reports Net Income Increase in First-Quarter Earnings

NEW YORK (TheStreet) -- Capital Bank Financial  (CBF) reported a year-over-year increase in net income in the company's first-quarter earnings report after the market closed on Thursday.

The company reported a 120% year-over-year increase in net income to $11.4 million, or 22 cents per diluted share, from net income of $5.8 million, or 10 cents per diluted share. Core net income totaled $12.4 million, or 24 cents per diluted share, a 33% year-over-year increase from $9.9 million, or 18 cents per diluted share.

"Our earnings, expenses, yields, and margin were all in line with our expectations and our previous guidance," said Chairman and CEO Gene Taylor in a statement. "While we have yet to see the benefits of the strengthening southeastern economy, we don't see any obstacles to executing on our business plans through the balance of 2014."

The stock closed up 1.03% to $24.45 on Thursday. More than 126,000 shares changed hands, which barely edged the average volume of 125,682.

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Separately, TheStreet Ratings team rates CAPITAL BANK FINANCIAL CORP as a "hold" with a ratings score of C. TheStreet Ratings Team has this to say about their recommendation:

"We rate CAPITAL BANK FINANCIAL CORP (CBF) a HOLD. The primary factors that have impacted our rating are mixed - some indicating strength, some showing weaknesses, with little evidence to justify the expectation of either a positive or negative performance for this stock relative to most other stocks. The company's strengths can be seen in multiple areas, such as its increase in net income, expanding profit margins and good cash flow from operations. However, as a counter to these strengths, we find that the company's return on equity has been disappointing."

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