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Name | Symbol | Market | Type |
---|---|---|---|
Capital Bank Financial Corp. - Southern Community Capital Trust II - % Cumulative Trust Preferred Securities (MM) | NASDAQ:SCMFO | NASDAQ | Preference Share |
Price Change | % Change | Price | Bid Price | Offer Price | High Price | Low Price | Open Price | Traded | Last Trade | |
---|---|---|---|---|---|---|---|---|---|---|
0.00 | 0.00% | 10.18 | 0 | 01:00:00 |
From Jun 2019 to Jun 2024
Fourth Quarter Financial Highlights:
-- Net loss available to common shareholders of $2.9 million, or $0.17 per diluted share; -- Provision for loan losses of $6.5 million decreased $10.5 million compared to third quarter; -- Allowance for loan losses decreased $5.5 million to $29.6 million, or 2.60% of total loans; -- Loans delinquent 30-89 days decreased $3.4 million from September 30, 2010 to $5.5 million; -- Net charge-offs of $12.0 million, or 4.10% of average loans (annualized), up from $11.5 million, or 3.78% of average loans (annualized), in the third quarter; -- Nonperforming assets increased to $121.0 million, or 7.28% of total assets from $118.1 million, or 7.10%, of total assets at September 30, 2010; and -- Year-over-year improvement in mortgage banking income of 72%.
Full Year 2010 Financial Highlights:
-- Local core deposit funding increased year-over-year to 71% of deposits from 67% at December 31, 2009; -- Wealth management income increased 27% over 2009; and -- Reduction in personnel and occupancy expenses of 7% and 6%, respectively, compared to 2009 levels.
The net loss available to common shareholders decreased to $2.9 million in the fourth quarter of 2010, compared with a net loss of $8.6 million in the third quarter of 2010 and a net loss of $11.3 million in the fourth quarter of 2009. The net loss per diluted common share in the fourth quarter of 2010 also decreased to $0.17, compared to $0.51 in the third quarter of 2010, and $0.68 in the fourth quarter of 2009.
The net loss available to common shareholders for the year ended December 31, 2010 decreased to $17.1 million, or $1.01 per diluted share, compared to a net loss of $65.7 million, or $3.91 per diluted share for the year ended December 31, 2009. Full year 2009 results were significantly impacted by the $49.5 million goodwill impairment charge recorded during the first quarter of 2009. Excluding this charge, the net loss available to common shareholders was $16.2 million, or $0.96 per diluted share, for the full year ended December 31, 2009.
"While our level of nonperforming assets remains high, we are very encouraged by recent trends in our impaired loans and delinquencies," said F. Scott Bauer, Chairman and Chief Executive Officer. "The fourth quarter of 2010 was the third consecutive quarter in which loan delinquencies decreased. Additionally, our allowance for loan losses decreased due to the recognition of charge-offs on loans with specific reserves allocated in prior periods and a decrease in newly identified nonperforming loans requiring a specific allowance. We have made progress in the resolution of certain nonaccrual, collateral dependent loans and as a result, we expect a reduction in our nonperforming loans during the first half of 2011.
As economic conditions across our footprint remain weak, we continue to expect shrinkage in the overall loan portfolio. However, as nonaccrual collateral dependent loans return to performing status and our earning asset mix shifts away from short term, lower yielding securities, we anticipate that our net interest margin should remain fairly stable with opportunities for margin improvement in the second quarter of 2011 and subsequent quarters.
We have identified approximately $2.0 million in annual cost savings, and have implemented these cost saving initiatives effective January 1, 2011. These expense reductions include the elimination of the 401(k) employer match and company-wide efficiency initiatives.
As they have been throughout this difficult credit cycle, our employees remain committed to providing our customers with the best service possible. We have a strong franchise and foundation which will help us weather this difficult environment. Southern Community remains well funded with capital ratios in excess of well capitalized thresholds."
Asset Quality
Nonperforming loans increased to $103.6 million, or 9.12% of total loans, at December 31, 2010 from $98.7 million, or 8.29% of total loans, at September 30, 2010. Loans delinquent 30-89 days have declined to $5.5 million at December 31, 2010 from $8.9 million at September 30, 2010, and from $9.7 million at June 30, 2010. Nonperforming assets increased to $121.0 million, or 7.28% of total assets, at December 31, 2010 from $118.1 million, or 7.10% of total assets, at September 30, 2010.
The provision for loan losses of $6.5 million in the fourth quarter of 2010 decreased from $17.0 million in the third quarter 2010. The allowance for loan losses (ALLL) decreased $5.5 million to $29.6 million, or 2.60% of loans, from $35.1 million, or 2.95% of loans, at September 30, 2010. Net charge-offs increased sequentially to $12.0 million, or 4.17% of average loans on an annualized basis, from $11.5 million, or 3.78% of average loans on an annualized basis, for the third quarter 2010. While nonperforming loans increased slightly during the fourth quarter, the specific allowance for impaired loans decreased by $4.4 million to $5.1 million on a linked quarter basis as fewer newly identified nonperforming loans required a specific allowance.
Given the relative magnitudes of the provision for loan losses and the net charge-offs for the fourth quarter 2010 and their impact on deferred tax assets, the income tax benefit on operating losses during the fourth quarter 2010 was decreased due to realization considerations by an addition of $1.0 million in the valuation allowance on deferred tax assets.
Net Interest Income
Net interest income of $12.4 million in the fourth quarter of 2010 decreased 7% compared to $13.3 million in the third quarter of 2010 and to $13.4 million in the fourth quarter of 2009. The net interest margin decreased 25 basis points to 3.14% compared with 3.39% in the third quarter of 2010. The sequential decrease in the net interest margin resulted from the impact of a significant increase in nonaccrual loans in late third quarter and a shift in the earning asset mix of $46.6 million from average loan balances to lower yielding investments and overnight funds, partially offset by lower deposit costs. Excluding the impact of nonaccrual loans (with an average balance of approximately $92.0 million), the net interest margin for the fourth quarter would have been 31 basis points higher than 3.14%. The funding mix also shifted towards time deposits as higher cost, maturing borrowed funds were repaid, and longer term certificates of deposit were secured at historically reasonable funding costs. Compared to the fourth quarter of 2009, the net interest margin decreased 14 basis points due to the $100.2 million, or 8%, decrease in loan balances.
Net interest income for 2010 increased $613 thousand, or 1%, compared with the full year 2009 primarily due to the 19 basis point increase in net interest margin during 2010 which offset a $75.8 million decrease in earning assets. The increase in net interest margin resulted principally from a 54 basis point decline in the cost of funds during 2010.
Non-interest Income
Non-interest income increased by $1.1 million, or 37%, to $4.2 million during the fourth quarter of 2010, compared with the third quarter of 2010. The increase in non-interest income primarily resulted from a $1.1 million increase in investment securities gains. The sequential increase in the fair value of derivatives of $305 thousand was offset by a $120 thousand decrease in Small Business Investment Company (SBIC) income, a $118 thousand decrease in investment brokerage fee income, a $37 thousand decrease in mortgage banking income, and a $23 thousand decrease in service charge income.
On a year-over-year comparison, non-interest income in the fourth quarter of 2010 increased $674 thousand, or 19%, compared with the fourth quarter of 2009. The year-over-year increase was primarily due to $1.1 million increase in investment securities gains, a $298 thousand increase in mortgage banking income and a $224 thousand increase in SBIC income. These increases were partially offset by a $931 thousand decrease in the fair value of derivatives and a $54 thousand decrease in service charge income.
Non-interest Expenses
Non-interest expenses of $12.6 million during the fourth quarter of 2010 increased $1.6 million, or 15%, on a linked quarter basis. Excluding the sequential increases of $1.8 million in writedowns on foreclosed properties and $64 thousand in other expenses related to foreclosed real estate, non-interest expenses decreased by $212 thousand, or 2%. Compared to the fourth quarter of 2009, non-interest expenses decreased $970 thousand, or 7%. The decrease on a year-over-year basis was primarily due to a $282 thousand decrease in salaries and employee benefits, a $104 thousand decrease in occupancy and equipment expenses, and a $584 thousand decrease in other expenses. The decrease in salaries and employee benefits was due to reductions in staff and cost savings programs initiated in prior quarters.
Balance Sheet
As of December 31, 2010, total assets amounted to $1.7 billion, essentially flat compared to the third quarter of 2010. Total assets decreased $66.6 million, or 4%, compared to the fourth quarter of 2009. The loan portfolio decreased by $53.7 million, or 4%, sequentially, and decreased by $100.2 million, or 8%, since December 31, 2009 due to decreased loan demand resulting from the prolonged weak economic conditions. Total deposits of $1.3 billion at December 31, 2010 increased $30.8 million, or 2%, sequentially due to a $57.0 million increase in time deposits. Compared to the fourth quarter of 2009, deposits increased $34.3 million, or 3%, as time deposits increased $38.8 million, or 6%. Borrowings declined $23.6 million, or 10% compared to the third quarter of 2010, and $80.0 million, or 28%, year-over-year.
At December 31, 2010, stockholders' equity of $100.9 million represented 6.07% of total assets. Stockholders' equity decreased $8.2 million, or 7%, from $109.1 million at September 30, 2010 primarily as a result of the $2.9 million fourth quarter loss discussed above. Also contributing to the decrease in stockholders' equity was a $5.3 million decrease in other comprehensive income resulting from a decrease in the fair values of investment securities available for sale. Regulatory capital ratios remain in excess of the "well capitalized" thresholds.
Conference Call
Southern Community's executive management team will host a conference call on January 31, 2011, at 8:30 am Eastern Time to discuss the quarter-end results. The call can be accessed by dialing 1-877-719-9810 or 1-719-325-4751 and entering pass code 1234990. A replay of the conference call can be accessed until 12:30 pm on February 11, 2011, by calling 1-888-203-1112 or 1-719-457-0820 and entering pass code 1234990. You may access additional presentation materials for this conference call in the Investor Relations section of Southern Community's web site at www.smallenoughtocare.com.
About Southern Community Financial Corporation
Southern Community Financial Corporation is headquartered in Winston-Salem, North Carolina and is the holding company of Southern Community Bank and Trust, a community bank with twenty-two banking offices throughout North Carolina.
Southern Community Financial Corporation's common stock and trust preferred securities are listed on the NASDAQ Global Select Market under the trading symbols SCMF and SCMFO, respectively. Additional information about Southern Community is available on our website at www.smallenoughtocare.com or by email at investor.relations@smallenoughtocare.com.
Forward-Looking Statements
Certain statements in this news release contain "forward-looking statements" within the meaning of the Private Securities Litigation Reform Act of 1995, such as statements relating to future plans and expectations, and are thus prospective. Such forward-looking statements include but are not limited to (1) statements regarding potential future economic recovery, (2) statements with respect to our plans, objectives, expectations, intentions and other statements that are not historical facts, and (3) other statements identified by words such as "believes," "expects," "anticipates," "estimates," "intends," "plans," "targets" and "projects," as well as similar expressions. Such statements are subject to risks, uncertainties and other factors which could cause actual results to differ materially from future results expressed or implied by such forward-looking statements. Although we believe that the assumptions underlying the forward-looking statements are reasonable, any of the assumptions could prove to be inaccurate. Therefore, we can give no assurance that the results contemplated in the forward-looking statements will be realized. The inclusion of this forward-looking information should not be construed as a representation by our Company or any person that the future events, plans or expectations contemplated by our Company will be achieved.
The following factors, among others, could cause actual results to differ materially from the anticipated results or other expectations expressed in the forward-looking statements: (1) the rate of delinquencies and amounts of charge-offs, the level of allowance for loan losses, the rates of loan growth, or adverse changes in asset quality in our loan portfolio, which may result in increased credit risk-related losses and expenses; (2) competitive pressures among depository and other financial institutions may increase significantly and have an effect on pricing, spending, third party relationships and revenues; (3) the strength of the United States economy in general and the strength of the local economies in which we conduct operations may be different than expected resulting in, among other things, a deterioration in the credit quality or a reduced demand for credit, including the resultant effect on the Company's loan portfolio and allowance for loan losses; (4) the risk that the preliminary financial information reported herein and our current preliminary analysis will be different when our review is finalized; (5) changes in deposit rates, the net interest margin and funding sources; (6) changes in the U.S. legal and regulatory framework, including the effect of recent financial reform legislation on the banking industry; and (7) adverse conditions in the stock market, the public debt market and other capital markets (including changes in interest rate conditions) could have a negative impact on the Company. Additional factors that could cause our results to differ materially from those described in the forward-looking statements can be found in our reports (such as Annual Reports on Form 10-K, Quarterly Reports on Form 10-Q and Current Reports on Form 8-K) filed with the SEC and available at the SEC's website (http://www.sec.gov). All subsequent written and oral forward-looking statements concerning the Company or any person acting on its behalf is expressly qualified in its entirety by the cautionary statements above. We do not undertake any obligation to update any forward-looking statement to reflect circumstances or events that occur after the date the forward-looking statements are made.
Southern Community Financial Corporation (Dollars in thousands except per share data) (Unaudited) For the three months ended Dec 31, Sep 30, Jun 30, Mar 31, Dec 31, Income Statement 2010 2010 2010 2010 2009 -------- -------- -------- -------- -------- Interest Income $ 19,164 $ 20,049 $ 20,439 $ 20,986 $ 22,092 Interest Expense 6,759 6,773 7,007 7,739 8,701 -------- -------- -------- -------- -------- Net Interest Income 12,405 13,276 13,432 13,247 13,391 Provision for Loan Losses 6,500 17,000 5,500 10,000 18,000 Net Interest Income after Provision for Loan Losses 5,905 (3,724) 7,932 3,247 (4,609) Non-Interest Income Service Charges and Fees on Deposit Accounts 1,617 1,640 1,719 1,557 1,671 Income from mortgage banking activities 714 751 359 358 416 Investment brokerage and trust fees 306 424 509 235 292 SBIC income (loss) and management fees 6 126 323 176 (218) Gain (Loss) on Sale of Investment Securities 1,135 24 1,018 1,354 - Gain (Loss) and Net Cash Settlement on Economic Hedges (79) (384) (38) (31) 852 Other-than-temporary impairment - - - (186) - Other Income 501 479 502 490 513 -------- -------- -------- -------- -------- Total Non-Interest Income 4,200 3,060 4,392 3,953 3,526 Non-Interest Expense Salaries and Employee Benefits 5,103 5,033 5,321 5,469 5,385 Occupancy and Equipment 1,778 1,839 1,895 1,916 1,882 Goodwill Impairment - - - - - Expenses of Managing Foreclosed Assets 469 405 588 360 346 Writedowns of Foreclosed Assets 1,895 123 591 483 1,604 Other 3,363 3,584 3,938 3,615 4,361 -------- -------- -------- -------- -------- Total Non-Interest Expense 12,608 10,984 12,333 11,843 13,578 Income (Loss) Before Taxes (2,503) (11,648) (9) (4,643) (14,661) Provision for Income Taxes (282) (3,698) (270) (32) (3,944) -------- -------- -------- -------- -------- Net Income (Loss) $ (2,221) $ (7,950) $ 261 $ (4,611) $(10,717) ======== ======== ======== ======== ======== Effective dividend on preferred stock 633 633 632 633 627 -------- -------- -------- -------- -------- Net Income (loss) available to common shareholders $ (2,854) $ (8,583) $ (371) $ (5,244) $(11,344) ======== ======== ======== ======== ======== Net Income (Loss) per Common Share Basic $ (0.17) $ (0.51) $ (0.02) $ (0.31) $ (0.68) Diluted $ (0.17) $ (0.51) $ (0.02) $ (0.31) $ (0.68) ======== ======== ======== ======== ======== Years Ended Dec 31, Dec 31, Income Statement 2010 2009 -------- -------- Interest Income $ 80,638 $ 89,473 Interest Expense 28,278 37,726 -------- -------- Net Interest Income 52,360 51,747 Provision for Loan Losses 39,000 34,000 Net Interest Income after Provision for Loan Losses 13,360 17,747 Non-Interest Income Service Charges and Fees on Deposit Accounts 6,533 6,246 Income from mortgage banking activities 2,182 2,104 Investment brokerage and trust fees 1,474 1,159 SBIC income (loss) and management fees 631 148 Gain (Loss) on Sale of Investment Securities 3,531 1,236 Gain (Loss) and Net Cash Settlement on Economic Hedges (532) 234 Other-than-temporary impairment (186) - Other Income 1,972 1,779 -------- -------- Total Non-Interest Income 15,605 12,906 Non-Interest Expense Salaries and Employee Benefits 20,926 22,502 Occupancy and Equipment 7,428 7,903 Goodwill Impairment - 49,501 Expenses of Managing Foreclosed Assets 1,822 883 Writedowns of Foreclosed Assets 3,092 2,493 Other 14,500 17,216 -------- -------- Total Non-Interest Expense 47,768 100,498 Income (Loss) Before Taxes (18,803) (69,845) Provision for Income Taxes (4,282) (6,686) -------- -------- Net Income (Loss) $(14,521) $(63,159) ======== ======== Effective dividend on preferred stock 2,531 2,508 -------- -------- Net Income (loss) available to common shareholders $(17,052) $(65,667) ======== ======== Net Income (Loss) per Common Share Basic $ (1.01) $ (3.91) Diluted $ (1.01) $ (3.91) ======== ======== Balance Sheet Dec 31, Sep 30, Jun 30, Mar 31, Dec 31, 2010 2010 2010 2010 2009 ---------- ---------- ---------- ---------- ---------- Assets Cash and due from Banks $ 16,584 $ 44,612 $ 35,757 $ 33,885 $ 30,184 Federal Funds Sold and Overnight Deposits 49,587 1,646 1,358 22,352 31,269 Investment Securities 352,873 322,431 307,595 335,519 323,700 Federal Home Loan Bank Stock 8,750 9,092 9,794 9,794 9,794 Loans held for sale 5,991 7,161 6,582 2,984 3,025 Loans 1,130,076 1,183,753 1,198,565 1,208,454 1,230,275 Allowance for Loan Losses (29,580) (35,100) (29,609) (36,007) (29,638) ---------- ---------- ---------- ---------- ---------- Net Loans 1,100,496 1,148,653 1,168,956 1,172,447 1,200,637 Bank Premises and Equipment 40,550 40,718 41,535 42,058 42,630 Foreclosed Assets 17,314 19,385 18,781 20,285 19,634 Other Assets 69,853 69,088 69,757 67,856 67,735 ---------- ---------- ---------- ---------- ---------- Total Assets $1,661,998 $1,662,786 $1,660,115 $1,707,180 $1,728,608 ========== ========== ========== ========== ========== Liabilities and Stockholders' Equity Deposits Non-Interest Bearing $ 110,114 $ 119,249 $ 123,573 $ 113,292 $ 118,372 Money market, savings and NOW 582,878 599,978 623,854 620,433 579,027 Time 655,427 598,383 545,420 573,229 616,671 ---------- ---------- ---------- ---------- ---------- Total Deposits 1,348,419 1,317,610 1,292,847 1,306,954 1,314,070 Borrowings 204,784 228,343 242,303 275,831 284,580 Accrued Expenses and Other Liabilities 7,854 7,739 7,981 7,513 7,961 ---------- ---------- ---------- ---------- ---------- Total Liabilities 1,561,057 1,553,692 1,543,131 1,590,298 1,606,611 Total Stockholders' Equity 100,941 109,094 116,984 116,882 121,997 ---------- ---------- ---------- ---------- ---------- Total Liabilities and Stockholders' Equity $1,661,998 $1,662,786 $1,660,115 $1,707,180 $1,728,608 ========== ========== ========== ========== ========== Tangible Book Value per Common Share $ 3.50 $ 3.99 $ 4.46 $ 4.45 $ 4.77 ========== ========== ========== ========== ========== For the three months ended Dec 31, Sep 30, Jun 30, Mar 31, Dec 31, 2010 2010 2010 2010 2009 ---------- ---------- ---------- ---------- ---------- Per Common Share Data: Basic Earnings (loss) per Share $ (0.17) $ (0.51) $ (0.02) $ (0.31) $ (0.68) Diluted Earnings (loss) per Share $ (0.17) $ (0.51) $ (0.02) $ (0.31) $ (0.68) Tangible Book Value per Share $ 3.50 $ 3.99 $ 4.46 $ 4.45 $ 4.77 Selected Performance Ratios: Return on Average Assets (annualized) ROA -0.52% -1.91% 0.06% -1.10% -2.44% Return on Average Equity (annualized) ROE -8.09% -27.07% 0.90% -15.34% -31.92% Return on Tangible Equity (annualized) -8.15% -27.25% 0.90% -15.44% -32.14% Net Interest Margin 3.14% 3.39% 3.46% 3.41% 3.28% Net Interest Spread 2.99% 3.20% 3.32% 3.26% 3.08% Non-interest Income as a % of Revenue 25.29% 18.73% 24.64% 22.98% 20.84% Non-interest Income as a % of Average Assets 0.99% 0.73% 1.04% 0.94% 0.80% Non-interest Expense to Average Assets 2.97% 2.64% 2.93% 2.82% 3.09% Efficiency Ratio 75.93% 67.24% 69.19% 68.85% 80.26% Asset Quality: Nonperforming Loans $ 103,648 $ 98,709 $ 55,477 $ 50,608 $ 37,732 Nonperforming Assets $ 120,962 $ 118,094 $ 74,258 $ 70,893 $ 57,366 Nonperforming Loans to Total Loans 9.12% 8.29% 4.60% 4.18% 3.06% Nonperforming Assets to Total Assets 7.28% 7.10% 4.47% 4.15% 3.32% Allowance for Loan Losses to Period-end Loans 2.60% 2.95% 2.46% 2.97% 2.40% Allowance for Loan Losses to Nonperforming Loans (X) 0.29X 0.36X 0.53X 0.71X 0.79X Net Charge-offs to Average Loans (annualized) 4.10% 3.78% 3.95% 1.20% 2.92% Capital Ratios: Equity to Total Assets 6.07% 6.56% 7.05% 6.85% 7.06% Tangible Common Equity to Total Tangible Assets (1) 3.54% 4.03% 4.52% 4.39% 4.63% Average Balances: Year to Date Interest Earning Assets $1,562,393 $1,561,504 $1,564,646 $1,573,247 $1,638,171 Total Assets 1,681,068 1,680,902 1,695,640 1,704,190 1,767,047 Total Loans 1,200,609 1,213,497 1,215,776 1,222,594 1,272,087 Equity 115,962 118,352 119,293 121,944 147,652 Interest Bearing Liabilities 1,436,443 1,435,705 1,451,099 1,459,636 1,501,705 Quarterly Interest Earning Assets $1,565,031 $1,555,323 $1,556,140 $1,573,247 $1,621,037 Total Assets 1,681,561 1,651,907 1,687,184 1,704,190 1,745,299 Total Loans 1,162,365 1,209,013 1,209,033 1,222,594 1,246,223 Equity 108,870 116,501 116,671 121,944 133,201 Interest Bearing Liabilities 1,438,633 1,405,419 1,442,655 1,459,636 1,486,386 Weighted Average Number of Shares Outstanding Basic 16,812,380 16,812,625 16,814,378 16,806,292 16,789,045 Diluted 16,812,380 16,812,625 16,814,378 16,806,292 16,789,045 Period end outstanding shares 16,812,625 16,812,625 16,812,625 16,818,125 16,787,675 Years Ended Dec 31, Dec 31, 2010 2009 ---------- ---------- Per Common Share Data: Basic Earnings (loss) per Share $ (1.01) $ (3.91) Diluted Earnings (loss) per Share $ (1.01) $ (3.91) Tangible Book Value per Share $ 3.50 $ 4.77 Selected Performance Ratios: Return on Average Assets (annualized) ROA -0.86% -3.57% Return on Average Equity (annualized) ROE -12.52% -42.78% Return on Tangible Equity (annualized) -12.61% -46.93% Net Interest Margin 3.35% 3.16% Net Interest Spread 3.19% 2.95% Non-interest Income as a % of Revenue 22.96% 19.96% Non-interest Income as a % of Average Assets 0.93% 0.73% Non-interest Expense to Average Assets 2.84% 5.69% Efficiency Ratio 70.28% 155.44% Asset Quality: Nonperforming Loans $ 103,648 $ 37,732 Nonperforming Assets $ 120,962 $ 57,366 Nonperforming Loans to Total Loans 9.12% 3.07% Nonperforming Assets to Total Assets 7.28% 3.32% Allowance for Loan Losses to Period-end Loans 2.60% 2.40% Allowance for Loan Losses to Nonperforming Loans (X) 0.29X 0.79X Net Charge-offs to Average Loans (annualized) 3.25% 1.82% Capital Ratios: Equity to Total Assets 6.07% 7.06% Tangible Common Equity to Total Tangible Assets (1) 3.54% 4.63% Average Balances: Year to Date Interest Earning Assets Total Assets Total Loans Equity Interest Bearing Liabilities Quarterly Interest Earning Assets Total Assets Total Loans Equity Interest Bearing Liabilities Weighted Average Number of Shares Outstanding Basic 16,811,439 16,787,938 Diluted 16,811,439 16,787,938 Period end outstanding shares 16,812,625 16,787,675 (1) - Tangible Common Equity to Total Tangible Assets is period-ending common equity less intangibles, divided by period-ending assets less intangibles. Management provides the above non-GAAP measure, footnote (1) to provide readers with the impact of purchase accounting on this key financial ratio.
For additional information: F. Scott Bauer Chairman/CEO James Hastings Executive Vice President/CFO (336) 768-8500
1 Year Capital Bank Financial Corp. - Southern Community Capital Trust II - % Cumulative Trust Preferred Securities (MM) Chart |
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