CAPITAL BANK CORP

CIK:0001071992|SEC Filings

Earnings (Loss) Per Share (Tables)

6 Months Ended

Jun. 30, 2012

Earnings (Loss) Per Share [Abstract]

The calculation of basic and diluted EPS

The calculation of basic and diluted EPS was based on the following for each period presented:


	Successor Company				Successor Company				Predecessor Company
(Dollars in thousands except per share data)	Three Months Ended Jun. 30, 2012		Three Months Ended Jun. 30, 2011		Six Months Ended Jun. 30, 2012		Jan. 29, 2011 to Jun. 30, 2011		Jan. 1, 2011 to Jan. 28, 2011
Net income (loss) attributable to common shareholders	$	2,626	$	2,309	$	5,369	$	1,735	$	(265	)

Weighted average number of common shares outstanding:
Basic		85,802,164		85,802,164		85,802,164		85,465,250		13,188,612
Dilutive effect of options outstanding		—		9		—		—		—

Diluted		85,802,164		85,802,173		85,802,164		85,465,250		13,188,612

Earnings (loss) per common share – basic	$	0.03	$	0.03	$	0.06	$	0.02	$	(0.02	)

Earnings (loss) per common share – diluted	$	0.03	$	0.03	$	0.06	$	0.02	$	(0.02	)

Weighted average anti-dilutive stock options and warrants excluded from the computation of diluted earnings per share

Weighted average anti-dilutive stock options and warrants excluded from the computation of diluted earnings per share for each period presented are as follows:


	Successor Company				Successor Company				Predecessor Company
	Three Months Ended Jun. 30, 2012		Three Months Ended Jun. 30, 2011		Six Months Ended Jun. 30, 2012		Jan. 29, 2011 to Jun. 30, 2011		Jan. 1, 2011 to Jan. 28, 2011
Anti-dilutive stock options		140,300		291,980		140,300		292,480		297,880
Anti-dilutive warrants		—		—		—		—		749,619

Condensed Consolidated Statements of Cash Flows (Unaudited) (USD $) In Thousands, unless otherwise specified	5 Months Ended	6 Months Ended	1 Months Ended
	Jun. 30, 2011 Successor Company	Jun. 30, 2012 Successor Company	Jan. 28, 2011 Predecessor Company
Cash flows from operating activities:
Net income (loss)	$ 1,735	$ 5,369	$ 596
Adjustments to reconcile net income (loss) to net cash provided by (used in) operating activities:
Equity income from investment in Capital Bank, NA		(6,025)
Accretion of purchased credit-impaired loans	(26,262)
Amortization/accretion on acquired liabilities, net	(3,529)	111
Provision for loan losses	1,450		40
Amortization of other intangible assets	478		62
Depreciation	1,354		240
Stock-based compensation	140	13	42
Amortization of premium on securities, net	695		171
Loss on disposal of premises, equipment and ORE	5		26
ORE valuation adjustments	74
Bank-owned life insurance income	(134)		(10)
Deferred income tax expense (benefit)		(40)
Net change in:
Mortgage loans held for sale	1,907		4,424
Accrued interest receivable and other assets	(4,214)	(314)	(1,309)
Accrued interest payable and other liabilities	2,927	(292)	(3,939)
Net cash provided by (used in) operating activities	(23,374)	(1,178)	343
Cash flows from investing activities:
Net cash paid in Capital Bank merger	(42,880)
Investment in Capital Bank , NA	(6,063)
Principal repayments on loans, net of loans originated or acquired	13,048		14,547
Purchases of premises and equipment	(607)		(307)
Proceeds from sales of premises, equipment and ORE	4,545		20
Purchases of FHLB Stock	1,259
Purchases of securities - available for sale	(138,855)		(6,840)
Proceeds from principal repayments/calls/maturities of securities - available for sale	25,761		3,936
Net cash provided by (used in) investing activities	(143,792)		11,356
Cash flows from financing activities:
Decrease in deposits, net	(2,426)		(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	(28,612)		129,811
Net change in cash and cash equivalents	(195,778)	(1,178)	141,510
Cash and cash equivalents at beginning of period	208,255	2,163	66,745
Cash and cash equivalents at end of period	12,477	985	208,255
Noncash investing activities:
Transfer of noncash assets to Capital Bank, NA	1,419,308
Transfer of liabilities to Capital Bank, NA	1,457,413
Equity method investment in Capital Bank, NA	232,264
Transfers of loans and premises to ORE	7,573		248
Transfers of OREO to loans	857		146
Capital leases recorded in premises and other liabilities	6,618
Cash paid for (received from):
Income taxes	130
Interest	$ 9,989	$ 634	$ 1,531

Condensed Consolidated Balance Sheets (Unaudited) (Successor Company, USD $) In Thousands, unless otherwise specified	Jun. 30, 2012	Dec. 31, 2011
Successor Company
Assets
Cash and due from banks	$ 985	$ 2,163
Total cash and cash equivalents	985	2,163
Equity method investment in Capital Bank, NA	250,637	243,691
Advance to Capital Bank, NA	3,393	3,393
Other assets	772	458
Total assets	255,787	249,705
Liabilities
Subordinated debentures	19,274	19,163
Other liabilities	5,383	5,715
Total liabilities	24,657	24,878
Shareholders' Equity
Common stock, no par value; 300,000,000 shares authorized; 85,802,164 and shares issued and outstanding	218,802	218,789
Retained earnings	10,636	5,267
Accumulated other comprehensive income	1,692	771
Total shareholders' equity	231,130	224,827
Total liabilities and shareholders' equity	$ 255,787	$ 249,705