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Capital Bank Financial Reports In Line Q1 Core EPS

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Capital Bank Financial Corp (NASDAQ: CBF) said that its net income dropped 14 percent to $9.8 million in the first quarter from $11.39 million in the year-ago quarter. Similarly, its earnings also fell 8.3 percent to $0.22 per share from $0.24 per share in the previous year quarter. However, its core net income was $16.9 million or earnings of $0.38 a share. This was in line with the Street analysts' expectations of $0.38 a share.

Capital Bank Financial's net interest income rose to $61.37 million from $59.73 million while total non-interest income dropped to $2.57 million from $9.92 million in the same quarter last year. Street analysts expected $72.85 million revenue.

The company's Chairman and CEO, Gene Taylor, said "The highlight of the quarter was strong core deposit growth, tight expense control, and excellent credit metrics. As anticipated, loan portfolio growth slowed in the first quarter, reflecting the decision to put Capital Bank's prime indirect auto portfolio into run-off during the fourth quarter, which is one component of our strategy to improve profitability over the next two years."

Capital Bank's CFO, Chris Marshall, added "Integration planning for CommunityOne merger is nearly complete, thanks to hard work by teammates at both banks. We are looking forward to doing even more business with our customers upon closing."

The company stated its total deposits recorded 11 percent year-over-year growth while loan portfolio also advanced 11 percent. The company declared a dividend of $0.10 a share.

 

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Posted-In: Earnings News Dividends