Southern Community Financial Corporation (NASDAQ: SCMF) (NASDAQ:
SCMFO), the holding company for Southern Community Bank and Trust,
reported results for the third quarter of 2010.
Financial Highlights:
-- Net loss available to common shareholders of $8.6 million impacted by
$17.0 million provision for loan losses;
-- Provision for loan losses of $17.0 million increased $11.5 million
compared to second quarter;
-- Allowance for loan losses increased $5.5 million to $35.1 million, or
2.95% of total loans, at September 30, 2010;
-- Net charge-offs of $11.5 million, or 3.78% of average loans
(annualized), down from $11.9 million, or 3.95% of average loans
(annualized), in the second quarter;
-- Nonperforming assets increased to $118.1 million, or 7.10% of total
assets, at September 30, 2010 from $74.3 million or 4.47% of total
assets at June 30, 2010;
-- Year-over-year improvement in service charges on deposits, mortgage
banking income and wealth management income of 3%, 47% and 18%,
respectively;
-- Improvement in non-interest expenses of 13% on a linked quarter basis
and 11% year-over-year with efficiency ratio dropping to 67% from 69%
in the second quarter of 2010 and 72% in the third quarter of 2009; and
-- Core (non-time) deposits increased $86.2 million, or 14%
year-over-year.
Southern Community Financial Corporation reported a net loss
available to common shareholders of $8.6 million in the third
quarter of 2010, compared with a net loss of $371 thousand in the
second quarter of 2010 and a net loss of $1.1 million in the third
quarter of 2009. The net loss per diluted common share in the third
quarter of 2010 also increased to $0.51, compared to $0.02 in the
second quarter of 2010 and $0.06 in the third quarter of 2009.
"During the quarter, we conservatively added a concentration of
loans to nonaccrual status that were current, but whose repayment
was dependent upon the sale of the underlying collateral and whose
terms were interest only," said F. Scott Bauer, Chairman and Chief
Executive Officer. "Of the $43.2 million sequential increase in
non-performing loans, $26.0 million was related to collateral
dependent, interest only loans, none of which were delinquent.
Approximately 69% of these collateral dependent loans were related
to the construction and development portfolio, and approximately
51% have made some level of principal repayment in the six months
prior to September 30, 2010. We have since renegotiated the payment
structures of $20.1 million of these collateral dependent loans to
include interest plus scheduled principal curtailments. If these
borrowers maintain their current payment status according to the
restructured terms for a reasonable period, the loans will be
restored to accrual status. While we still have work ahead of us in
reducing our nonperforming assets, we are optimistic that many of
these loans will be restored to accrual status over the next few
quarters.
While we are disappointed that our nonperforming loans increased
significantly in the third quarter, we believe these loans will
begin to moderate over the next several quarters. We base this
optimism on the fact that this is the second consecutive quarter
that delinquencies have decreased. In addition, approximately $70.4
million, or 71%, of our nonperforming loans were current according
to their contractual terms as of September 30, 2010.
The economic landscape remains challenging and we have prudently
adjusted our loan loss reserves in the face of this environment.
Our employees remain committed to providing our customers with the
best service possible and we have a strong franchise and foundation
that will weather these times. Southern Community remains well
funded with capital ratios in excess of well capitalized
thresholds."
Asset Quality
Nonperforming loans increased to $98.7 million, or 8.29% of
total loans, at September 30, 2010 from $55.5 million, or 4.60% of
total loans, at June 30, 2010. Loans delinquent 30-89 days have
declined to $8.9 million at September 30, 2010 from $9.7 million at
June 30, 2010 and from $16.6 million at March 31, 2010.
Nonperforming assets increased to $118.1 million, or 7.10% of total
assets, at September 30, 2010 from $74.3 million, or 4.47% of total
assets, at June 30, 2010.
The provision for loan losses of $17.0 million in the third
quarter of 2010 increased $11.5 million compared with the second
quarter 2010. The allowance for loan losses (ALLL) increased $5.5
million during the third quarter to $35.1 million, or 2.95% of
loans, from $29.6 million, or 2.46% of loans, at June 30, 2010. Net
charge-offs decreased sequentially to $11.5 million, or 3.78% of
average loans on an annualized basis, for the third quarter 2010
from $11.9 million, or 3.95% of average loans annualized basis, for
the second quarter 2010. Despite the significant increase in
nonperforming loans during the third quarter, the specific
allowance for impaired loans decreased $2.1 million on a linked
quarter basis with fewer newly identified nonperforming loans
requiring a specific allowance. The general reserve component of
the ALLL increased by $7.6 million primarily due to the impact of
changes in the methodology for calculating this component whereby
we now more heavily weight recent historical loss experience in the
calculations.
Net Interest Income
Net interest income of $13.3 million in the third quarter of
2010 decreased 1% compared to $13.4 million in the second quarter
of 2010 and was unchanged compared to $13.3 million in the third
quarter of 2009. The net interest margin decreased seven basis
points to 3.39% in the third quarter of 2010 compared with 3.46% in
the second quarter of 2010 due to declining yields on loans and
investments, partially offset by lower deposit costs resulting from
active liability management with an emphasis on lowering funding
costs. The modest sequential decrease in net interest income in the
third quarter of 2010 was primarily due to the decrease in the net
interest margin, as well as a decrease in both average loan
balances and average interest earning assets of less than 1%.
Compared to the third quarter of 2009, the net interest income
was unchanged as the nine basis point increase in net interest
margin offset the impact of the decrease in average loan balances
of $42.1 million, or 3%.
Non-interest Income
Non-interest income decreased by $1.3 million, or 30%, to $3.1
million during the third quarter of 2010 compared with the second
quarter of 2010. The decrease in non-interest income primarily
resulted from a $994 thousand decrease in investment securities
gains, a $346 thousand decline in the fair value of derivatives, a
$197 thousand decrease in Small Business Investment Company (SBIC)
income, an $85 thousand decrease in investment brokerage fee income
and a $79 thousand decrease in service charge income. These
unfavorable impacts were partially reduced by a $392 thousand
increase in mortgage banking income. On a year-over-year
comparison, non-interest income in the third quarter of 2010
decreased $1.1 million, or 27%, compared with the third quarter of
2009. The year-over-year decrease was primarily attributable to a
$711 thousand decrease in investment securities gains and a $700
thousand decline in the fair value of derivatives, partially offset
by a $239 thousand increase in mortgage banking income.
Non-interest Expenses
Non-interest expenses of $11.0 million during the third quarter
of 2010 decreased $1.3 million, or 11%, on a linked quarter basis.
The sequential decrease in non-interest expenses was primarily due
to the $652 thousand decrease in expenses related to foreclosed
assets ($469 thousand decrease in write-downs on the carrying
values and $183 thousand reduction in the costs of acquiring and
maintaining foreclosed real estate), $220 thousand decrease in
buyer incentive program expenses (as this program ended in June
2010), $288 thousand decrease in personnel expenses and $139
thousand reduction in advertising expenses.
Compared to the third quarter of 2009, non-interest expenses
decreased $1.6 million, or 13%. The decrease on a year-over-year
basis was primarily due to a $657 thousand decrease in salaries and
employee benefits, a $158 thousand decrease in occupancy and
equipment expenses, and a $822 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, including a company-wide salary freeze and a reduction in
the employer 401(k) matching contribution. The decrease in other
expenses resulted from $470 thousand decrease in buyer incentive
program expenses and a $419 thousand reduction in write-downs on
the carrying values of foreclosed properties. The decrease in
occupancy expenses was due to decreased depreciation of equipment
and software and other equipment expenses.
Balance Sheet
As of September 30, 2010, total assets amounted to $1.7 billion,
representing a decrease of $62.6 million, or 4%, year-over-year. On
a linked quarter basis, total assets increased $2.7 million, or
less than 1%. The loan portfolio decreased by $14.8 million, or 1%,
sequentially during the third quarter of 2010 and decreased by
$64.5 million, or 5%, since September 30, 2009 due to decreased
loan demand. Total deposits of $1.3 billion at September 30, 2010
increased $38.5 million, or 3%, year-over-year as non-time core
deposits increased $86.2 million, or 14%, while deposits increased
$24.8 million, or 2%, sequentially during the third quarter of
2010. Borrowings declined $14.0 million, or 6% during the third
quarter of 2010 and $75.6 million, or 25%, year-over-year.
At September 30, 2010, stockholders' equity of $109.1 million
represented 6.56% of total assets. Stockholders' equity decreased
$7.9 million, or 7%, from $117.0 million at June 30, 2010 primarily
the result of the $8.6 million third quarter loss discussed above,
partially offset by an increase in other comprehensive income due
to an increase 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 November 3, 2010, at 8:30 am Eastern Time to
discuss the quarter-end results. The call can be accessed by
dialing 1-888-430-8709 or 1-719-325-2362 and entering pass code
7469312. A replay of the conference call can be accessed until
11:59 pm on November 17, 2010, by calling 1-888-203-1112 or
1-719-457-0820 and entering pass code 7469312. 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 loss, 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
Sep 30, Jun 30, Mar 31, Dec 31, Sep 30,
Income Statement 2010 2010 2010 2009 2009
--------- --------- --------- --------- ---------
Interest Income $ 20,049 $ 20,439 $ 20,986 $ 22,092 $ 22,186
Interest Expense 6,773 7,007 7,739 8,701 8,868
--------- --------- --------- --------- ---------
Net Interest
Income 13,276 13,432 13,247 13,391 13,318
Provision for Loan
Losses 17,000 5,500 10,000 18,000 6,000
Net Interest Income
after Provision for
Loan Losses (3,724) 7,932 3,247 (4,609) 7,318
Non-Interest Income
Service Charges and
Fees on Deposit
Accounts 1,640 1,719 1,557 1,671 1,588
Income from mortgage
banking activities 751 359 358 416 512
Investment brokerage
and trust fees 424 509 235 292 359
SBIC income (loss)
and management fees 126 323 176 (218) 171
Gain (Loss) on Sale
of Investment
Securities 24 1,018 1,354 - 735
Gain (Loss) and Net
Cash Settlement on
Economic Hedges (384) (38) (31) 852 316
Other-than-temporary
impairment - - (186) - -
Other Income 479 502 490 513 508
--------- --------- --------- --------- ---------
Total Non-Interest
Income 3,060 4,392 3,953 3,526 4,189
Non-Interest Expense
Salaries and
Employee Benefits 5,033 5,321 5,469 5,385 5,690
Occupancy and
Equipment 1,839 1,895 1,916 1,882 1,997
Goodwill Impairment - - - - -
Other 4,112 5,117 4,458 6,311 4,934
--------- --------- --------- --------- ---------
Total Non-Interest
Expense 10,984 12,333 11,843 13,578 12,621
Income (Loss) Before
Taxes (11,648) (9) (4,643) (14,661) (1,114)
Provision for Income
Taxes (3,698) (270) (32) (3,944) (683)
--------- --------- --------- --------- ---------
Net Income (Loss) $ (7,950) $ 261 $ (4,611) $ (10,717) $ (431)
========= ========= ========= ========= =========
Effective dividend
on preferred stock 633 632 633 627 621
--------- --------- --------- --------- ---------
Net Income (loss)
available to common
shareholders $ (8,583) $ (371) $ (5,244) $ (11,344) $ (1,052)
========= ========= ========= ========= =========
Net Income (Loss)
per Common Share
Basic $ (0.51) $ (0.02) $ (0.31) $ (0.68) $ (0.06)
Diluted $ (0.51) $ (0.02) $ (0.31) $ (0.68) $ (0.06)
========= ========= ========= ========= =========
Southern Community Financial Corporation
(Dollars in thousands except per share data)
(Unaudited)
Nine months Ended
Sep 30, Sep 30,
Income Statement 2010 2009
--------- ---------
Interest Income $ 61,474 $ 67,381
Interest Expense 21,519 29,025
--------- ---------
Net Interest Income 39,955 38,356
Provision for Loan Losses 32,500 16,000
Net Interest Income after Provision for Loan Losses 7,455 22,356
Non-Interest Income
Service Charges and Fees on Deposit Accounts 4,916 4,575
Income from mortgage banking activities 1,468 1,688
Investment brokerage and trust fees 1,168 867
SBIC income (loss) and management fees 625 366
Gain (Loss) on Sale of Investment Securities 2,396 1,236
Gain (Loss) and Net Cash Settlement on Economic Hedges (453) (618)
Other-than-temporary impairment (186) -
Other Income 1,471 1,266
--------- ---------
Total Non-Interest Income 11,405 9,380
Non-Interest Expense
Salaries and Employee Benefits 15,823 17,117
Occupancy and Equipment 5,650 6,021
Goodwill Impairment - 49,501
Other 13,687 14,281
--------- ---------
Total Non-Interest Expense 35,160 86,920
Income (Loss) Before Taxes (16,300) (55,184)
Provision for Income Taxes (4,000) (2,742)
--------- ---------
Net Income (Loss) $ (12,300) $ (52,442)
========= =========
Effective dividend on preferred stock 1,898 1,881
--------- ---------
Net Income (loss) available to common shareholders $ (14,198) $ (54,323)
========= =========
Net Income (Loss) per Common Share
Basic $ (0.84) $ (3.24)
Diluted $ (0.84) $ (3.24)
========= =========
Balance Sheet Sep 30, Jun 30, Mar 31, Dec 31, Sep 30,
2010 2010 2010 2009 2009
---------- ---------- ---------- ---------- -----------
Assets
Cash and due
from Banks $ 44,612 $ 35,757 $ 33,885 $ 30,184 $ 22,953
Federal Funds
Sold &
Overnight
Deposits 1,646 1,358 22,352 31,269 21,792
Investment
Securities 322,431 307,595 335,519 323,700 323,800
Federal Home
Loan Bank
Stock 9,092 9,794 9,794 9,794 9,794
Loans held for
sale 7,161 6,582 2,984 3,025 2,559
Loans 1,183,753 1,198,565 1,208,454 1,230,275 1,248,249
Allowance for
Loan Losses (35,100) (29,609) (36,007) (29,638) (20,807)
---------- ---------- ---------- ---------- -----------
Net Loans 1,148,653 1,168,956 1,172,447 1,200,637 1,227,442
Bank Premises
and Equipment 40,718 41,535 42,058 42,630 42,590
Foreclosed
Assets 19,385 18,781 20,285 19,634 18,118
Other Assets 69,088 69,757 67,856 67,735 56,293
---------- ---------- ---------- ---------- -----------
Total Assets $1,662,786 $1,660,115 $1,707,180 $1,728,608 $ 1,725,341
========== ========== ========== ========== ===========
Liabilities
and Stockholders'
Equity
Deposits
Non-Interest
Bearing $ 119,249 $ 123,573 $ 113,292 $ 118,372 $ 106,156
Money
market,
savings and
NOW 599,978 623,854 620,433 579,027 526,884
Time 598,383 545,420 573,229 616,671 646,039
---------- ---------- ---------- ---------- -----------
Total
Deposits 1,317,610 1,292,847 1,306,954 1,314,070 1,279,079
Borrowings 228,343 242,303 275,831 284,580 303,978
Accrued
Expenses and
Other
Liabilities 7,739 7,981 7,513 7,961 8,222
---------- ---------- ---------- ---------- -----------
Total
Liabilities 1,553,692 1,543,131 1,590,298 1,606,611 1,591,279
Total
Stockholders'
Equity 109,094 116,984 116,882 121,997 134,062
---------- ---------- ---------- ---------- -----------
Total
Liabilities
and
Stockholders'
Equity $1,662,786 $1,660,115 $1,707,180 $1,728,608 $ 1,725,341
========== ========== ========== ========== ===========
Tangible Book
Value per
Common Share $ 3.99 $ 4.46 $ 4.45 $ 4.77 $ 5.49
========== ========== ========== ========== ===========
For the three months ended
Sep 30, Jun 30, Mar 31, Dec 31, Sep 30,
2010 2010 2010 2009 2009
---------- ---------- ---------- ---------- ----------
Per Common
Share Data:
Basic Earnings
(loss) per
Share $ (0.51) $ (0.02) $ (0.31) $ (0.68) $ (0.06)
Diluted
Earnings
(loss) per
Share $ (0.51) $ (0.02) $ (0.31) $ (0.68) $ (0.06)
Tangible Book
Value per
Share $ 3.99 $ 4.46 $ 4.45 $ 4.77 $ 5.49
Selected
Performance
Ratios:
Return on
Average Assets
(annualized)
ROA -1.91% 0.06% -1.10% -2.44% -0.10%
Return on
Average Equity
(annualized)
ROE -27.07% 0.90% -15.34% -31.92% -1.28%
Return on
Tangible
Equity
(annualized) -27.25% 0.90% -15.44% -32.14% -1.29%
Net Interest
Margin 3.39% 3.46% 3.41% 3.28% 3.30%
Net Interest
Spread 3.20% 3.32% 3.26% 3.08% 3.10%
Non-interest
Income as a %
of Revenue 18.73% 24.64% 22.98% 20.84% 23.93%
Non-interest
Income as a %
of Average
Assets 0.73% 1.04% 0.94% 0.80% 0.96%
Non-interest
Expense to
Average Assets 2.64% 2.93% 2.82% 3.09% 2.91%
Efficiency
Ratio 67.24% 69.19% 68.85% 80.26% 72.09%
Asset Quality:
Nonperforming
Loans $ 98,709 $ 55,477 $ 50,608 $ 37,732 $ 22,697
Nonperforming
Assets $ 118,094 $ 74,258 $ 70,893 $ 57,366 $ 40,766
Nonperforming
Loans to Total
Loans 8.29% 4.60% 4.18% 3.06% 1.81%
Nonperforming
Assets to
Total Assets 7.10% 4.47% 4.15% 3.32% 2.36%
Allowance for
Loan Losses to
Period-end
Loans 2.95% 2.46% 2.97% 2.40% 1.66%
Allowance for
Loan Losses to
Nonperforming
Loans (X) 0.36X 0.53X 0.71X 0.79X 0.92X
Net Charge-offs
to Average
Loans
(annualized) 3.78% 3.95% 1.20% 2.92% 1.45%
Capital Ratios:
Equity to Total
Assets 6.56% 7.05% 6.85% 7.06% 7.77%
Tangible Common
Equity to
Total Tangible
Assets (1) 4.03% 4.52% 4.39% 4.63% 5.34%
Average
Balances:
Year to Date
Interest
Earning
Assets $1,561,504 $1,564,646 $1,573,247 $1,638,171 $1,643,945
Total Assets 1,680,902 1,695,640 1,704,190 1,767,047 1,774,376
Total Loans 1,213,497 1,215,776 1,222,594 1,272,087 1,280,803
Equity 118,352 119,293 121,944 147,652 155,522
Interest
Bearing
Liabilities 1,435,705 1,451,099 1,459,636 1,501,705 1,506,867
Quarterly
Interest
Earning
Assets $1,555,323 $1,556,140 $1,573,247 $1,621,037 $1,600,979
Total Assets 1,651,907 1,687,184 1,704,190 1,745,299 1,723,224
Total Loans 1,209,013 1,209,033 1,222,594 1,246,223 1,251,076
Equity 116,501 116,671 121,944 133,201 133,627
Interest
Bearing
Liabilities 1,405,419 1,442,655 1,459,636 1,486,386 1,470,162
Weighted
Average Number
of Shares
Outstanding
Basic 16,812,625 16,814,378 16,806,292 16,789,045 16,791,175
Diluted 16,812,625 16,814,378 16,806,292 16,789,045 16,791,175
Period end
outstanding
shares 16,812,625 16,812,625 16,818,125 16,787,675 16,791,175
Nine months Ended
Sep 30, Sep 30,
2010 2009
---------- ----------
Per Common Share Data:
Basic Earnings (loss) per Share $ (0.84) $ (3.24)
Diluted Earnings (loss) per Share $ (0.84) $ (3.24)
Tangible Book Value per Share $ 3.99 $ 5.49
Selected Performance Ratios:
Return on Average Assets (annualized) ROA -0.98% -3.95%
Return on Average Equity (annualized) ROE -13.90% -45.08%
Return on Tangible Equity (annualized) -13.99% -50.68%
Net Interest Margin 3.42% 3.12%
Net Interest Spread 3.26% 2.90%
Non-interest Income as a % of Revenue 22.21% 19.65%
Non-interest Income as a % of Average Assets 0.91% 0.71%
Non-interest Expense to Average Assets 2.80% 6.55%
Efficiency Ratio 68.46% 182.08%
Asset Quality:
Nonperforming Loans $ 98,709 $ 22,697
Nonperforming Assets $ 118,094 $ 40,766
Nonperforming Loans to Total Loans 8.29% 1.81%
Nonperforming Assets to Total Assets 7.10% 2.36%
Allowance for Loan Losses to Period-end Loans 2.95% 1.66%
Allowance for Loan Losses to Nonperforming Loans (X) 0.36X 0.92X
Net Charge-offs to Average Loans (annualized) 2.98% 1.47%
Capital Ratios:
Equity to Total Assets 6.56% 7.77%
Tangible Common Equity to Total Tangible Assets (1) 4.03% 5.34%
Weighted Average Number of Shares Outstanding
Basic 16,811,122 16,787,565
Diluted 16,811,122 16,787,565
Period end outstanding shares 16,812,625 16,791,175
(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
Capital Bank Financial Corp. - Southern Community Capital Trust II - % Cumulative Trust Preferred Securities (MM) (NASDAQ:SCMFO)
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Capital Bank Financial Corp. - Southern Community Capital Trust II - % Cumulative Trust Preferred Securities (MM) (NASDAQ:SCMFO)
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