Capital Bank, Park Sterling report 4Q profits affected by merger deals

Two Charlotte-based regional banks Thursday reported fourth-quarter earnings that included higher expenses from recent acquisitions.

▪ Capital Bank Financial Corp. reported net income of $12.4 million, down 17 percent from a year ago.

Capital Bank, which bought Charlotte’s CommunityOne Bancorp in October, had $18.5 million in merger-related expenses in the quarter, compared with less than $1 million a year ago.

The bank now has $9.9 billion in total assets, up from $7.4 billion a year ago.

▪ Park Sterling Corp. reported net income of $5.3 million, up 41 percent from a year ago.

The bank said it had merger-related costs of $3.0 million as it condolidated operations centers as part of its purchase of Virginia’s First Capital Bancorp. Those expenses were up from $1.4 million a year ago.

Park Sterling had $3.3 billion assets at the end of the quarter, up from $2.5 billion a year ago.

After a recent surge in bank stocks recently, shares in both banks are trading around 52-week highs.

This story was originally published January 26, 2017 at 12:35 PM with the headline "Capital Bank, Park Sterling report 4Q profits affected by merger deals."