Capital Bank Financial Q2 Profit Rises - Quick Facts

(RTTNews) - Capital Bank Financial Corp. (CBF) reported second quarter 2013 net income attributable to the company of $11.1 million, or $0.21 per share, up from $5.51 million or $0.12 per share last year.

Core net income for the second quarter of 2013 was $12.1 million, or $0.22 per share.

Analysts polled by Thomson Reuters expected the company to report earnings of $0.22 per share. Analysts' estimates typically exclude special items.

Core adjustments for the second quarter of 2013 included $1.3 million of non-cash equity compensation associated with original founder awards, $0.2 million of contingent value right ("CVR") expense, a $0.2 million gain on investment securities, and $0.1 million of merger related costs.

The provision for loan losses of $3.9 million recorded for the second quarter of 2013 includes a $2.0 million provision for originated loans and $1.9 million in impairment due to reduced cash flow expectations on certain acquired impaired loan pools.

Net interest income for the second quarter of 2013 decreased by approximately $0.7 million, or 1%, to $67.2 million from $67.8 million for the first quarter of 2013 and increased $3.8 million, or 6%, from the second quarter of 2012.

Non-interest income increased $2.6 million to $13.5 million for the second quarter of 2013 from $10.9 million for the first quarter of 2013 and increased $1.3 million from $12.2 million for the second quarter of 2012. The increase in the quarter was mainly driven by a quarter over quarter decrease in FDIC indemnification asset amortization of $1.1 million.