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Capital Bank Financial (CBF) in Coral Gables, Fla., nearly doubled earnings in the first quarter thanks to asset quality improvements.
April 21 -
Capital Bank Financial (CBF) in Coral Gables, Fla., will revise certain financial statements in its 2012 annual report to reflect a better-than-expected balance sheet tied to a bank it bought.
November 12 -
Capital Bank Financial (CBF) in Coral Gables, Fla., has hired a former Huntington (HBAN) executive for its top technology job.
November 8 -
Capital Bank Financial in Coral Gables, Fla., has gone more than a year since its last acquisition a common problem for M&A-minded banks these days. Its leaders urged shareholders to be patient in a sales pitch that other execs in the same bind could learn from.
September 9
Capital Bank Financial Corp. in Coral Gables, Fla.,
The $6.5 billion-asset company's net income rose 16% year over year, to $13.2 million in the third quarter, while earnings per share rose 23%, to 27 cents.
Noninterest income declined 34.8% from a year earlier, to $9.9 million, as fees on mortgages originated and sold fell 19%, to roughly $1.2 million, and service charges on deposit accounts dropped 7.8% to $5.6 million.
Loan quality improvements helped compensate for the decline in noninterest income. Noninterest expenses fell more than 13.2%, to $51.4 million, as loan workout expenses fell 55.8% to roughly $910,000. Expenses on foreclosed loans declined 33.2%, to $845,000.
Total interest bearing deposits also dropped to roughly $4.15 billion, down 6.2% year-over-year.
Net Interest Income was roughly $62.7 million, down 2.6% from a year earlier, due in part to a 6.6% decline in interest and dividend income.
Net interest income benefited, however, from a $1.3 million credit in provision for loan losses mainly due to $4.2 million in reversals, which reflect higher than anticipated payoffs on loan pools the company acquired.
Total loans increased 5.4%, to roughly $4.8 billion, as Capital Bank's new loans increased 53%. Nonetheless, the net interest margin contracted 31 basis points to 4.14%, reflecting lower yields on new loans.
