CHARLOTTE, N.C., Oct. 20, 2016 (GLOBE NEWSWIRE) -- Capital Bank Financial Corp. (Nasdaq: CBF ) (the “Company”) today reported net income for the third quarter of 2016 of $18.5 million, or $0.42 per diluted share and core net income of $18.5 million, or $0.42 per diluted share. Net income rose 21% year over year, while net income per diluted share rose 27%.
Core adjustments for the third quarter of 2016 included $1.5 million of legal settlement expense and $0.3 million of tax deductible merger related expenses, offset by a $1.1 million tax adjustment and $0.1 million of gains on sales of investment securities.
Gene Taylor, Chairman and Chief Executive Officer of Capital Bank Financial Corp., commented, “We look forward to completion of the CommunityOne merger, a carefully-executed conversion, and an expanded footprint in North Carolina.”
Chris Marshall, Chief Financial Officer of Capital Bank Financial Corp., added, “We are pleased with this quarter's results and are positioning to end the year strongly and enter 2017 with good momentum.”
Loan Portfolio and Composition
During the third quarter, the loan portfolio was up $191.0 million at $5.9 billion. New loans of $471 million were offset by loan resolutions and payoffs totaling $280 million.
The relative composition of the Company’s loan portfolio at the end of the third and second quarters of 2016 and fourth quarter of 2015 was as follows:
| Sep 30, 2016 | Jun 30, 2016 | Dec 31, 2015 | |||||||
| Commercial real estate | 22 | % | 22 | % | 22 | % | |||
| C&I | 43 | % | 44 | % | 43 | % | |||
| Consumer | 32 | % | 31 | % | 32 | % | |||
| Other | 3 | % | 3 | % | 3 | % | |||
| Total | 100 | % | 100 | % | 100 | % | |||
Deposits Composition and Cost of Funds
During the third quarter, total deposits increased by $226.1 million to $6.0 billion. The cost of total deposits remained flat at 0.41% basis points, while the cost of core deposits increased one basis point to 0.19%. Core deposits include all checking, savings and money market accounts, excluding brokered, now represent 70% of total deposits. The contractual cost of total deposits, which excludes purchase accounting was 0.41%, a decline of one basis point sequentially.
Net Interest Income and Net Interest Margin
Net interest income increased $1.1 million to $62.6 million from $61.5 million for the second quarter of 2016 and increased $1.0 million from $61.6 million for the third quarter of 2015. The net interest margin for the third quarter of 2016 was 3.58%, a decline of four basis points sequentially and 24 basis points year over year. The sequential and year over year net interest margin decline was mostly due to the lower average yield on new loans as compared to the yields of the Company's legacy acquired loans. New and acquired non-impaired loans represent $5.0 billion with an average yield of 3.67%, compared to $0.9 billion of acquired impaired loans outstanding with an average yield of 8.55%.
Non-Interest Income
Non-interest income increased $0.4 million to $12.4 million from $11.9 million for the second quarter of 2016 and increased $1.0 million from $11.4 million for the third quarter of 2015. The sequential increase was mainly driven by higher service charges on deposit accounts and fees on mortgage loans originated and sold, as fees for residential mortgages sold increased 17% quarter over quarter, partially offset by a decline in investment advisory income.
The year over year increase was mainly due to the absence of $1.4 million of FDIC indemnification asset expense recorded in the prior year and an increase of fees on mortgage loans originated and sold. Partially offsetting the increase was a $0.7 million decline in service charges and a $0.6 million decline in investment advisory income.
Provision for Loan and Lease Losses and Credit Quality
The provision of $0.6 million recorded for the third quarter of 2016 included a $0.6 million provision for new and acquired non-impaired loans and a $48 thousand reversal on acquired impaired loans. Net charge-offs for the third quarter of 2016 were $1.5 million, remaining at the same level of the second quarter of 2016.
At September 30, 2016, the allowance for loan and lease losses was $44.0 million, of which $23.7 million related to acquired impaired loans and $20.3 million related to new and acquired non-impaired loans. The allowance for loan and lease losses represents 0.75% of the Company's total $5.9 billion loan portfolio.
At September 30, 2016, non-performing loans were $60.4 million, a decrease of 7% from June 30, 2016, and a decrease of 26%, from September 30, 2015, mainly as a result of resolutions and upgrades.
Non-Interest Expense
Non-interest expense increased $3.0 million to $47.5 million from $44.5 million for the second quarter of 2016 and declined $0.8 million from $48.3 million for the third quarter of 2015. The sequential increase was mainly due to $1.5 million legal settlement expense and increased salaries and benefit expense of $0.8 million. Partially offsetting the increase was a $0.8 million decrease in conversion and merger expense.
The year over year decline was mainly due to a $1.7 million decrease in salaries and benefit expense resulting from cost saving initiatives and lower OREO valuation expenses of $1.3 million, partially offset by $1.5 million legal settlement expense occurring in the third quarter of 2016.
Income Tax Expense
Income tax expense was $8.4 million for the third quarter of 2016, an effective rate of 31%, compared to $10.3 million and 37% for the second quarter of 2016. Income tax expense was $8.6 million and 36% for the third quarter of 2015. The change in effective income tax rate was mainly due to a favorable adjustment for discrete items, partially offset by an increase in rate change and state taxes and lower tax-exempt interest income.
Financial Position
Total assets increased by $171.2 million to $7.8 billion as of September 30, 2016, from $7.6 billion as of June 30, 2016. During the quarter, the Company’s loan portfolio increased $191.0 million to $5.9 billion. Total deposits increased by $226.1 million to $6.0 billion, and core deposits increased by $101.8 million, or a 10% annualized rate. FHLB borrowings decreased $75.0 million. Book value per share was $23.82 as of September 30, 2016, an increase of $0.30 and $0.82 over June 30, 2016 and September 30, 2015, respectively. Tangible book value per share was $20.53 as of September 30, 2016, an increase of $0.31 and $0.78 over June 30, 2016 and September 30, 2015, respectively. During the third quarter, the Company did not repurchase shares of common stock. The Company has $101 million remaining under the current board authorized stock repurchase program.
The Company’s bank subsidiary, Capital Bank Corporation, had preliminary Tier 1 Leverage, Tier 1 Common, Tier 1 Risk-Based and Total Risk-Based capital ratios of 10.5%, 12.0%, 12.0% and 12.7%, respectively, as of September 30, 2016, under currently applicable regulations.
The GreenBank CVR expired on September 7, 2016 and based on portfolio losses exceeding the stipulated amount, there was no payout to CVR holders.
The Company declared a cash dividend of $0.12 per share, payable on November 22, 2016, to shareholders of record as of November 9, 2016.
Conference Call
The Company will host a conference call today at 10:00 a.m. Eastern Time. The number to call for this interactive teleconference is (913) 312-0720, and the confirmation pass code is 5829592. Please dial in 10 minutes prior to the beginning of the call. A telephonic replay of the conference call will be available through October 28, 2016, by dialing (719) 457-0820 and entering pass code 5829592. The live broadcast of the conference call will be available online at the Company’s web site at www.capitalbank-us.com , by following the link to Investor Relations. An on-line replay of the call will be available at the same site for 90 days.
Forward-Looking Statements
Information in this press release contains forward-looking statements. Any statements about our expectations, beliefs, plans, predictions, forecasts, objectives, assumptions or future events or performance are not historical facts and may be forward-looking. These statements are often, but not always, made through the use of words or phrases such as “anticipate,” “believes,” “can,” “could,” “may,” “predicts,” “potential,” “should,” “will,” “estimate,” “plans,” “projects,” “continuing,” “ongoing,” “expects,” “intends” and similar words or phrases. Accordingly, these statements are only predictions and involve estimates, known and unknown risks, assumptions and uncertainties that could cause actual results to differ materially from those expressed in them. Our actual results could differ materially from those anticipated in such forward-looking statements as a result of several factors more fully described under the caption “Risk Factors” in the annual report on Form 10-K and other periodic reports filed by us with the Securities and Exchange Commission. Any or all of our forward-looking statements in this press release may turn out to be inaccurate. The inclusion of this forward-looking information should not be regarded as a representation by us or any other person that the future plans, estimates or expectations contemplated by us will be achieved. We have based these forward-looking statements largely on our current expectations and projections about future events and financial trends that we believe may affect our financial condition, results of operations, business strategy and financial needs. There are important factors that could cause our actual results, level of activity, performance or achievements to differ materially from the results, level of activity, performance or achievements expressed or implied by the forward looking statements including, but not limited to: (1) changes in general economic and financial market conditions; (2) changes in the regulatory environment; (3) economic conditions generally and in the financial services industry; (4) changes in the economy affecting real estate values; (5) our ability to achieve loan and deposit growth; (6) the completion of future acquisitions or business combinations and our ability to integrate any acquired businesses into our business model; (7) projected population and income growth in our targeted market areas; (8) competitive pressures in our markets and industry; (9) our ability to attract and retain key personnel; (10) changes in accounting policies or judgments and (11) volatility and direction of market interest rates and a weakening of the economy which could materially impact credit quality trends and the ability to generate loans. All forward-looking statements are necessarily only estimates of future results, and actual results may differ materially from expectations. You are, therefore, cautioned not to place undue reliance on such statements, which should be read in conjunction with the other cautionary statements that are included elsewhere in this press release. Further, any forward-looking statement speaks only as of the date on which it is made, and we undertake no obligation to update or revise any forward-looking statement to reflect events or circumstances after the date on which the statement is made or to reflect the occurrence of unanticipated events.
Use of Non-GAAP Financial Measures
Core net income, core efficiency ratio, core return-on-assets (“core ROA”), tangible book value and tangible book value per share are each non-GAAP measures used in this report. A reconciliation to the most directly comparable GAAP financial measures – net income in the case of core net income and core ROA, total non-interest income and total non-interest expense in the case of core efficiency ratio, and total shareholders’ equity in the case of tangible book value and tangible book value per share – appears in tabular form at the end of this release. The Company believes core net income, the core efficiency ratio and core ROA are useful for both investors and management to understand the effects of certain non-interest items and provide an alternative view of the Company’s performance over time and in comparison to the Company’s competitors. These measures should not be viewed as a substitute for net income. The Company believes that tangible book value and tangible book value per share are useful for both investors and management as these are measures commonly used by financial institutions, regulators and investors to measure the capital adequacy of financial institutions. The Company believes these measures facilitate comparison of the quality and composition of the Company’s capital over time and in comparison to its competitors. These measures should not be viewed as a substitute for total shareholders’ equity.
The Company uses these non-GAAP measures for various purposes, including measuring performance for incentive compensation and as a basis for strategic planning and forecasting.
These non-GAAP measures have inherent limitations, are not required to be uniformly applied and are not audited. They should not be considered in isolation or as a substitute for analysis of results reported under GAAP. These non-GAAP measures may not be comparable to similarly titled measures reported by other companies.
About Capital Bank Financial Corp.
Capital Bank Financial Corp. is a bank holding company, formed in 2009 to create a premier regional banking franchise in the southeastern United States. CBF is the parent of Capital Bank Corporation, a State of North Carolina chartered financial institution with $7.8 billion in total assets as of September 30, 2016, and 151 full-service banking offices throughout Florida, North and South Carolina, Tennessee and Virginia. To learn more about Capital Bank Financial Corp, please visit www.capitalbank-us.com .
| CAPITAL BANK FINANCIAL CORP. | |||||||||||||||||||
| CONSOLIDATED STATEMENTS OF INCOME | |||||||||||||||||||
| (Dollars and shares in thousands, except per share data) | |||||||||||||||||||
| (Unaudited) | |||||||||||||||||||
| Three Months Ended | |||||||||||||||||||
| Sep 30, 2016 | Jun 30, 2016 | Mar 31, 2016 | Dec 31, 2015 | Sep 30, 2015 | |||||||||||||||
| Interest and dividend income | $ | 70,929 | $ | 69,579 | $ | 69,472 | $ | 69,553 | $ | 68,718 | |||||||||
| Interest expense | 8,302 | 8,064 | 8,105 | 7,475 | 7,081 | ||||||||||||||
| Net Interest Income | 62,627 | 61,515 | 61,367 | 62,078 | 61,637 | ||||||||||||||
| Provision for loan and lease losses | 586 | 1,172 | 1,375 | 1,089 | 799 | ||||||||||||||
| Net interest income after provision for loan and lease losses | 62,041 | 60,343 | 59,992 | 60,989 | 60,838 | ||||||||||||||
| Non-Interest Income | |||||||||||||||||||
| Service charges on deposit accounts | 4,777 | 4,486 | 4,811 | 4,911 | 5,472 | ||||||||||||||
| Debit card income | 3,389 | 3,235 | 3,086 | 3,029 | 3,113 | ||||||||||||||
| Fees on mortgage loans originated and sold | 1,334 | 1,140 | 971 | 875 | 990 | ||||||||||||||
| Investment advisory and trust fees | 290 | 455 | 497 | 597 | 860 | ||||||||||||||
| FDIC indemnification asset expense | — | — | — | (1,526 | ) | (1,418 | ) | ||||||||||||
| Termination of loss share agreements | — | — | (9,178 | ) | — | — | |||||||||||||
| Investment securities gains (losses), net | 71 | 117 | 40 | 54 | (43 | ) | |||||||||||||
| Other income | 2,509 | 2,489 | 2,339 | 2,657 | 2,444 | ||||||||||||||
| Total non-interest income | 12,370 | 11,922 | 2,566 | 10,597 | 11,418 | ||||||||||||||
| Non-Interest Expense | |||||||||||||||||||
| Salaries and employee benefits | 20,935 | 20,139 | 22,162 | 20,219 | 22,620 | ||||||||||||||
| Stock-based compensation expense | 790 | 467 | 317 | — | 309 | ||||||||||||||
| Net occupancy and equipment expense | 7,340 | 7,355 | 7,703 | 7,385 | 7,621 | ||||||||||||||
| Computer services | 3,153 | 3,274 | 3,575 | 3,479 | 3,471 | ||||||||||||||
| Software expense | 1,948 | 2,000 | 2,036 | 2,061 | 2,198 | ||||||||||||||
| Telecommunication expense | 1,790 | 1,558 | 1,532 | 1,168 | 1,515 | ||||||||||||||
| OREO valuation expense | 742 | 1,119 | 467 | 341 | 2,075 | ||||||||||||||
| Net gains on sales of OREO | (159 | ) | (413 | ) | (679 | ) | (801 | ) | (351 | ) | |||||||||
| Foreclosed asset related expense | 397 | 399 | 285 | 405 | 872 | ||||||||||||||
| Loan workout expense | 206 | 71 | 244 | 650 | 194 | ||||||||||||||
| Conversion and merger related expense | 394 | 1,236 | 1,687 | 704 | — | ||||||||||||||
| Professional fees | 1,642 | 1,353 | 1,612 | 1,529 | 1,958 | ||||||||||||||
| Restructuring charges, net | (113 | ) | 5 | 142 | 4,248 | 23 | |||||||||||||
| Legal settlement expense | 1,500 | — | — | — | — | ||||||||||||||
| Regulatory assessments | 841 | 1,259 | 1,275 | 1,486 | 1,423 | ||||||||||||||
| Other expense | 6,124 | 4,714 | 4,580 | 4,882 | 4,418 | ||||||||||||||
| Total non-interest expense | 47,530 | 44,536 | 46,938 | 47,756 | 48,346 | ||||||||||||||
| Income before income taxes | 26,881 | 27,729 | 15,620 | 23,830 | 23,910 | ||||||||||||||
| Income tax expense | 8,393 | 10,327 | 5,780 | 8,809 | 8,589 | ||||||||||||||
| Net income | $ | 18,488 | $ | 17,402 | $ | 9,840 | $ | 15,021 | $ | 15,321 | |||||||||
| Earnings per share: | |||||||||||||||||||
| Basic | $ | 0.43 | $ | 0.40 | $ | 0.23 | $ | 0.35 | $ | 0.34 | |||||||||
| Diluted | $ | 0.42 | $ | 0.40 | $ | 0.22 | $ | 0.34 | $ | 0.33 | |||||||||
| Weighted average shares outstanding: | |||||||||||||||||||
| Basic | 43,028 | 43,011 | 43,063 | 43,499 | 45,359 | ||||||||||||||
| Diluted | 43,909 | 43,879 | 43,904 | 44,550 | 46,534 | ||||||||||||||
| CAPITAL BANK FINANCIAL CORP. | |||||||||||
| CONSOLIDATED BALANCE SHEETS | |||||||||||
| (Dollars and shares in thousands) | |||||||||||
| (Unaudited) | |||||||||||
| Sep 30, 2016 | Jun 30, 2016 | Dec 31, 2015 | |||||||||
| Assets | |||||||||||
| Cash and due from banks | $ | 88,171 | $ | 84,038 | $ | 87,985 | |||||
| Interest-bearing deposits in other banks | 116,136 | 135,977 | 56,711 | ||||||||
| Total cash and cash equivalents | 204,307 | 220,015 | 144,696 | ||||||||
| Trading securities | 3,701 | 3,536 | 3,013 | ||||||||
| Investment securities available-for-sale at fair value (amortized cost $639,687 $637,072 and $640,455, respectively) | 652,945 | 650,470 | 637,329 | ||||||||
| Investment securities held-to-maturity at amortized cost (fair value $474,834 $477,731 and $475,134, respectively) | 466,063 | 468,943 | 472,505 | ||||||||
| Loans held for sale | 95,253 | 6,446 | 10,569 | ||||||||
| Loans, net of deferred loan costs and fees | 5,840,680 | 5,738,459 | 5,622,147 | ||||||||
| Less: Allowance for loan and lease losses | 43,984 | 44,883 | 45,034 | ||||||||
| Loans, net | 5,796,696 | 5,693,576 | 5,577,113 | ||||||||
| Other real estate owned | 46,007 | 44,236 | 52,776 | ||||||||
| FDIC indemnification asset | — | — | 6,725 | ||||||||
| Receivable from FDIC | — | — | 678 | ||||||||
| Premises and equipment, net | 157,863 | 158,305 | 159,149 | ||||||||
| Goodwill | 134,522 | 134,522 | 134,522 | ||||||||
| Intangible assets, net | 12,288 | 13,231 | 15,100 | ||||||||
| Deferred income tax asset, net | 80,418 | 92,277 | 105,316 | ||||||||
| Other assets | 142,395 | 135,668 | 129,988 | ||||||||
| Total Assets | $ | 7,792,458 | $ | 7,621,225 | $ | 7,449,479 | |||||
| Liabilities and Shareholders’ Equity | |||||||||||
| Liabilities | |||||||||||
| Deposits: | |||||||||||
| Non-interest bearing demand | $ | 1,207,800 | $ | 1,172,481 | $ | 1,121,160 | |||||
| Interest bearing demand | 1,463,520 | 1,456,558 | 1,382,732 | ||||||||
| Money market | 1,291,948 | 1,155,475 | 1,190,121 | ||||||||
| Savings | 401,205 | 403,106 | 418,879 | ||||||||
| Time deposits | 1,668,784 | 1,619,507 | 1,747,318 | ||||||||
| Total deposits | 6,033,257 | 5,807,127 | 5,860,210 | ||||||||
| Federal Home Loan Bank advances | 575,751 | 650,800 | 460,898 | ||||||||
| Short-term borrowings | 15,428 | 16,785 | 12,410 | ||||||||
| Long-term borrowings | 87,445 | 86,883 | 85,777 | ||||||||
| Accrued expenses and other liabilities | 50,736 | 43,132 | 43,919 | ||||||||
| Total liabilities | $ | 6,762,617 | $ | 6,604,727 | $ | 6,463,214 | |||||
| Shareholders’ equity | |||||||||||
| Preferred stock $0.01 par value: 50,000 shares authorized, 0 shares issued | — | — | — | ||||||||
| Common stock-Class A $0.01 par value: 200,000 shares authorized, 37,253 issued and 26,381 outstanding, 37,237 issued 26,665 outstanding and 37,012 issued and 26,589 outstanding, respectively. | 373 | 372 | 370 | ||||||||
| Common stock-Class B $0.01 par value: 200,000 shares authorized, 18,627 issued and 16,854 outstanding, 18,327 issued and 16,554 outstanding and 18,327 issued and 16,554 outstanding, respectively. | 186 | 183 | 183 | ||||||||
| Additional paid in capital | 1,078,746 | 1,077,769 | 1,076,415 | ||||||||
| Retained earnings | 241,554 | 227,370 | 208,742 | ||||||||
| Accumulated other comprehensive (loss) income | 7,621 | 9,443 | (5,196 | ) | |||||||
| Treasury stock, at cost, 12,645, 12,345 and 12,196 shares, respectively | (298,639 | ) | (298,639 | ) | (294,249 | ) | |||||
| Total shareholders’ equity | 1,029,841 | 1,016,498 | 986,265 | ||||||||
| Total Liabilities and Shareholders’ Equity | $ | 7,792,458 | $ | 7,621,225 | $ | 7,449,479 | |||||
| CAPITAL BANK FINANCIAL CORP. | |||||||||||||||||||
| KEY METRICS | |||||||||||||||||||
| (Dollars in thousands) | |||||||||||||||||||
| (Unaudited) | |||||||||||||||||||
| Three Months Ended | |||||||||||||||||||
| Sep 30, 2016 | Jun 30, 2016 | Mar 31, 2016 | Dec 31, 2015 | Sep 30, 2015 | |||||||||||||||
| Performance Ratios | |||||||||||||||||||
| Interest rate spread | 3.43 | % | 3.48 | % | 3.50 | % | 3.57 | % | 3.68 | % | |||||||||
| Net interest margin | 3.58 | % | 3.62 | % | 3.64 | % | 3.70 | % | 3.82 | % | |||||||||
| Return on average assets | 0.97 | % | 0.93 | % | 0.53 | % | 0.82 | % | 0.86 | % | |||||||||
| Return on average shareholders' equity | 7.24 | % | 6.87 | % | 3.96 | % | 5.99 | % | 5.85 | % | |||||||||
| Efficiency ratio | 63.38 | % | 60.65 | % | 73.42 | % | 65.71 | % | 66.18 | % | |||||||||
| Average interest-earning assets to average interest-bearing liabilities | 131.43 | % | 131.21 | % | 129.54 | % | 129.55 | % | 132.10 | % | |||||||||
| Average loans receivable to average deposits | 98.46 | % | 96.56 | % | 95.66 | % | 96.68 | % | 96.01 | % | |||||||||
| Yield on interest-earning assets | 4.05 | % | 4.09 | % | 4.11 | % | 4.14 | % | 4.26 | % | |||||||||
| Cost of interest-bearing liabilities | 0.62 | % | 0.62 | % | 0.62 | % | 0.57 | % | 0.58 | % | |||||||||
| Asset and Credit Quality Ratios-Total Loans | |||||||||||||||||||
| Non-accrual loans | $ | 11,873 | $ | 9,016 | $ | 8,526 | $ | 8,945 | $ | 9,647 | |||||||||
| Nonperforming acquired loans | $ | 48,477 | $ | 56,108 | $ | 56,041 | $ | 59,194 | $ | 72,023 | |||||||||
| Nonperforming loans to loans receivable | 1.02 | % | 1.13 | % | 1.15 | % | 1.21 | % | 1.51 | % | |||||||||
| Nonperforming assets to total assets | 1.37 | % | 1.44 | % | 1.51 | % | 1.63 | % | 1.88 | % | |||||||||
| Covered loans to total gross loans | — | % | — | % | — | % | 1.30 | % | 1.45 | % | |||||||||
| ALLL to nonperforming assets | 41.29 | % | 40.98 | % | 39.97 | % | 37.13 | % | 33.88 | % | |||||||||
| ALLL to total gross loans | 0.75 | % | 0.78 | % | 0.80 | % | 0.80 | % | 0.86 | % | |||||||||
| Annualized net charge-offs/average loans | 0.10 | % | 0.11 | % | 0.08 | % | 0.17 | % | 0.20 | % | |||||||||
| Asset and Credit Quality Ratios-New Loans | |||||||||||||||||||
| Nonperforming new loans to total new loans receivable | 0.19 | % | 0.12 | % | 0.11 | % | 0.11 | % | 0.17 | % | |||||||||
| New loans ALLL to total gross new loans | 0.43 | % | 0.46 | % | 0.47 | % | 0.47 | % | 0.51 | % | |||||||||
| Asset and Credit Quality Ratios-Acquired Loans | |||||||||||||||||||
| Nonperforming acquired loans to total acquired loans receivable | 4.65 | % | 5.08 | % | 4.67 | % | 4.69 | % | 5.21 | % | |||||||||
| Covered acquired loans to total gross acquired loans | — | % | — | % | — | % | 5.43 | % | 5.45 | % | |||||||||
| Acquired loans ALLL to total gross acquired loans | 2.15 | % | 2.04 | % | 1.93 | % | 1.83 | % | 1.80 | % | |||||||||
| Capital Ratios (Company) | |||||||||||||||||||
| Total average shareholders' equity to total average assets | 13.46 | % | 13.55 | % | 13.35 | % | 13.67 | % | 14.79 | % | |||||||||
| Tangible common equity ratio (1) | 11.55 | % | 11.62 | % | 11.57 | % | 11.46 | % | 12.26 | % | |||||||||
| Tier 1 leverage capital ratio | 12.89 | % | 12.64 | % | 12.49 | % | 12.67 | % | 13.60 | % | |||||||||
| Tier 1 common capital ratio | 13.27 | % | 13.38 | % | 13.38 | % | 14.73 | % | 14.44 | % | |||||||||
| Tier 1 risk-based capital ratio | 14.44 | % | 14.57 | % | 14.58 | % | 13.63 | % | 15.60 | % | |||||||||
| Total risk-based capital ratio | 15.12 | % | 15.29 | % | 15.32 | % | 15.47 | % | 16.38 | % | |||||||||
| Capital Ratios (Bank) | |||||||||||||||||||
| Tangible common equity ratio (1) | 10.74 | % | 10.71 | % | 11.45 | % | 11.20 | % | 11.36 | % | |||||||||
| Tier 1 leverage capital ratio | 10.53 | % | 10.42 | % | 11.10 | % | 11.09 | % | 11.19 | % | |||||||||
| Tier 1 common capital ratio | 11.98 | % | 11.97 | % | 12.95 | % | 12.89 | % | 12.85 | % | |||||||||
| Tier 1 risk-based capital ratio | 11.98 | % | 11.97 | % | 12.95 | % | 12.89 | % | 12.85 | % | |||||||||
| Total risk-based capital ratio | 12.70 | % | 12.72 | % | 13.72 | % | 13.68 | % | 13.69 | % | |||||||||
(1) See "Reconciliation of Non-GAAP Measures"
| CAPITAL BANK FINANCIAL CORP. | |||||||||||||||||||
| LOANS AND DEPOSITS | |||||||||||||||||||
| (Dollars in thousands) | |||||||||||||||||||
| (Unaudited) | |||||||||||||||||||
| Sep 30, 2016 | Jun 30, 2016 | Mar 31, 2016 | Dec 31, 2015 | Sep 30, 2015 | |||||||||||||||
| Loans | |||||||||||||||||||
| Non-owner occupied commercial real estate | $ | 920,521 | $ | 891,830 | $ | 850,766 | $ | 866,392 | $ | 847,225 | |||||||||
| Other commercial construction and land | 222,794 | 212,315 | 194,971 | 196,795 | 192,283 | ||||||||||||||
| Multifamily commercial real estate | 76,296 | 74,328 | 75,737 | 80,708 | 82,762 | ||||||||||||||
| 1-4 family residential construction and land | 111,954 | 100,306 | 96,703 | 93,242 | 87,193 | ||||||||||||||
| Total commercial real estate | 1,331,565 | 1,278,779 | 1,218,177 | 1,237,137 | 1,209,463 | ||||||||||||||
| Owner occupied commercial real estate | 1,072,586 | 1,075,306 | 1,095,460 | 1,104,972 | 1,065,875 | ||||||||||||||
| Commercial and industrial | 1,458,523 | 1,448,698 | 1,375,233 | 1,309,704 | 1,219,101 | ||||||||||||||
| Lease financing | 525 | 877 | 1,088 | 1,256 | 1,488 | ||||||||||||||
| Total commercial | 2,531,634 | 2,524,881 | 2,471,781 | 2,415,932 | 2,286,464 | ||||||||||||||
| 1-4 family residential | 1,168,468 | 1,039,309 | 1,015,071 | 1,017,791 | 985,982 | ||||||||||||||
| Home equity loans | 364,117 | 364,169 | 368,510 | 375,276 | 373,993 | ||||||||||||||
| Indirect auto loans | 254,736 | 285,618 | 317,863 | 351,817 | 318,841 | ||||||||||||||
| Other consumer loans | 94,277 | 85,964 | 84,108 | 84,661 | 82,483 | ||||||||||||||
| Total consumer | 1,881,598 | 1,775,060 | 1,785,552 | 1,829,545 | 1,761,299 | ||||||||||||||
| Other | 191,136 | 166,185 | 159,447 | 150,102 | 147,718 | ||||||||||||||
| Total loans | $ | 5,935,933 | $ | 5,744,905 | $ | 5,634,957 | $ | 5,632,716 | $ | 5,404,944 | |||||||||
| Deposits | |||||||||||||||||||
| Non-interest bearing demand | $ | 1,207,800 | $ | 1,172,481 | $ | 1,190,831 | $ | 1,121,160 | $ | 1,099,252 | |||||||||
| Interest bearing demand | 1,463,520 | 1,456,558 | 1,402,342 | 1,382,732 | 1,251,365 | ||||||||||||||
| Money market | 1,166,918 | 1,105,460 | 1,162,546 | 1,040,086 | 927,391 | ||||||||||||||
| Savings | 401,205 | 403,106 | 420,073 | 418,879 | 436,385 | ||||||||||||||
| Total core deposits | 4,239,443 | 4,137,605 | 4,175,792 | 3,962,857 | 3,714,393 | ||||||||||||||
| Wholesale money market | 125,030 | 50,015 | 100,035 | 150,035 | 78,015 | ||||||||||||||
| Time deposits | 1,668,784 | 1,619,507 | 1,663,906 | 1,747,318 | 1,773,170 | ||||||||||||||
| Total deposits | $ | 6,033,257 | $ | 5,807,127 | $ | 5,939,733 | $ | 5,860,210 | $ | 5,565,578 | |||||||||
| CAPITAL BANK FINANCIAL CORP. | |||||||||||||||||||
| LEGACY CREDIT EXPENSES | |||||||||||||||||||
| (Dollars in thousands) | |||||||||||||||||||
| (Unaudited) | |||||||||||||||||||
| Three Months Ended | |||||||||||||||||||
| Sep 30, 2016 | June 30, 2016 | Mar 31, 2016 | Dec 31, 2015 | Sep 30, 2015 | |||||||||||||||
| Provision (reversal) on legacy loans | $ | 48 | $ | (778 | ) | $ | 9 | $ | (1,161 | ) | $ | 492 | |||||||
| FDIC indemnification asset expense | — | — | — | 1,526 | 1,418 | ||||||||||||||
| OREO valuation expense | 742 | 1,119 | 467 | 341 | 2,075 | ||||||||||||||
| Termination of loss share agreements | — | — | 9,178 | — | — | ||||||||||||||
| Net gains on sales of OREO | (159 | ) | (413 | ) | (679 | ) | (801 | ) | (351 | ) | |||||||||
| Foreclosed asset related expense | 397 | 399 | 285 | 405 | 872 | ||||||||||||||
| Loan workout expense | 206 | 71 | 244 | 650 | 194 | ||||||||||||||
| Salaries and employee benefits | 511 | 519 | 522 | 549 | 797 | ||||||||||||||
| Total legacy credit expenses | $ | 1,745 | $ | 917 | $ | 10,026 | $ | 1,509 | $ | 5,497 | |||||||||
| CAPITAL BANK FINANCIAL CORP. | ||||||||||||||||||||||
| QUARTERLY AVERAGE BALANCES AND YIELDS | ||||||||||||||||||||||
| (Dollars in thousands) | ||||||||||||||||||||||
| (Unaudited) | ||||||||||||||||||||||
| Three Months Ended September 30, 2016 | Three Months Ended June 30, 2016 | |||||||||||||||||||||
| Average Balances | Interest | Yield / Rate | Average Balances | Interest | Yield / Rate | |||||||||||||||||
| Interest earning assets | ||||||||||||||||||||||
| Loans (1) | $ | 5,786,171 | $ | 64,055 | 4.40 | % | $ | 5,653,647 | $ | 62,999 | 4.48 | % | ||||||||||
| Investment securities (1) | 1,133,031 | 6,924 | 2.43 | % | 1,131,791 | 6,612 | 2.35 | % | ||||||||||||||
| Interest bearing deposits in other banks | 60,373 | 69 | 0.45 | % | 64,802 | 74 | 0.46 | % | ||||||||||||||
| Other earning assets (2) | 29,788 | 337 | 4.50 | % | 26,696 | 330 | 4.97 | % | ||||||||||||||
| Total interest earning assets | 7,009,363 | $ | 71,385 | 4.05 | % | 6,876,936 | $ | 70,015 | 4.09 | % | ||||||||||||
| Non-interest earning assets | 583,413 | 607,429 | ||||||||||||||||||||
| Total assets | $ | 7,592,776 | $ | 7,484,365 | ||||||||||||||||||
| Interest bearing liabilities | ||||||||||||||||||||||
| Time deposits | $ | 1,613,502 | $ | 3,992 | 0.98 | % | $ | 1,620,023 | $ | 4,018 | 1.00 | % | ||||||||||
| Money market | 1,225,743 | 1,132 | 0.37 | % | 1,184,532 | 1,028 | 0.35 | % | ||||||||||||||
| Interest bearing demand | 1,444,305 | 752 | 0.21 | % | 1,451,666 | 749 | 0.21 | % | ||||||||||||||
| Savings | 404,187 | 205 | 0.20 | % | 411,496 | 208 | 0.20 | % | ||||||||||||||
| Total interest bearing deposits | 4,687,737 | 6,081 | 0.52 | % | 4,667,717 | 6,003 | 0.52 | % | ||||||||||||||
| Short-term borrowings and FHLB advances | 558,313 | 635 | 0.45 | % | 485,850 | 515 | 0.43 | % | ||||||||||||||
| Long-term borrowings | 87,095 | 1,586 | 7.24 | % | 87,496 | 1,547 | 7.11 | % | ||||||||||||||
| Total interest bearing liabilities | 5,333,145 | 8,302 | 0.62 | % | 5,241,063 | 8,065 | 0.62 | % | ||||||||||||||
| Non-interest bearing demand | 1,188,771 | 1,187,056 | ||||||||||||||||||||
| Other liabilities | 48,997 | 42,319 | ||||||||||||||||||||
| Shareholders’ equity | 1,021,863 | 1,013,927 | ||||||||||||||||||||
| Total liabilities and shareholders’ equity | $ | 7,592,776 | $ | 7,484,365 | ||||||||||||||||||
| Net interest income and spread | $ | 63,083 | 3.43 | % | $ | 61,950 | 3.48 | % | ||||||||||||||
| Net interest margin | 3.58 | % | 3.62 | % | ||||||||||||||||||
(1) Presented on a fully tax equivalent basis (2) Includes Federal Home Loan Bank stocks
| CAPITAL BANK FINANCIAL CORP. | ||||||||||||||||||||||
| QUARTERLY AVERAGE BALANCES AND YIELDS | ||||||||||||||||||||||
| (Dollars in thousands) | ||||||||||||||||||||||
| (Unaudited) | ||||||||||||||||||||||
| Three Months Ended September 30, 2016 | Three Months Ended September 30, 2015 | |||||||||||||||||||||
| Average Balances | Interest | Yield / Rate | Average Balances | Interest | Yield / Rate | |||||||||||||||||
| Interest earning assets | ||||||||||||||||||||||
| Loans (1) | $ | 5,786,171 | $ | 64,055 | 4.40 | % | $ | 5,261,793 | $ | 62,461 | 4.71 | % | ||||||||||
| Investment securities (1) | 1,133,031 | 6,924 | 2.43 | % | 1,088,818 | 5,885 | 2.14 | % | ||||||||||||||
| Interest bearing deposits in other banks | 60,373 | 69 | 0.45 | % | 36,596 | 19 | 0.21 | % | ||||||||||||||
| Other earning assets (2) | 29,788 | 337 | 4.50 | % | 54,960 | 760 | 5.49 | % | ||||||||||||||
| Total interest earning assets | 7,009,363 | $ | 71,385 | 4.05 | % | 6,442,167 | $ | 69,125 | 4.26 | % | ||||||||||||
| Non-interest earning assets | 583,413 | 645,715 | ||||||||||||||||||||
| Total assets | $ | 7,592,776 | $ | 7,087,882 | ||||||||||||||||||
| Interest bearing liabilities | ||||||||||||||||||||||
| Time deposits | $ | 1,613,502 | $ | 3,992 | 0.98 | % | $ | 1,642,745 | $ | 3,957 | 0.96 | % | ||||||||||
| Money market | 1,225,743 | 1,132 | 0.37 | % | 977,273 | 658 | 0.27 | % | ||||||||||||||
| Interest bearing demand | 1,444,305 | 752 | 0.21 | % | 1,291,439 | 540 | 0.17 | % | ||||||||||||||
| Savings | 404,187 | 205 | 0.20 | % | 452,058 | 241 | 0.21 | % | ||||||||||||||
| Total interest bearing deposits | 4,687,737 | 6,081 | 0.52 | % | 4,363,515 | 5,396 | 0.49 | % | ||||||||||||||
| Short-term borrowings and FHLB advances | 558,313 | 635 | 0.45 | % | 428,249 | 272 | 0.25 | % | ||||||||||||||
| Long-term borrowings | 87,095 | 1,586 | 7.24 | % | 84,922 | 1,413 | 6.60 | % | ||||||||||||||
| Total interest bearing liabilities | 5,333,145 | 8,302 | 0.62 | % | 4,876,686 | 7,081 | 0.58 | % | ||||||||||||||
| Non-interest bearing demand | 1,188,771 | 1,116,757 | ||||||||||||||||||||
| Other liabilities | 48,997 | 46,117 | ||||||||||||||||||||
| Shareholders’ equity | 1,021,863 | 1,048,322 | ||||||||||||||||||||
| Total liabilities and shareholders’ equity | $ | 7,592,776 | $ | 7,087,882 | ||||||||||||||||||
| Net interest income and spread | $ | 63,083 | 3.43 | % | $ | 62,044 | 3.68 | % | ||||||||||||||
| Net interest margin | 3.58 | % | 3.82 | % | ||||||||||||||||||
| Nine Months Ended September 30, 2016 | Nine Months Ended September 30, 2015 | |||||||||||||||||||||
| Average Balances | Interest | Yield / Rate | Average Balances | Interest | Yield / Rate | |||||||||||||||||
| Interest earning assets | ||||||||||||||||||||||
| Loans (1) | $ | 5,684,143 | $ | 190,063 | 4.47 | % | $ | 5,129,607 | $ | 184,889 | 4.82 | % | ||||||||||
| Investment securities (1) | 1,129,129 | 20,020 | 2.37 | % | 1,047,451 | 16,324 | 2.08 | % | ||||||||||||||
| Interest bearing deposits in other banks | 66,100 | 227 | 0.46 | % | 50,187 | 88 | 0.23 | % | ||||||||||||||
| Other earning assets (2) | 27,216 | 981 | 4.81 | % | 51,167 | 2,093 | 5.47 | % | ||||||||||||||
| Total interest earning assets | 6,906,588 | $ | 211,291 | 4.09 | % | 6,278,412 | $ | 203,394 | 4.33 | % | ||||||||||||
| Non-interest earning assets | 602,904 | 665,016 | ||||||||||||||||||||
| Total assets | $ | 7,509,492 | $ | 6,943,428 | ||||||||||||||||||
| Interest bearing liabilities | ||||||||||||||||||||||
| Time deposits | $ | 1,640,959 | $ | 12,130 | 0.99 | % | $ | 1,506,488 | $ | 10,357 | 0.92 | % | ||||||||||
| Money market | 1,219,227 | 3,227 | 0.35 | % | 945,170 | 1,811 | 0.26 | % | ||||||||||||||
| Interest bearing demand | 1,422,389 | 2,149 | 0.20 | % | 1,356,300 | 1,710 | 0.17 | % | ||||||||||||||
| Savings | 411,729 | 640 | 0.21 | % | 477,698 | 765 | 0.21 | % | ||||||||||||||
| Total interest bearing deposits | 4,694,304 | $ | 18,146 | 0.52 | % | 4,285,656 | $ | 14,643 | 0.46 | % | ||||||||||||
| Short-term borrowings and FHLB advances | 501,892 | 1,680 | 0.45 | % | 336,791 | 597 | 0.24 | % | ||||||||||||||
| Long-term borrowings | 86,860 | 4,644 | 7.14 | % | 116,922 | 4,784 | 5.47 | % | ||||||||||||||
| Total interest bearing liabilities | 5,283,056 | 24,470 | 0.62 | % | 4,739,369 | 20,024 | 0.56 | % | ||||||||||||||
| Non-interest bearing demand | 1,171,599 | 1,102,393 | ||||||||||||||||||||
| Other liabilities | 44,594 | 44,891 | ||||||||||||||||||||
| Shareholders’ equity | 1,010,244 | 1,056,775 | ||||||||||||||||||||
| Total liabilities and shareholders’ equity | $ | 7,509,493 | $ | 6,943,428 | ||||||||||||||||||
| Net interest income and spread | $ | 186,821 | 3.47 | % | $ | 183,370 | 3.77 | % | ||||||||||||||
| Net interest margin | 3.61 | % | 3.90 | % | ||||||||||||||||||
(1) Presented on a fully tax equivalent basis (2) Includes Federal Home Loan Bank stocks
| CAPITAL BANK FINANCIAL CORP. | ||||||||||||||||||||||||
| RECONCILIATION OF NON-GAAP MEASURES | ||||||||||||||||||||||||
| (Dollars in thousands) | ||||||||||||||||||||||||
| (Unaudited) | ||||||||||||||||||||||||
| CORE NET INCOME | Three Months Ended | |||||||||||||||||||||||
| Sep 30, 2016 | Jun 30, 2016 | Dec 31, 2015 | ||||||||||||||||||||||
| Net Income | $ | 18,488 | $ | 18,488 | $ | 17,402 | $ | 17,402 | $ | 15,021 | $ | 15,021 | ||||||||||||
| Pre-Tax | After-Tax | Pre-Tax | After-Tax | Pre-Tax | After-Tax | |||||||||||||||||||
| Adjustments | ||||||||||||||||||||||||
| Non-interest income | ||||||||||||||||||||||||
| Security (gains) losses* | (71 | ) | (44 | ) | (117 | ) | (72 | ) | (54 | ) | (33 | ) | ||||||||||||
| Non-interest expense | ||||||||||||||||||||||||
| Legal Settlement | 1,500 | 927 | — | — | — | — | ||||||||||||||||||
| Tax Adjustment | (1,067 | ) | (1,067 | ) | — | — | — | — | ||||||||||||||||
| Restructuring expense* | (113 | ) | (70 | ) | 5 | 3 | 32 | 20 | ||||||||||||||||
| Conversion costs and merger tax deductible* | 331 | 205 | 881 | 544 | 33 | 20 | ||||||||||||||||||
| Legal merger non deductible | 61 | 61 | 355 | 355 | 673 | 673 | ||||||||||||||||||
| Contract termination* | — | — | — | — | 4,215 | 2,594 | ||||||||||||||||||
| Tax effect of adjustments* | (629 | ) | N/A | (294 | ) | N/A | (1,625 | ) | N/A | |||||||||||||||
| Core Net Income | $ | 18,500 | $ | 18,500 | $ | 18,232 | $ | 18,232 | $ | 18,295 | $ | 18,295 | ||||||||||||
| Diluted shares | 43,909 | 43,879 | 44,550 | |||||||||||||||||||||
| Core Net Income per share | $ | 0.42 | $ | 0.42 | $ | 0.41 | ||||||||||||||||||
| Average Assets | 7,592,776 | 7,484,365 | 7,332,516 | |||||||||||||||||||||
| ROA** | 0.97 | % | 0.93 | % | 0.82 | % | ||||||||||||||||||
| Core ROA*** | 0.97 | % | 0.97 | % | 1.00 | % | ||||||||||||||||||
* Tax effected at an income tax rate of 38% ** ROA: Annualized net income / Average assets *** Core ROA: Annualized core net income / Average assets
| CAPITAL BANK FINANCIAL CORP. | |||||||||||||||||||
| RECONCILIATION OF NON-GAAP MEASURES (Continuation) | |||||||||||||||||||
| (Dollars in thousands) | |||||||||||||||||||
| (Unaudited) | |||||||||||||||||||
| CORE EFFICIENCY RATIO | Three Months Ended | ||||||||||||||||||
| Sep 30, 2016 | Jun 30, 2016 | Mar 31, 2016 | Dec 31, 2015 | Sep 30, 2015 | |||||||||||||||
| Net interest income | $ | 62,627 | $ | 61,515 | $ | 61,367 | $ | 62,078 | $ | 61,637 | |||||||||
| Reported non-interest income | 12,370 | 11,922 | 2,566 | 10,597 | 11,418 | ||||||||||||||
| Indemnification asset termination | — | — | (9,178 | ) | — | — | |||||||||||||
| Less: Securities gains (losses) | 71 | 117 | 40 | 54 | (43 | ) | |||||||||||||
| Core non-interest income | $ | 12,299 | $ | 11,805 | $ | 11,704 | $ | 10,543 | $ | 11,461 | |||||||||
| Reported non-interest expense | $ | 47,530 | $ | 44,536 | $ | 46,938 | $ | 47,756 | $ | 48,346 | |||||||||
| Less: Severance expense | — | — | 75 | — | 63 | ||||||||||||||
| Conversion costs and merger tax deductible | 331 | 881 | 1,107 | 33 | — | ||||||||||||||
| Legal settlement | 1,500 | — | — | — | — | ||||||||||||||
| Legal merger non deductible | 61 | 355 | 580 | — | — | ||||||||||||||
| Restructuring expense | (113 | ) | 5 | 142 | — | 23 | |||||||||||||
| Contract termination | — | — | — | 4,215 | — | ||||||||||||||
| Conversion and severance expenses (conversion and merger expenses and salaries and employees benefits) | — | — | — | 704 | — | ||||||||||||||
| Core non-interest expense | $ | 45,751 | $ | 43,295 | $ | 45,034 | $ | 42,804 | $ | 48,260 | |||||||||
| Efficiency ratio* | 63.38 | % | 60.65 | % | 73.42 | % | 65.71 | % | 66.18 | % | |||||||||
| Core efficiency ratio** | 61.06 | % | 59.05 | % | 61.63 | % | 58.94 | % | 66.02 | % | |||||||||
* Efficiency Ratio: Non-interest expense / (Non-interest income + Net interest income) ** Core Efficiency Ratio: Core non-interest expense / (Core non-interest income + Net interest income)
| CAPITAL BANK FINANCIAL CORP. | ||||||||||||||||||||
| RECONCILIATION OF NON-GAAP MEASURES (Continuation) | ||||||||||||||||||||
| (Dollars and shares in thousands, except per share data) | ||||||||||||||||||||
| (Unaudited) | ||||||||||||||||||||
| TANGIBLE BOOK VALUE | Three Months Ended | |||||||||||||||||||
| Sep 30, 2016 | Jun 30, 2016 | Mar 31, 2016 | Dec 31, 2015 | Sep 30, 2015 | ||||||||||||||||
| Total shareholders' equity | $ | 1,029,841 | $ | 1,016,498 | $ | 996,993 | $ | 986,265 | $ | 1,022,642 | ||||||||||
| Less: goodwill and intangible assets, net of taxes | (142,141 | ) | (142,725 | ) | (143,304 | ) | (143,863 | ) | (144,447 | ) | ||||||||||
| Tangible book value* | $ | 887,700 | $ | 873,773 | $ | 853,689 | $ | 842,402 | $ | 878,195 | ||||||||||
| Common shares outstanding | 43,235 | 43,219 | 43,189 | 43,143 | 44,466 | |||||||||||||||
| Tangible book value per share | $ | 20.53 | $ | 20.22 | $ | 19.77 | $ | 19.53 | $ | 19.75 | ||||||||||
* Tangible book value is equal to book value less goodwill and core deposit intangibles, net of related deferred tax liabilities.
| TANGIBLE COMMON EQUITY RATIO | Three Months Ended | |||||||||||||||||||
| Sep 30, 2016 | Jun 30, 2016 | Mar 31, 2016 | Dec 31, 2015 | Sep 30, 2015 | ||||||||||||||||
| Total shareholders' equity | $ | 1,029,841 | $ | 1,016,498 | $ | 996,993 | $ | 986,265 | $ | 1,022,642 | ||||||||||
| Less: goodwill and intangible assets | (146,810 | ) | (147,753 | ) | (148,688 | ) | (149,622 | ) | (150,567 | ) | ||||||||||
| Tangible common equity | $ | 883,031 | $ | 868,745 | $ | 848,305 | $ | 836,643 | $ | 872,075 | ||||||||||
| Total assets | $ | 7,792,458 | $ | 7,621,225 | $ | 7,479,798 | $ | 7,449,479 | $ | 7,261,196 | ||||||||||
| Less: goodwill and intangible assets | (146,810 | ) | (147,753 | ) | (148,688 | ) | (149,622 | ) | (150,567 | ) | ||||||||||
| Tangible assets | $ | 7,645,648 | $ | 7,473,472 | $ | 7,331,110 | $ | 7,299,857 | $ | 7,110,629 | ||||||||||
| Tangible common equity ratio | 11.55 | % | 11.62 | % | 11.57 | % | 11.46 | % | 12.26 | % | ||||||||||
CONTACT: Kenneth A. Posner Chief of Strategic Planning and Investor Relations Phone: (212) 399-4020 E-mail: Kposner@cbfcorp.com
