Capital Bank Corporation (the "Company") (NASDAQ: CBKN), a
majority-owned subsidiary of Capital Bank Financial Corp. ("CBF,"
formerly known as North American Financial Holdings, Inc.), today
reported financial results for the second quarter of 2012.
Operating and financial highlights include the following:
- Net income totaled $2.6 million, or $0.03 per share, in the
second quarter of 2012 and totaled $5.4 million, or $0.06 per
share, in the six months ended June 30, 2012;
- The Company held a 26% ownership interest in Capital Bank, NA,
which has $6.3 billion in assets and operates 143 branches in
Florida, North Carolina, South Carolina, Tennessee and Virginia;
and
- The Company increased the equity investment balance in Capital
Bank, NA by $2.9 million based on its equity in Capital Bank, NA's
net income and increased the equity investment balance by $1.5
million based on its equity in Capital Bank, NA's other
comprehensive income in the second quarter of 2012.
"Our team has been working hard in planning for the pending
acquisition of Southern Community Financial Corp. While shareholder
and regulatory approvals are still pending, Southern Community will
expand the Bank's franchise throughout North Carolina, where we see
significant growth opportunities. Our recent renegotiation of the
investment agreement to change the consideration mix to 100% cash
represents our continued commitment to this strategic complement to
our organization and eliminates obstacles on the road to a
successful merger," stated Gene Taylor, Chairman and Chief
Executive Officer of the Company and Capital Bank.
"Our strongest quarter to date for organic loan production,
successes in resolution of problem assets and continued aggressive
deposit repricing resulted in continued improvement in the Bank's
loan mix, net interest margin and profitability. The consolidation
of certain duplicative functions during the second quarter is
expected to result in further improvement of our efficiency ratio
and our overall returns," commented Chris Marshall, Chief Financial
Officer of the Company and Capital Bank.
Equity Method Investment in Capital Bank,
NA
On June 30, 2011, Capital Bank, formerly a wholly-owned
subsidiary of the Company ("Old Capital Bank"), merged with and
into NAFH National Bank, a national banking association, with NAFH
National Bank as the surviving entity (the "Bank Merger"). In
connection with the Bank Merger, NAFH National Bank changed its
name to Capital Bank, NA. On September 7, 2011, CBF acquired a
controlling interest in Green Bankshares and merged its banking
subsidiary, GreenBank, with and into Capital Bank, NA. Following
the GreenBank merger, Capital Bank, NA is now owned by the Company,
CBF, TIB Financial Corp. ("TIB Financial") and Green Bankshares.
CBF is the owner of approximately 83% of the Company's common
stock, approximately 94% of TIB Financial's common stock and
approximately 90% of Green Bankshares' common stock. Previously, on
April 29, 2011, Capital Bank, NA merged with TIB Bank, then a
wholly-owned subsidiary of TIB Financial.
The Bank Merger occurred pursuant to the terms of an Agreement
of Merger entered into by and between Old Capital Bank and Capital
Bank, NA, dated as of June 30, 2011. In the Bank Merger, each share
of Old Capital Bank common stock was converted into the right to
receive shares of Capital Bank, NA common stock based on each
entity's relative tangible book value on March 31, 2011. Following
the GreenBank merger, the Company now owns approximately 26% of
Capital Bank, NA, with CBF having a direct ownership of 19%, TIB
Financial owning 21%, and Green Bankshares owning the remaining
34%.
The Bank Merger, the preceding merger of TIB Bank and Capital
Bank, NA, and the succeeding merger of GreenBank and Capital Bank,
NA were restructuring transactions between commonly-controlled
entities. At the time of the Bank Merger, due to the
deconsolidation of Old Capital Bank, the balance of accumulated
other comprehensive income was reclassified to common stock within
shareholders' equity. Immediately following the Bank Merger, on
June 30, 2011, CBF, the Company and TIB Financial made cash
contributions of additional capital to Capital Bank, NA of $4.7
million, $6.1 million and $5.2 million, respectively, in proportion
to their respective ownership interests in Capital Bank, NA. On
September 30, 2011, the Company made a $10.0 million contribution
of additional capital to Capital Bank, NA in exchange for
additional shares of Capital Bank, NA. These capital contributions
were made to provide additional capital support for the general
business operations of Capital Bank, NA. As of June 30, 2012,
Capital Bank, NA operated 143 branches in Florida, North Carolina,
South Carolina, Tennessee and Virginia and had total assets of $6.3
billion, total deposits of $5.1 billion and shareholders' equity of
$966.5 million.
The Company reports its investment in Capital Bank, NA on the
Consolidated Balance Sheet as an equity method investment in that
entity. As of June 30, 2012, the Company's investment in Capital
Bank, NA totaled $250.6 million, which reflected the Company's pro
rata ownership of Capital Bank, NA's total shareholders' equity.
The Company also had an advance to Capital Bank, NA totaling $3.4
million as of June 30, 2012. In the second quarter of 2012, the
Company increased the equity investment balance by $2.9 million
based on its equity in Capital Bank, NA's net income and increased
the equity investment balance by $1.5 million based on its equity
in Capital Bank, NA's other comprehensive income.
In the six months ended June 30, 2012, the Company increased the
equity investment balance by $6.0 million based on its equity in
Capital Bank, NA's net income and increased the equity investment
balance by $921 thousand based on its equity in Capital Bank, NA's
other comprehensive income.
The following table presents summarized financial information
for the Company's equity method investee, Capital Bank, NA, for
each period presented:
Three Months Six Months
Ended Ended
Capital Bank, NA Jun. 30, 2012 Jun. 30, 2012
-------------- --------------
(Dollars in thousands)
Interest income $ 72,893 $ 147,025
Interest expense 8,000 16,725
-------------- --------------
Net interest income 64,893 130,300
Provision for loan losses 6,608 11,984
Noninterest income 12,298 26,912
Noninterest expense 52,799 108,017
Net income 11,326 23,234
Potential Merger of the Company and
CBF
On September 1, 2011, the Boards of Directors of CBF and the
Company approved and adopted a merger agreement. The merger
agreement provides for the merger, following the receipt of
shareholder approval by the Company's shareholders (including CBF),
of the Company with and into CBF, with CBF continuing as the
surviving entity. In the merger, each share of the Company's common
stock issued and outstanding immediately prior to the completion of
the merger, except for shares for which appraisal rights are
properly exercised and certain shares held by CBF or the Company,
will be converted into the right to receive 0.1354 of a share of
CBF Class A common stock. No fractional shares of Class A common
stock will be issued in connection with the merger, and holders of
the Company's common stock will be entitled to receive cash in lieu
thereof.
Since CBF is the majority shareholder of the Company, CBF will
be able to determine the outcome of the shareholder vote needed to
approve the merger.
Net Interest Income
Net interest income in the second quarter of 2012 was
significantly impacted by the Bank Merger, upon which Old Capital
Bank's earning assets and interest-bearing liabilities were
deconsolidated from the Company. Following the Bank Merger on June
30, 2011, the Company's interest-bearing liabilities, which
consisted of subordinated debentures, significantly exceeded
interest-earning assets, thus creating net interest loss and a
negative net interest margin. Net interest income (loss) for the
quarter ended June 30, 2012 (Successor) and the quarter ended June
30, 2011 (Successor) totaled ($284) thousand and $15.4 million,
respectively. Net interest margin decreased from 4.23% in the
quarter ended June 30, 2011 (Successor) to (33.57)% in the quarter
ended June 30, 2012 (Successor).
Further, net interest income (loss) for the six months ended
June 30, 2012 (Successor), the period of January 29 to June 30,
2011 (Successor) and the period of January 1 to January 28, 2011
(Predecessor) totaled ($561) thousand, $25.5 million and $4.0
million, respectively. The Company's net interest margin increased
from 3.09% in the period of January 1 to January 28, 2011
(Predecessor) to 4.23% for the period of January 29 to June 30,
2011 (Successor), and decreased to (33.16)% for the six months
ended June 30, 2012 (Successor) primarily due to the CBF Investment
and Bank Merger, respectively. Average interest-earning assets
decreased from $1.54 billion in the period of January 1 to January
28, 2011 (Predecessor) to $1.49 billion in the period of January 29
to June 30, 2011 (Successor) and to $3.4 million in the six months
ended June 30, 2012 (Successor). The decline in average
interest-earning assets in the successor period was primarily
related to the Bank Merger, upon which Old Capital Bank's
interest-earning assets and interest-bearing liabilities were
deconsolidated from the Company. As of June 30, 2012 (Successor),
the Company's only interest-earning asset was a $3.4 million
advance to Capital Bank, NA.
Noninterest Income
Noninterest income for the quarter ended June 30, 2012
(Successor) and the quarter ended June 30, 2011 (Successor) totaled
$2.9 million and $2.1 million, respectively. Noninterest income in
the second quarter of 2012 was solely related to the Company's
equity income from its investment in Capital Bank, NA.
Further, noninterest income for the six months ended June 30,
2012 (Successor), the period of January 29 to June 30, 2011
(Successor) and the period of January 1 to January 28, 2011
(Predecessor) totaled $6.0 million, $3.3 million and $832 thousand,
respectively. Noninterest income in the first half of 2012 was
solely related to the Company's equity income from its investment
in Capital Bank, NA.
Noninterest Expense
Noninterest expense for the quarter ended June 30, 2012
(Successor) and the quarter ended June 30, 2011 (Successor) totaled
$257 thousand and $12.8 million, respectively. Expenses in the
second quarter of 2012 were significantly reduced by the Bank
Merger and related deconsolidation of Old Capital Bank.
Further, noninterest expense for the six months ended June 30,
2012 (Successor), the period from January 29 to June 30, 2011
(Successor) and the period from January 1 to January 28, 2011
(Predecessor) totaled $414 thousand, $25.0 million and $4.2
million, respectively. Expenses in the first half of 2012 were
significantly reduced by the Bank Merger and related
deconsolidation of Old Capital Bank. Additionally, expenses in the
period from January 29 to June 30, 2011 (Successor) were impacted
by $4.0 million of contract termination fees related to the
conversion and integration of the Company's operations onto a
common technology platform utilized across the CBF enterprise.
Salaries and benefits expense increased in the period from January
29 to June 30, 2011 (Successor) from the accelerated vesting of
stock options and restricted shares at closing of the CBF
Investment.
Forward-looking Statements
Information in this press release contains forward-looking
statements. Such forward-looking statements can be identified by
the use of forward-looking terminology such as "may," "will,"
"expect," "anticipate," "estimate," "believe," or "continue," or
the negative thereof or other variations thereof or comparable
terminology. These statements involve risks and uncertainties that
could cause actual results to differ materially, including without
limitation, market and economic conditions, the management of our
growth, the risks associated with Capital Bank, NA's loan portfolio
and real estate holdings, local economic conditions affecting
retail and commercial real estate, ability to integrate our new
management and directors without encountering potential
difficulties, the Company's geographic concentration in the
southeastern region of the United States, ability to integrate the
operations of Old Capital Bank with those of Capital Bank, NA, the
potential for the interests of the other shareholders of Capital
Bank, NA to differ from those of the Company, restrictions imposed
by Capital Bank, NA's loss sharing agreements with the FDIC, the
assumptions and judgments required by loss share accounting and the
acquisition method of accounting, competition within the industry,
dependence on key personnel, government legislation and regulation,
the risks associated with identification, completion and
integration of any future acquisitions, risks related to Capital
Bank, NA's technology and information systems, the fact that the
Company has experienced net losses during the last three fiscal
years, risks associated with the controlling interest of CBF in the
Company, and risks associated with the limited liquidity of the
Company's common stock. Additional factors that could cause actual
results to differ materially are discussed in Capital Bank
Corporation's filings with the Securities and Exchange Commission,
including without limitation its Annual Report on Form 10-K, its
Quarterly Reports on Form 10-Q and its Current Reports on Form 8-K.
Capital Bank Corporation does not undertake a duty to update any
forward-looking statements in this press release.
CAPITAL BANK CORPORATION
Results of Operations
Successor Company
------------------------------------------------
Three Three Three Three Three
Months Months Months Months Months
Ended Ended Ended Ended Ended
(Dollars in thousands Jun. 30, Mar. 31, Dec. 31, Sep. 30, Jun. 30,
except per share data) 2012 2012 2011 2011 2011
--------------------------- -------- -------- -------- -------- --------
Interest income $ 85 $ 85 $ 85 $ 85 $ 18,990
Interest expense 369 362 362 355 3,551
-------- -------- -------- -------- --------
Net interest income (loss) (284) (277) (277) (270) 15,439
Provision for loan losses - - - - 1,283
-------- -------- -------- -------- --------
Net interest income (loss)
after provision (284) (277) (277) (270) 14,156
Noninterest income 2,937 3,088 1,762 2,283 2,065
Noninterest expense 257 157 175 76 12,797
-------- -------- -------- -------- --------
Net income before taxes 2,396 2,654 1,310 1,937 3,424
Income tax expense
(benefit) (230) (89) (168) (117) 1,115
-------- -------- -------- -------- --------
Net income $ 2,626 $ 2,743 $ 1,478 $ 2,054 $ 2,309
======== ======== ======== ======== ========
Earnings per share - basic
and diluted $ 0.03 $ 0.03 $ 0.02 $ 0.02 $ 0.03
======== ======== ======== ======== ========
End of Period Balances
Successor Company
-----------------------------------------------------------
(Dollars in
thousands
except per Jun. 30, Mar. 31, Dec. 31, Sep. 30, Jun. 30,
share data) 2012 2012 2011 2011 2011
----------- ----------- ----------- ----------- -----------
Total assets $ 255,787 $ 251,947 $ 249,705 $ 248,211 $ 248,562
Total earning
assets 3,393 3,393 3,393 3,393 3,393
Cash and cash
equivalents 985 1,820 2,163 2,435 12,477
Investment in
and advance to
Capital Bank,
NA 254,030 249,546 247,084 245,468 235,657
Subordinated
debentures 19,274 19,212 19,163 19,099 19,036
Shareholders'
equity 231,130 226,947 224,827 223,494 229,419
Per Share Data
Book value $ 2.69 $ 2.65 $ 2.62 $ 2.60 $ 2.67
Tangible book
value 2.30 2.25 2.22 2.22 2.25
Common shares
outstanding 85,802,164 85,802,164 85,802,164 85,802,164 85,802,164
CAPITAL BANK CORPORATION
Average Balances and Yields/Rates
Successor Company
--------------------------------------------------
Three Three Three Three Three
Months Months Months Months Months
Ended Ended Ended Ended Ended
Jun. 30, Mar. 31, Dec. 31, Sep. 30, Jun. 30,
(Dollars in thousands) 2012 2012 2011 2011 2011
-------- -------- -------- -------- ----------
Average Balances
Total assets $254,635 $251,304 $244,253 $248,183 $1,701,071
Total earning assets 3,393 3,393 3,393 3,393 1,488,645
Investment securities - - - - 338,035
Loans - - - - 1,097,413
Deposits - - - - 1,343,599
Borrowings - - - - 93,349
Subordinated debentures 19,253 19,191 19,142 19,078 19,323
Shareholders' equity 229,867 226,359 224,085 228,961 231,742
Yields/Rates (1)
Yield on earning assets 10.00% 10.00% 9.94% 9.94% 5.19%
Cost of interest-bearing
liabilities 7.58 7.46 7.50 7.38 1.07
Net interest spread 2.42 2.54 2.44 2.56 4.12
Net interest margin (33.57) (32.75) (32.39) (31.57) 4.23
(1) Annualized and on a fully taxable equivalent basis.
CAPITAL BANK CORPORATION
CONDENSED CONSOLIDATED BALANCE SHEETS
(Unaudited)
Successor Company
---------------------------
(Dollars in thousands) Jun. 30, 2012 Dec. 31, 2011
------------- -------------
Assets
Cash and due from banks $ 985 $ 2,163
------------- -------------
Total cash and cash equivalents 985 2,163
Equity method investment in Capital Bank, NA 250,637 243,691
Advance to Capital Bank, NA 3,393 3,393
Other assets 772 458
------------- -------------
Total assets $ 255,787 $ 249,705
============= =============
Liabilities
Subordinated debentures $ 19,274 $ 19,163
Other liabilities 5,383 5,715
------------- -------------
Total liabilities 24,657 24,878
Shareholders' Equity
Common stock, no par value; 300,000,000 shares
authorized; 85,802,164 and shares issued and
outstanding 218,802 218,789
Retained earnings 10,636 5,267
Accumulated other comprehensive income 1,692 771
------------- -------------
Total shareholders' equity 231,130 224,827
------------- -------------
Total liabilities and shareholders' equity $ 255,787 $ 249,705
============= =============
CAPITAL BANK CORPORATION
CONSOLIDATED STATEMENTS OF OPERATIONS
(Unaudited)
Successor Successor Predecessor
Company Company Company
-------------------- -------------------- -----------
Three Three Six Jan. 29, Jan. 1,
Months Months Months 2011 2011
(Dollars in thousands Ended Ended Ended to to
except per share Jun. 30, Jun. 30, Jun. 30, Jun. 30, Jan. 28,
data) 2012 2011 2012 2011 2011
--------- --------- --------- --------- -----------
Interest income:
Loans and loan fees $ - $ 16,465 $ - $ 27,521 $ 5,479
Investment
securities:
Taxable interest
income - 2,216 - 3,206 391
Tax-exempt
interest income - 239 - 398 74
Dividends - 30 - 59 -
Federal funds and
other interest
income 85 40 170 87 11
--------- --------- --------- --------- -----------
Total interest
income 85 18,990 170 31,271 5,955
--------- --------- --------- --------- -----------
Interest expense:
Deposits - 2,786 - 4,560 1,551
Borrowings and
subordinated
debentures 369 765 731 1,251 445
--------- --------- --------- --------- -----------
Total interest
expense 369 3,551 731 5,811 1,996
--------- --------- --------- --------- -----------
Net interest
income (284) 15,439 (561) 25,460 3,959
Provision for loan
losses - 1,283 - 1,450 40
--------- --------- --------- --------- -----------
Net interest
income (loss)
after
provision for
loan losses (284) 14,156 (561) 24,010 3,919
--------- --------- --------- --------- -----------
Noninterest income:
Equity income from
investment in
Capital Bank, NA 2,937 - 6,025 - -
Service charges and
other fees - 807 - 1,355 291
Bank card services - 547 - 847 174
Mortgage
origination and
other loan fees - 255 - 518 210
Brokerage fees - 212 - 308 78
Bank-owned life
insurance - 114 - 134 10
Other - 130 - 155 69
--------- --------- --------- --------- -----------
Total
noninterest
income 2,937 2,065 6,025 3,317 832
--------- --------- --------- --------- -----------
Noninterest expense:
Salaries and
employee benefits - 5,568 - 9,525 1,977
Occupancy - 1,830 - 2,970 548
Furniture and
equipment - 857 - 1,401 275
Data processing and
telecommunications - 635 - 911 180
Advertising and
public relations - 144 - 325 131
Office expenses - 269 - 498 93
Professional fees - 208 - 543 190
Business
development and
travel - 304 - 550 87
Amortization of
other intangible
assets - 287 - 478 62
ORE losses and
miscellaneous loan
costs - 1,085 - 1,608 176
Directors' fees - 53 - 93 68
FDIC deposit
insurance - 513 - 1,076 266
Contract
termination fees - 374 - 3,955 -
Other 257 670 414 1,093 102
--------- --------- --------- --------- -----------
Total
noninterest
expense 257 12,797 414 25,026 4,155
--------- --------- --------- --------- -----------
Net income
before taxes 2,396 3,424 5,050 2,301 596
Income tax expense
(benefit) (230) 1,115 (319) 566 -
--------- --------- --------- --------- -----------
Net income 2,626 2,309 5,369 1,735 596
Dividends and
accretion on
preferred stock - - - - 861
--------- --------- --------- --------- -----------
Net income
(loss)
attributable
to common
shareholders $ 2,626 $ 2,309 $ 5,369 $ 1,735 $ (265)
========= ========= ========= ========= ===========
Earnings (loss) per
common share - basic $ 0.03 $ 0.03 $ 0.06 $ 0.02 $ (0.02)
========= ========= ========= ========= ===========
Earnings (loss) per
common share -
diluted $ 0.03 $ 0.03 $ 0.06 $ 0.02 $ (0.02)
========= ========= ========= ========= ===========
CAPITAL BANK CORPORATION
Average Balances, Interest Earned or Paid, and Interest Yields/Rates
Tax Equivalent Basis (1)
Successor Company
-----------------------------------------------------
Three Months Ended Three Months Ended
(Dollars in thousands) Jun. 30, 2012 Mar. 31, 2012
------------------------ ------------------------
Average Amount Average Average Amount Average
Balance Earned Rate Balance Earned Rate
-------- ------ ------- -------- ------ -------
Assets
Loans (2) $ - $ - -% $ - $ - -%
Investment securities
(3) - - - - - -
Interest-bearing
deposits - - - - - -
Advance to Capital
Bank, NA 3,393 85 10.00 3,393 85 10.00
-------- ------ ------- -------- ------ -------
Total interest-earning
assets 3,393 $ 85 10.00% 3,393 $ 85 10.00%
====== ======= ====== =======
Cash and due from
banks 1,239 1,950
Other assets 250,003 245,961
-------- --------
Total assets $254,635 $251,304
======== ========
Liabilities and Equity
NOW and money market
accounts $ - $ - -% $ - $ - -%
Savings accounts - - - - - -
Time deposits - - - - - -
-------- ------ ------- -------- ------ -------
Total interest-bearing
deposits - - - - - -
Borrowings - - - - - -
Subordinated
debentures 19,253 369 7.58 19,191 362 7.46
-------- ------ ------- -------- ------ -------
Total interest-bearing
liabilities 19,253 $ 369 7.58% 19,191 $ 362 7.46%
====== ======= ====== =======
Noninterest-bearing
deposits - -
Other liabilities 5,515 5,754
-------- --------
Total liabilities 24,768 24,945
Shareholders' equity 229,867 226,359
-------- --------
Total liabilities
and shareholders'
equity $254,635 $251,304
======== ========
Net interest spread
(4) 2.42% 2.54%
Tax equivalent
adjustment $ - $ -
Net interest income
and net interest
margin (5) $ (284) (33.57)% $ (277) (32.75)%
====== ======= ====== =======
Successor Company
----------------------------
Three Months Ended
(Dollars in thousands) Jun. 30, 2011
---------------------------
Average Amount Average
Balance Earned Rate
---------- -------- -------
Assets
Loans (2) $1,098,266 $ 16,579 6.05%
Investment securities
(3) 334,230 2,639 3.16
Interest-bearing
deposits 56,149 40 0.29
Advance to Capital
Bank, NA - - -
---------- -------- -------
Total interest-earning
assets 1,488,645 $ 19,258 5.19%
======== =======
Cash and due from
banks 16,587
Other assets 195,839
----------
Total assets $1,701,071
==========
Liabilities and Equity
NOW and money market
accounts $ 345,307 $ 666 0.77%
Savings accounts 32,241 10 0.12
Time deposits 843,725 2,110 1.00
---------- -------- -------
Total interest-bearing
deposits 1,221,273 2,786 0.91
Borrowings 93,349 410 1.76
Subordinated
debentures 19,323 355 7.27
---------- -------- -------
Total interest-bearing
liabilities 1,333,945 $ 3,551 1.07%
======== =======
Noninterest-bearing
deposits 122,326
Other liabilities 13,058
----------
Total liabilities 1,469,329
Shareholders' equity 231,742
----------
Total liabilities
and shareholders'
equity $1,701,071
==========
Net interest spread
(4) 4.12%
Tax equivalent
adjustment $ 268
Net interest income
and net interest
margin (5) $ 15,707 4.23%
======== =======
(1) The tax equivalent adjustment is computed using a federal tax rate of
34% and is applied to interest income from tax exempt municipal loans
and investment securities.
(2) Loans include mortgage loans held for sale in addition to nonaccrual
loans for which accrual of interest has not been recorded.
(3) The average balance for investment securities excludes the effect of
their mark-to-market adjustment, if any.
(4) Net interest spread represents the difference between the average yield
on interest-earning assets and the average cost of interest-bearing
liabilities.
(5) Net interest margin represents net interest income divided by average
interest-earning assets.
CAPITAL BANK CORPORATION
Average Balances, Interest Earned or Paid, and Interest Yields/Rates
Tax Equivalent Basis (1)
Successor Company
------------------------------------------------------
(Dollars in Six Months Ended Period of
thousands) Jun. 30, 2012 Jan. 29 to Jun. 30, 2011
------------------------- --------------------------
Average Amount Average Average Amount Average
Balance Earned Rate Balance Earned Rate
-------- ------- ------- ---------- ------- -------
Assets
Loans (2) $ - $ - -% $1,102,487 $27,734 6.12%
Investment
securities (3) - - - 298,283 3,893 3.13
Interest-bearing
deposits - - - 88,465 87 0.24
Advance to Capital
Bank, NA 3,393 170 10.00 - - -
-------- ------- ------- ---------- ------- -------
Total interest-
earning assets 3,393 $ 170 10.00% 1,489,235 $31,714 5.18%
======= ======= ======= =======
Cash and due from
banks 1,594 16,503
Other assets 247,983 191,902
-------- ----------
Total assets $252,970 $1,697,640
======== ==========
Liabilities and
Equity
NOW and money market
accounts $ - $ - -% $ 344,867 $ 1,084 0.76%
Savings accounts - - - 31,958 16 0.12
Time deposits - - - 846,753 3,460 0.99
-------- ------- ------- ---------- ------- -------
Total interest-
bearing deposits - - - 1,223,578 4,560 0.91
Borrowings - - - 95,414 664 1.69
Subordinated
debentures 19,222 731 7.52 19,417 587 7.26
-------- ------- ------- ---------- ------- -------
Total interest-
bearing liabilities 19,222 $ 731 7.52% 1,338,410 $ 5,811 1.06%
======= ======= ======= =======
Noninterest-bearing
deposits - 118,897
Other liabilities 5,635 10,683
-------- ----------
Total liabilities 24,857 1,467,990
Shareholders' equity 228,113 229,650
-------- ----------
Total liabilities
and shareholders'
equity $252,970 $1,697,640
======== ==========
Net interest spread
(4) 2.48% 4.13%
Tax equivalent
adjustment $ - $ 443
Net interest income
and net interest
margin (5) $ (561) (33.16)% $25,903 4.23%
======= ======= ======= =======
Predecessor Company
---------------------------
(Dollars in Period of
thousands) Jan. 1 to Jan. 28, 2011
---------------------------
Average Amount Average
Balance Earned Rate
---------- -------- -------
Assets
Loans (2) $1,253,296 $ 5,530 5.20%
Investment
securities (3) 225,971 504 2.68
Interest-bearing
deposits 63,350 11 0.20
Advance to Capital
Bank, NA - - -
---------- -------- -------
Total interest-
earning assets 1,542,617 $ 6,045 4.61%
======== =======
Cash and due from
banks 16,112
Other assets 34,021
----------
Total assets $1,592,750
==========
Liabilities and
Equity
NOW and money market
accounts $ 334,668 $ 211 0.74%
Savings accounts 30,862 3 0.11
Time deposits 870,146 1,337 1.81
---------- -------- -------
Total interest-
bearing deposits 1,235,676 1,551 1.48
Borrowings 120,032 343 3.36
Subordinated
debentures 34,323 102 3.50
---------- -------- -------
Total interest-
bearing liabilities 1,390,031 $ 1,996 1.69%
======== =======
Noninterest-bearing
deposits 114,660
Other liabilities 9,635
----------
Total liabilities 1,514,326
Shareholders' equity 78,424
----------
Total liabilities
and shareholders'
equity $1,592,750
==========
Net interest spread
(4) 2.92%
Tax equivalent
adjustment $ 90
Net interest income
and net interest
margin (5) $ 4,049 3.09%
======== =======
(1) The tax equivalent adjustment is computed using a federal tax rate of
34% and is applied to interest income from tax exempt municipal loans
and investment securities.
(2) Loans include mortgage loans held for sale in addition to nonaccrual
loans for which accrual of interest has not been recorded.
(3) The average balance for investment securities excludes the effect of
their mark-to-market adjustment, if any.
(4) Net interest spread represents the difference between the average yield
on interest-earning assets and the average cost of interest-bearing
liabilities.
(5) Net interest margin represents net interest income divided by average
interest-earning assets.
CONTACT: Christopher G. Marshall Chief Financial Officer Phone:
(704) 554-5901 E-mail: cmarshall@nafhinc.com
Capital Bank Corp. (MM) (NASDAQ:CBKN)
Historical Stock Chart
Von Mai 2024 bis Jun 2024
Capital Bank Corp. (MM) (NASDAQ:CBKN)
Historical Stock Chart
Von Jun 2023 bis Jun 2024
