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Share Name | Share Symbol | Market | Type |
---|---|---|---|
Capital Bank Corp. (MM) | NASDAQ:CBKN | NASDAQ | Common Stock |
Price Change | % Change | Share Price | Bid Price | Offer Price | High Price | Low Price | Open Price | Shares Traded | Last Trade | |
---|---|---|---|---|---|---|---|---|---|---|
0.00 | 0.00% | 2.45 | 0 | 01:00:00 |
North Carolina
|
000-30062
|
56-2101930
|
||
(State or other jurisdiction of
incorporation or organization)
|
(Commission
File Number)
|
(I.R.S. Employer
Identification No.)
|
Large accelerated filer
o
|
Accelerated filer
o
|
||
Non-accelerated filer
o
(Do not check if a smaller reporting company)
|
Smaller reporting company
þ
|
PART I – FINANCIAL INFORMATION
|
Page No.
|
||
Item 1.
|
|||
Unaudited Condensed Consolidated Balance Sheets as of March 31, 2012 (Successor) and December 31, 2011 (Successor)
|
3
|
||
Unaudited Condensed Consolidated Statements of Operations for the Three Months Ended March 31, 2012 (Successor), the Period of January 29, 2011 to March 31, 2011 (Successor) and the Period of January 1, 2011 to January 28, 2011 (Predecessor)
|
4
|
||
Unaudited Condensed Consolidated Statements of Comprehensive Income for the Three Months Ended March 31, 2012 (Successor), the Period of January 29, 2011 to March 31, 2011 (Successor) and the Period of January 1, 2011 to January 28, 2011 (Predecessor)
|
5
|
||
Unaudited Condensed Consolidated Statements of Changes in Shareholders’ Equity for the Three Months Ended March 31, 2012 (Successor), the Period of January 29, 2011 to March 31, 2011 (Successor) and the Period of January 1, 2011 to January 28, 2011 (Predecessor)
|
6
|
||
Unaudited Condensed Consolidated Statements of Cash Flows for the Three Months Ended March 31, 2012 (Successor), the Period of January 29, 2011 to March 31, 2011 (Successor) and the Period of January 1, 2011 to January 28, 2011 (Predecessor)
|
7
|
||
Unaudited Notes to Condensed Consolidated Financial Statements
|
9
|
||
Item 2.
|
19
|
||
Item 3.
|
25
|
||
Item 4.
|
26
|
||
PART II – OTHER INFORMATION
|
|||
Item 1.
|
27
|
||
Item 1A.
|
27
|
||
Item 2.
|
27
|
||
Item 3.
|
27
|
||
Item 4.
|
27
|
||
Item 5.
|
27
|
||
Item 6.
|
28
|
||
Signatures
|
Successor Company
|
|||||||
(Dollars in thousands)
|
Mar. 31, 2012
|
Dec. 31, 2011
|
|||||
Assets
|
|||||||
Cash and due from banks
|
$
|
1,820
|
$
|
2,163
|
|||
Total cash and cash equivalents
|
1,820
|
2,163
|
|||||
Investment in and advance to Capital Bank, NA
|
249,584
|
247,121
|
|||||
Other assets
|
581
|
458
|
|||||
Total assets
|
$
|
251,985
|
$
|
249,742
|
|||
Liabilities
|
|||||||
Subordinated debentures
|
$
|
19,212
|
$
|
19,163
|
|||
Other liabilities
|
5,788
|
5,715
|
|||||
Total liabilities
|
25,000
|
24,878
|
|||||
Shareholders’ Equity
|
|||||||
Common stock, no par value; 300,000,000 shares authorized; 85,802,164 and shares issued and outstanding
|
218,829
|
218,826
|
|||||
Retained earnings (accumulated deficit)
|
8,010
|
5,267
|
|||||
Accumulated other comprehensive income (loss)
|
146
|
771
|
|||||
Total shareholders’ equity
|
226,985
|
224,864
|
|||||
Total liabilities and shareholders’ equity
|
$
|
251,985
|
$
|
249,742
|
Successor
Company
|
Predecessor
Company
|
||||||||||
(Dollars in thousands except per share data)
|
Three Months
Ended
Mar. 31, 2012
|
Jan. 29, 2011
to
Mar. 31, 2011
|
Jan. 1, 2011
to
Jan. 28, 2011
|
||||||||
Interest income:
|
|||||||||||
Loans and loan fees
|
$
|
–
|
$
|
11,056
|
$
|
5,479
|
|||||
Investment securities:
|
|||||||||||
Taxable interest income
|
–
|
990
|
391
|
||||||||
Tax-exempt interest income
|
–
|
159
|
74
|
||||||||
Dividends
|
–
|
29
|
–
|
||||||||
Federal funds and other interest income
|
85
|
47
|
11
|
||||||||
Total interest income
|
85
|
12,281
|
5,955
|
||||||||
Interest expense:
|
|||||||||||
Deposits
|
–
|
1,774
|
1,551
|
||||||||
Borrowings and subordinated debentures
|
362
|
486
|
445
|
||||||||
Total interest expense
|
362
|
2,260
|
1,996
|
||||||||
Net interest income
|
(277
|
)
|
10,021
|
3,959
|
|||||||
Provision for loan losses
|
–
|
167
|
40
|
||||||||
Net interest income (loss) after provision for loan losses
|
(277
|
)
|
9,854
|
3,919
|
|||||||
Noninterest income:
|
|||||||||||
Equity income from investment in Capital Bank, NA
|
3,088
|
–
|
–
|
||||||||
Service charges and other fees
|
–
|
548
|
291
|
||||||||
Bank card services
|
–
|
300
|
174
|
||||||||
Mortgage origination and other loan fees
|
–
|
263
|
210
|
||||||||
Brokerage fees
|
–
|
96
|
78
|
||||||||
Bank-owned life insurance
|
–
|
20
|
10
|
||||||||
Other
|
–
|
25
|
69
|
||||||||
Total noninterest income
|
3,088
|
1,252
|
832
|
||||||||
Noninterest expense:
|
|||||||||||
Salaries and employee benefits
|
–
|
3,957
|
1,977
|
||||||||
Occupancy
|
–
|
1,140
|
548
|
||||||||
Furniture and equipment
|
–
|
544
|
275
|
||||||||
Data processing and telecommunications
|
–
|
276
|
180
|
||||||||
Advertising and public relations
|
–
|
181
|
131
|
||||||||
Office expenses
|
–
|
229
|
93
|
||||||||
Professional fees
|
–
|
335
|
190
|
||||||||
Business development and travel
|
–
|
246
|
87
|
||||||||
Amortization of other intangible assets
|
–
|
191
|
62
|
||||||||
ORE losses and miscellaneous loan costs
|
–
|
523
|
176
|
||||||||
Directors’ fees
|
–
|
40
|
68
|
||||||||
FDIC deposit insurance
|
–
|
563
|
266
|
||||||||
Contract termination fees
|
–
|
3,581
|
–
|
||||||||
Other
|
157
|
423
|
102
|
||||||||
Total noninterest expense
|
157
|
12,229
|
4,155
|
||||||||
Net income (loss) before taxes
|
2,654
|
(1,123
|
)
|
596
|
|||||||
Income tax expense (benefit)
|
(89
|
)
|
(549
|
)
|
–
|
||||||
Net income (loss)
|
2,743
|
(574
|
)
|
596
|
|||||||
Dividends and accretion on preferred stock
|
–
|
–
|
861
|
||||||||
Net income (loss) attributable to common shareholders
|
$
|
2,743
|
$
|
(574
|
)
|
$
|
(265
|
)
|
|||
Earnings (loss) per common share – basic
|
$
|
0.03
|
$
|
(0.01
|
)
|
$
|
(0.02
|
)
|
|||
Earnings (loss) per common share – diluted
|
$
|
0.03
|
$
|
(0.01
|
)
|
$
|
(0.02
|
)
|
Successor
Company
|
Predecessor
Company
|
||||||||||
(Dollars in thousands)
|
Three Months
Ended
Mar. 31, 2012
|
Jan. 29, 2011
to
Mar. 31, 2011
|
Jan. 1, 2011
to
Jan. 28, 2011
|
||||||||
Net income (loss)
|
$
|
2,743
|
$
|
(574
|
)
|
$
|
596
|
||||
Other comprehensive income (loss):
|
|||||||||||
Unrealized gains (losses) on securities – available for sale
|
(1,025
|
)
|
2,235
|
(528
|
)
|
||||||
Amortization of prior service cost on SERP
|
–
|
–
|
1
|
||||||||
Income tax effect
|
400
|
(862
|
)
|
204
|
|||||||
Other comprehensive income (loss), net of tax
|
(625
|
)
|
1,373
|
(323
|
)
|
||||||
Comprehensive income
|
$
|
2,118
|
$
|
799
|
$
|
273
|
Preferred Stock
|
Common Stock
|
Other
Comprehensive
Income
|
Retained
Earnings
(Accumulated
|
||||||||||||||||||
Successor Company
|
Shares
|
Amount
|
Shares
|
Amount
|
(Loss)
|
Deficit)
|
Total
|
||||||||||||||
(Dollars in thousands)
|
|||||||||||||||||||||
Balance at January 1, 2012
|
–
|
$
|
–
|
85,802,164
|
$
|
218,826
|
$
|
771
|
$
|
5,267
|
$
|
224,864
|
|||||||||
Comprehensive income:
|
|||||||||||||||||||||
Net income
|
2,743
|
2,743
|
|||||||||||||||||||
Other comprehensive income, net of tax benefit of $400
|
(625
|
)
|
(625
|
)
|
|||||||||||||||||
Total comprehensive income
|
2,118
|
||||||||||||||||||||
Stock option expense
|
3
|
3
|
|||||||||||||||||||
Balance at March 31, 2012
|
–
|
$
|
–
|
85,802,164
|
$
|
218,829
|
$
|
146
|
$
|
8,010
|
$
|
226,985
|
|||||||||
Balance at January 28, 2011
|
–
|
$
|
–
|
83,877,846
|
$
|
224,085
|
$
|
–
|
$
|
–
|
$
|
224,085
|
|||||||||
Comprehensive income:
|
|||||||||||||||||||||
Net income
|
(574
|
)
|
(574
|
)
|
|||||||||||||||||
Other comprehensive income, net of tax of $862
|
1,373
|
1,373
|
|||||||||||||||||||
Total comprehensive income
|
799
|
||||||||||||||||||||
Issuance of common stock, net of offering costs of $300
|
1,613,165
|
3,814
|
3,814
|
||||||||||||||||||
Stock option expense
|
69
|
69
|
|||||||||||||||||||
Restricted stock forfeiture
|
(1,751
|
)
|
(7
|
)
|
(7
|
)
|
|||||||||||||||
Balance at March 31, 2011
|
–
|
$
|
–
|
85,489,260
|
$
|
227,961
|
$
|
1,373
|
$
|
(574
|
)
|
$
|
228,760
|
||||||||
Preferred Stock
|
Common Stock
|
Other
Comprehensive
Income
|
Retained
Earnings
(Accumulated
|
||||||||||||||||||
Predecessor Company
|
Shares
|
Amount
|
Shares
|
Amount
|
(Loss)
|
Deficit)
|
Total
|
||||||||||||||
(Dollars in thousands)
|
|||||||||||||||||||||
Balance at January 1, 2011
|
41,279
|
$
|
40,418
|
12,877,846
|
$
|
145,594
|
$
|
(1,297
|
)
|
$
|
(108,027
|
)
|
$
|
76,688
|
|||||||
Comprehensive income:
|
|||||||||||||||||||||
Net income
|
596
|
596
|
|||||||||||||||||||
Other comprehensive income, net of tax benefit of $204
|
(323
|
)
|
(323
|
)
|
|||||||||||||||||
Total comprehensive income
|
273
|
||||||||||||||||||||
Accretion of preferred stock discount
|
24
|
(24
|
)
|
–
|
|||||||||||||||||
Stock option expense
|
5
|
5
|
|||||||||||||||||||
Directors’ deferred compensation
|
35
|
35
|
|||||||||||||||||||
Dividends on preferred stock
|
(172
|
)
|
(172
|
)
|
|||||||||||||||||
Balance at January 28, 2011
|
41,279
|
$
|
40,442
|
12,877,846
|
$
|
145,634
|
$
|
(1,620
|
)
|
$
|
(107,627
|
)
|
$
|
76,829
|
Successor
Company
|
Predecessor
Company
|
||||||||||
(Dollars in thousands)
|
Three Months
Ended
Mar. 31, 2012
|
Jan. 29, 2011
to
Mar. 31, 2011
|
Jan. 1, 2011
to
Jan. 28, 2011
|
||||||||
Cash flows from operating activities:
|
|||||||||||
Net income (loss)
|
$
|
2,743
|
$
|
(574
|
)
|
$
|
596
|
||||
Adjustments to reconcile net income (loss) to net cash provided by (used in) operating activities:
|
|||||||||||
Equity income from investment in Capital Bank, NA
|
(3,088
|
)
|
–
|
–
|
|||||||
Accretion of purchased credit-impaired loans
|
–
|
(10,265
|
)
|
–
|
|||||||
Amortization/accretion on acquired liabilities, net
|
49
|
(1,441
|
)
|
–
|
|||||||
Provision for loan losses
|
–
|
167
|
40
|
||||||||
Amortization of other intangible assets
|
–
|
191
|
62
|
||||||||
Depreciation
|
–
|
490
|
240
|
||||||||
Stock-based compensation
|
3
|
137
|
42
|
||||||||
Amortization of premium on securities, net
|
–
|
238
|
171
|
||||||||
(Gain) loss on disposal of premises, equipment and ORE
|
–
|
(102
|
)
|
26
|
|||||||
ORE valuation adjustments
|
–
|
131
|
–
|
||||||||
Bank-owned life insurance income
|
–
|
(20
|
)
|
(10
|
)
|
||||||
Deferred income tax expense (benefit)
|
(18
|
)
|
–
|
–
|
|||||||
Net change in:
|
|||||||||||
Mortgage loans held for sale
|
–
|
1,145
|
4,424
|
||||||||
Accrued interest receivable and other assets
|
(123
|
)
|
(554
|
)
|
(1,309
|
)
|
|||||
Accrued interest payable and other liabilities
|
91
|
2,696
|
(3,939
|
)
|
|||||||
Net cash provided by (used in) operating activities
|
(343
|
)
|
(7,761
|
)
|
343
|
||||||
Cash flows from investing activities:
|
|||||||||||
Principal repayments on loans, net of loans originated or acquired
|
–
|
19,380
|
14,547
|
||||||||
Purchases of premises and equipment
|
–
|
(241
|
)
|
(307
|
)
|
||||||
Proceeds from sales of premises, equipment and ORE
|
–
|
1,485
|
20
|
||||||||
Purchases of securities – available for sale
|
–
|
(88,209
|
)
|
(6,840
|
)
|
||||||
Proceeds from principal repayments/calls/maturities of securities – available for sale
|
–
|
10,577
|
3,936
|
||||||||
Net cash provided by (used in) investing activities
|
–
|
(57,008
|
)
|
11,356
|
|||||||
(continued on next page)
|
Successor
Company
|
Predecessor
Company
|
||||||||||
(Dollars in thousands)
|
Three Months
Ended
Mar. 31, 2012
|
Jan. 29, 2011
to
Mar. 31, 2011
|
Jan. 1, 2011
to
Jan. 28, 2011
|
||||||||
Cash flows from financing activities:
|
|||||||||||
Decrease in deposits, net
|
–
|
(650
|
)
|
(4,960
|
)
|
||||||
Principal repayments of borrowings
|
–
|
(30,000
|
)
|
(5,000
|
)
|
||||||
Repurchase of preferred stock
|
–
|
–
|
(41,279
|
)
|
|||||||
Proceeds from CBF Investment
|
–
|
–
|
181,050
|
||||||||
Proceeds from issuance of common stock, net of offering costs
|
–
|
3,814
|
–
|
||||||||
Net cash provided by (used in) financing activities
|
–
|
(26,836
|
)
|
129,811
|
|||||||
Net change in cash and cash equivalents
|
$
|
(343
|
)
|
$
|
(91,605
|
)
|
$
|
141,510
|
|||
Cash and cash equivalents at beginning of period
|
2,163
|
208,255
|
66,745
|
||||||||
Cash and cash equivalents at end of period
|
$
|
1,820
|
$
|
116,650
|
$
|
208,255
|
|||||
Supplemental Disclosure of Cash Flow Information
|
|||||||||||
Noncash investing activities:
|
|||||||||||
Transfers of loans and premises to ORE
|
$
|
–
|
$
|
1,646
|
$
|
248
|
|||||
Transfers of OREO to loans
|
–
|
857
|
146
|
||||||||
Cash paid for (received from):
|
|||||||||||
Income taxes
|
$
|
–
|
$
|
–
|
$
|
–
|
|||||
Interest
|
318
|
4,088
|
1,531
|
Capital Bank, NA
|
Three Months
Ended
Mar. 31, 2012
|
|||
(Dollars in thousands)
|
||||
Interest income
|
$
|
74,132
|
||
Interest expense
|
8,725
|
|||
Net interest income
|
65,407
|
|||
Provision for loan losses
|
5,376
|
|||
Noninterest income
|
14,614
|
|||
Noninterest expense
|
55,217
|
|||
Net income
|
|
11,907
|
Successor
Company
|
Predecessor
Company
|
||||||||||
(Dollars in thousands except per share data)
|
Three Months
Ended
Mar. 31, 2012
|
Jan. 29, 2011
to
Mar. 31, 2011
|
Jan. 1, 2011
to
Jan. 28, 2011
|
||||||||
Net income (loss) attributable to common shareholders
|
$
|
2,743
|
$
|
(574
|
)
|
$
|
(265
|
)
|
|||
Shares used in the computation of earnings per share:
|
|||||||||||
Weighted average number of shares outstanding – basic
|
85,802,164
|
84,970,748
|
13,188,612
|
||||||||
Incremental shares from assumed exercise of stock options
|
–
|
–
|
–
|
||||||||
Weighted average number of shares outstanding – diluted
|
85,802,164
|
84,970,748
|
13,188,612
|
||||||||
Earnings (loss) per common share – basic
|
$
|
0.03
|
$
|
(0.01
|
)
|
$
|
(0.02
|
)
|
|||
Earnings (loss) per common share – diluted
|
$
|
0.03
|
$
|
(0.01
|
)
|
$
|
(0.02
|
)
|
Successor
Company
|
Predecessor
Company
|
||||||||||
Three Months
Ended
Mar. 31, 2012
|
Jan. 29, 2011
to
Mar. 31, 2011
|
Jan. 1, 2011
to
Jan. 28, 2011
|
|||||||||
Anti-dilutive stock options
|
|
141,600
|
|
296,880
|
|
297,880
|
|||||
Anti-dilutive warrants
|
–
|
–
|
749,619
|
Successor
Company
|
Predecessor
Company
|
||||||||||
(Dollars in thousands)
|
Three Months
Ended
Mar. 31, 2012
|
Jan. 29, 2011
to
Mar. 31, 2011
|
Jan. 1, 2011
to
Jan. 28, 2011
|
||||||||
Balance at beginning of period, predecessor
|
$
|
–
|
$
|
–
|
$
|
36,061
|
|||||
Loans charged off
|
–
|
–
|
(49
|
)
|
|||||||
Recoveries of loans previously charged off
|
–
|
–
|
9
|
||||||||
Net charge-offs
|
–
|
–
|
(40
|
)
|
|||||||
Provision for loan losses
|
–
|
167
|
40
|
||||||||
Balance at the end of period, predecessor
|
–
|
–
|
36,061
|
||||||||
Acquisition accounting adjustment
|
–
|
–
|
(36,061
|
)
|
|||||||
Balance at end of period, successor
|
$
|
–
|
$
|
167
|
$
|
–
|
Successor
Company
|
Predecessor
Company
|
|||||||||||||||||||
Three Months Ended
Mar. 31, 2012
|
Period of Jan. 29
to Mar. 31, 2011
|
Period of Jan. 1
to Jan. 28, 2011
|
||||||||||||||||||
Shares
|
WAEP
|
Shares
|
WAEP
|
Shares
|
WAEP
|
|||||||||||||||
Outstanding options, beginning of period
|
193,600
|
$
|
13.11
|
297,880
|
$
|
12.11
|
297,880
|
$
|
12.11
|
|||||||||||
Granted
|
–
|
–
|
–
|
–
|
–
|
–
|
||||||||||||||
Exercised
|
–
|
–
|
–
|
–
|
–
|
–
|
||||||||||||||
Forfeited and expired
|
(52,000
|
)
|
13.73
|
(1,000
|
)
|
11.29
|
–
|
–
|
||||||||||||
Outstanding options, end of period
|
141,600
|
$
|
12.89
|
296,880
|
$
|
12.12
|
297,880
|
$
|
12.11
|
|||||||||||
Options exercisable at end of period
|
128,000
|
$
|
13.53
|
257,680
|
$
|
12.96
|
226,430
|
$
|
13.53
|
Exercise Price
|
Number
Outstanding
|
Weighted Average
Remaining Contractual
Life in Years
|
Number
Exercisable
|
Intrinsic
Value
|
|||||||||
$3.85 – $6.00
|
46,350
|
7.22
|
34,350
|
$
|
–
|
||||||||
$6.01 – $9.00
|
–
|
–
|
–
|
–
|
|||||||||
$9.01 – $12.00
|
2,500
|
5.90
|
2,500
|
–
|
|||||||||
$12.01 – $15.00
|
16,000
|
5.52
|
14,400
|
–
|
|||||||||
$15.01 – $18.00
|
39,000
|
3.65
|
39,000
|
–
|
|||||||||
$18.01 – $18.37
|
37,750
|
2.75
|
37,750
|
–
|
|||||||||
141,600
|
4.83
|
128,000
|
$
|
–
|
Level 1:
|
Quoted prices (unadjusted) for identical assets or liabilities in active markets that the entity has the ability to access as of the measurement date;
|
|
Level 2:
|
Significant other observable inputs other than Level 1 prices such as quoted prices for similar assets or liabilities, quoted prices in markets that are not active or other inputs that are observable or can be corroborated by observable market data; and
|
|
Level 3:
|
Significant unobservable inputs that reflect a reporting entity’s own assumptions about the assumptions that market participants would use in pricing an asset or liability.
|
Successor
Company
|
Predecessor
Company
|
||||||||||
(Dollars in thousands)
|
Three Months
Ended
Mar. 31, 2012
|
Jan. 29, 2011
to
Mar. 31, 2011
|
Jan. 1, 2011
to
Jan. 28, 2011
|
||||||||
Balance at beginning of period
|
$
|
–
|
$
|
1,107
|
$
|
1,300
|
|||||
Total unrealized losses included in:
|
|||||||||||
Net income
|
–
|
–
|
–
|
||||||||
Other comprehensive income
|
–
|
–
|
(193
|
)
|
|||||||
Purchases, sales and issuances, net
|
–
|
–
|
–
|
||||||||
Transfers into Level 3
|
–
|
–
|
–
|
||||||||
Balance at end of period
|
$
|
–
|
$
|
1,107
|
$
|
1,107
|
Successor Company
|
||||||||||||||||
Fair Value Measurements
|
||||||||||||||||
(Dollars in thousands)
|
Carrying
Amount
|
Estimated
Fair Value
|
Quoted Prices in
Active Markets
(Level 1)
|
Significant Other
Observable
Inputs
(Level 2)
|
Significant
Unobservable
Inputs
(Level 3)
|
|||||||||||
March 31, 2012
|
||||||||||||||||
Financial Assets:
|
||||||||||||||||
Cash and cash equivalents
|
$
|
1,820
|
$
|
1,820
|
$
|
1,820
|
$
|
–
|
$
|
–
|
||||||
Accrued interest receivable
|
11
|
11
|
–
|
11
|
–
|
|||||||||||
Financial Liabilities:
|
||||||||||||||||
Subordinated debentures
|
$
|
19,212
|
$
|
22,825
|
$
|
–
|
$
|
22,825
|
$
|
–
|
||||||
Accrued interest payable
|
76
|
76
|
–
|
76
|
–
|
|||||||||||
December 31, 2011
|
||||||||||||||||
Financial Assets:
|
||||||||||||||||
Cash and cash equivalents
|
$
|
2,163
|
$
|
2,163
|
$
|
2,163
|
$
|
–
|
$
|
–
|
||||||
Accrued interest receivable
|
11
|
11
|
–
|
11
|
–
|
|||||||||||
Financial Liabilities:
|
||||||||||||||||
Subordinated debentures
|
$
|
19,163
|
$
|
22,205
|
$
|
–
|
$
|
22,205
|
$
|
–
|
||||||
Accrued interest payable
|
76
|
73
|
–
|
73
|
–
|
Successor Company
|
|||||||||||||||||||
Minimum Requirements To Be:
|
|||||||||||||||||||
Actual
|
Adequately Capitalized
|
Well Capitalized
|
|||||||||||||||||
(Dollars in thousands)
|
Amount
|
Ratio
|
Amount
|
Ratio
|
Amount
|
Ratio
|
|||||||||||||
March 31, 2012
|
|||||||||||||||||||
Total capital (to risk-weighted assets)
|
$
|
246,197
|
98.27
|
%
|
$
|
20,042
|
8.00
|
%
|
n/a
|
n/a
|
|||||||||
Tier I capital (to risk-weighted assets)
|
242,611
|
96.84
|
10,021
|
4.00
|
n/a
|
n/a
|
|||||||||||||
Tier I capital (to average assets)
|
242,611
|
96.71
|
10,035
|
4.00
|
n/a
|
n/a
|
|||||||||||||
December 31, 2011
|
|||||||||||||||||||
Total capital (to risk-weighted assets)
|
$
|
244,027
|
98.39
|
%
|
$
|
19,841
|
8.00
|
%
|
n/a
|
n/a
|
|||||||||
Tier I capital (to risk-weighted assets)
|
240,437
|
96.95
|
9,920
|
4.00
|
n/a
|
n/a
|
|||||||||||||
Tier I capital (to average assets)
|
240,437
|
96.56
|
9,960
|
4.00
|
n/a
|
n/a
|
|||||||||||||
•
|
Net income to common shareholders totaled $2.7 million, or $0.03 per share, in the three months ended March 31, 2012, which was an increase from a net loss to common shareholders of $574 thousand, or ($0.01) per share, in the successor period of January 29 to March 31, 2011 and $265 thousand, or ($0.02) per share, in the predecessor period of January 1 to January 28, 2011;
|
|
•
|
The Company held a 26% ownership interest in Capital Bank, NA, which has $6.5 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 $3.1 million based on its equity in Capital Bank, NA’s net income and decreased the equity investment balance by $625 thousand based on its equity in Capital Bank, NA’s other comprehensive income in the three months ended March 31, 2012.
|
Successor Company
|
Predecessor Company
|
|||||||||||||||||||||||||||||
(Dollars in thousands)
|
Three Months Ended
Mar. 31, 2012
|
Period of
Jan. 29 to Mar. 31, 2011
|
Period of
Jan. 1 to Jan. 28, 2011
|
|||||||||||||||||||||||||||
Average
Balance
|
Amount
Earned
|
Average
Rate
|
Average
Balance
|
Amount
Earned
|
Average
Rate
|
Average
Balance
|
Amount
Earned
|
Average
Rate
|
||||||||||||||||||||||
Assets
|
||||||||||||||||||||||||||||||
Loans
2
|
$
|
–
|
$
|
–
|
–
|
%
|
$
|
1,108,997
|
$
|
11,155
|
6.22
|
%
|
$
|
1,253,296
|
$
|
5,530
|
5.20
|
%
|
||||||||||||
Investment securities
3
|
–
|
–
|
–
|
242,840
|
1,254
|
3.10
|
225,971
|
504
|
2.68
|
|||||||||||||||||||||
Interest-bearing deposits
|
–
|
–
|
–
|
138,309
|
47
|
0.21
|
63,350
|
11
|
0.20
|
|||||||||||||||||||||
Advance to Capital Bank, NA
|
3,393
|
85
|
10.00
|
–
|
–
|
–
|
–
|
–
|
–
|
|||||||||||||||||||||
Total interest-earning assets
|
3,393
|
$
|
85
|
10.00
|
%
|
1,490,146
|
$
|
12,456
|
5.17
|
%
|
1,542,617
|
$
|
6,045
|
4.61
|
%
|
|||||||||||||||
Cash and due from banks
|
1,950
|
16,373
|
16,112
|
|||||||||||||||||||||||||||
Other assets
|
245,999
|
185,828
|
34,021
|
|||||||||||||||||||||||||||
Total assets
|
$
|
251,342
|
$
|
1,692,347
|
$
|
1,592,750
|
||||||||||||||||||||||||
Liabilities and Equity
|
||||||||||||||||||||||||||||||
NOW and money market accounts
|
$
|
–
|
$
|
–
|
–
|
%
|
$
|
344,189
|
$
|
418
|
0.75
|
%
|
$
|
334,668
|
$
|
211
|
0.74
|
%
|
||||||||||||
Savings accounts
|
–
|
–
|
–
|
31,521
|
6
|
0.12
|
30,862
|
3
|
0.11
|
|||||||||||||||||||||
Time deposits
|
–
|
–
|
–
|
851,424
|
1,350
|
0.98
|
870,146
|
1,337
|
1.81
|
|||||||||||||||||||||
Total interest-bearing deposits
|
–
|
–
|
–
|
1,227,134
|
1,774
|
0.89
|
1,235,676
|
1,551
|
1.48
|
|||||||||||||||||||||
Borrowings
|
–
|
–
|
–
|
98,599
|
254
|
1.59
|
120,032
|
343
|
3.36
|
|||||||||||||||||||||
Subordinated debentures
|
19,191
|
362
|
7.46
|
19,563
|
232
|
7.34
|
34,323
|
102
|
3.50
|
|||||||||||||||||||||
Total interest-bearing liabilities
|
19,191
|
$
|
362
|
7.46
|
%
|
1,345,296
|
$
|
2,260
|
1.04
|
%
|
1,390,031
|
$
|
1,996
|
1.69
|
%
|
|||||||||||||||
Noninterest-bearing deposits
|
–
|
113,607
|
114,660
|
|||||||||||||||||||||||||||
Other liabilities
|
5,754
|
7,021
|
9,635
|
|||||||||||||||||||||||||||
Total liabilities
|
24,945
|
1,465,924
|
1,514,326
|
|||||||||||||||||||||||||||
Shareholders’ equity
|
226,397
|
226,423
|
78,424
|
|||||||||||||||||||||||||||
Total liabilities and shareholders’ equity
|
$
|
251,342
|
$
|
1,692,347
|
$
|
1,592,750
|
||||||||||||||||||||||||
Net interest spread
4
|
2.54
|
%
|
4.13
|
%
|
2.92
|
%
|
||||||||||||||||||||||||
Tax equivalent adjustment
|
$
|
–
|
$
|
175
|
$
|
90
|
||||||||||||||||||||||||
Net interest income and net interest margin
5
|
$
|
(277
|
)
|
(32.75
|
)%
|
$
|
10,196
|
4.23
|
%
|
$
|
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.
|
Successor
Company
|
Predecessor
Company
|
||||||||||
(Dollars in thousands)
|
Three Months
Ended
Mar. 31, 2012
|
Jan. 29, 2011
to
Mar. 31, 2011
|
Jan. 1, 2011
to
Jan. 28, 2011
|
||||||||
Equity income from investment in Capital Bank, NA
|
$
|
3,088
|
$
|
–
|
$
|
–
|
|||||
Service charges and other fees
|
–
|
548
|
291
|
||||||||
Bank card services
|
–
|
300
|
174
|
||||||||
Mortgage origination and other loan fees
|
–
|
263
|
210
|
||||||||
Brokerage fees
|
–
|
96
|
78
|
||||||||
Bank-owned life insurance
|
–
|
20
|
10
|
||||||||
Other
|
–
|
25
|
69
|
||||||||
Total noninterest income
|
$
|
3,088
|
$
|
1,252
|
$
|
832
|
Capital Bank, NA
|
Three Months
Ended
Mar. 31, 2012
|
|||
(Dollars in thousands)
|
||||
Interest income
|
$
|
74,132
|
||
Interest expense
|
8,725
|
|||
Net interest income
|
65,407
|
|||
Provision for loan losses
|
5,376
|
|||
Noninterest income
|
14,614
|
|||
Noninterest expense
|
55,217
|
|||
Net income
|
|
11,907
|
Successor
Company
|
Predecessor
Company
|
||||||||||
(Dollars in thousands)
|
Three Months
Ended
Mar. 31, 2012
|
Jan. 29, 2011
to
Mar. 31, 2011
|
Jan. 1, 2011
to
Jan. 28, 2011
|
||||||||
Salaries and employee benefits
|
$
|
–
|
$
|
3,957
|
$
|
1,977
|
|||||
Occupancy
|
–
|
1,140
|
548
|
||||||||
Furniture and equipment
|
–
|
544
|
275
|
||||||||
Data processing and telecommunications
|
–
|
276
|
180
|
||||||||
Advertising and public relations
|
–
|
181
|
131
|
||||||||
Office expenses
|
–
|
229
|
93
|
||||||||
Professional fees
|
–
|
335
|
190
|
||||||||
Business development and travel
|
–
|
246
|
87
|
||||||||
Amortization of other intangible assets
|
–
|
191
|
62
|
||||||||
ORE losses and miscellaneous loan costs
|
–
|
523
|
176
|
||||||||
Directors’ fees
|
–
|
40
|
68
|
||||||||
FDIC deposit insurance
|
–
|
563
|
266
|
||||||||
Contract termination fees
|
–
|
3,581
|
–
|
||||||||
Other
|
157
|
423
|
102
|
||||||||
Total noninterest expense
|
$
|
157
|
$
|
12,229
|
$
|
4,155
|
Successor Company
|
|||||||||||||||||||
Minimum Requirements To Be:
|
|||||||||||||||||||
Actual
|
Adequately Capitalized
|
Well Capitalized
|
|||||||||||||||||
(Dollars in thousands)
|
Amount
|
Ratio
|
Amount
|
Ratio
|
Amount
|
Ratio
|
|||||||||||||
March 31, 2012
|
|||||||||||||||||||
Total capital (to risk-weighted assets)
|
$
|
246,197
|
98.27
|
%
|
$
|
20,042
|
8.00
|
%
|
n/a
|
n/a
|
|||||||||
Tier I capital (to risk-weighted assets)
|
242,611
|
96.84
|
10,021
|
4.00
|
n/a
|
n/a
|
|||||||||||||
Tier I capital (to average assets)
|
242,611
|
96.71
|
10,035
|
4.00
|
n/a
|
n/a
|
Exhibit No.
|
Description
|
|
31.1
|
Certification of R. Eugene Taylor pursuant to Rule 13a-14(a) and 15d-14(a), as adopted pursuant to Section 302 of the Sarbanes-Oxley Act of 2002*
|
|
31.2
|
Certification of Christopher G. Marshall pursuant to Rule 13a-14(a) and 15d-14(a), as adopted pursuant to Section 302 of the Sarbanes-Oxley Act of 2002*
|
|
32.1
|
Certification of R. Eugene Taylor pursuant to 18 U.S.C. Section 1350, as adopted pursuant to Section 906 of the Sarbanes-Oxley Act of 2002*
|
|
32.2
|
Certification of Christopher G. Marshall pursuant to 18 U.S.C. Section 1350, as adopted pursuant to Section 906 of the Sarbanes-Oxley Act of 2002*
|
|
101.INS
|
XBRL Instance Document**
|
|
101.SCH
|
XBRL Taxonomy Extension Schema Document**
|
|
|
||
101.CAL
|
XBRL Taxonomy Extension Calculation Linkbase Document**
|
|
|
||
101.DEF
|
XBRL Taxonomy Extension Definition Linkbase Document**
|
|
|
||
101.LAB
|
XBRL Taxonomy Extension Label Linkbase Document**
|
|
|
||
101.PRE
|
XBRL Taxonomy Extension Presentation Linkbase Document**
|
|
*
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Filed herewith
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**
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Users of this data are advised that pursuant to Rule 406T of Regulation S-T, the interactive data files on Exhibit 101 hereto are deemed not filed or part of a registration statement or prospectus for purposes of Sections 11 or 12 of the Securities Act of 1933, as amended, are deemed not filed for purposes of Section 18 of the Securities Exchange Act of 1934, as amended, and otherwise are not subject to liability under those sections.
|
CAPITAL BANK CORPORATION
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By:
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/s/ Christopher G. Marshall
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Christopher G. Marshall
|
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Chief Financial Officer
|
Exhibit No.
|
Description
|
|
31.1
|
Certification of R. Eugene Taylor pursuant to Rule 13a-14(a) and 15d-14(a), as adopted pursuant to Section 302 of the Sarbanes-Oxley Act of 2002*
|
|
31.2
|
Certification of Christopher G. Marshall pursuant to Rule 13a-14(a) and 15d-14(a), as adopted pursuant to Section 302 of the Sarbanes-Oxley Act of 2002*
|
|
32.1
|
Certification of R. Eugene Taylor pursuant to 18 U.S.C. Section 1350, as adopted pursuant to Section 906 of the Sarbanes-Oxley Act of 2002*
|
|
32.2
|
Certification of Christopher G. Marshall pursuant to 18 U.S.C. Section 1350, as adopted pursuant to Section 906 of the Sarbanes-Oxley Act of 2002*
|
|
101.INS
|
XBRL Instance Document**
|
|
101.SCH
|
XBRL Taxonomy Extension Schema Document**
|
|
|
||
101.CAL
|
XBRL Taxonomy Extension Calculation Linkbase Document**
|
|
|
||
101.DEF
|
XBRL Taxonomy Extension Definition Linkbase Document**
|
|
|
||
101.LAB
|
XBRL Taxonomy Extension Label Linkbase Document**
|
|
|
||
101.PRE
|
XBRL Taxonomy Extension Presentation Linkbase Document**
|
|
*
|
Filed herewith
|
**
|
Users of this data are advised that pursuant to Rule 406T of Regulation S-T, the interactive data files on Exhibit 101 hereto are deemed not filed or part of a registration statement or prospectus for purposes of Sections 11 or 12 of the Securities Act of 1933, as amended, are deemed not filed for purposes of Section 18 of the Securities Exchange Act of 1934, as amended, and otherwise are not subject to liability under those sections.
|
1 Year Capital Bank Corp. (MM) Chart |
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