CapitalMark Records Earnings Increase
Chattanooga, Tennessee – October 27, 2011 – CapitalMark Bank & Trust today reported net income of $604,785 for the quarter, an increase of 5.41% over the third quarter 2010; for the nine-months ended, net income was $2.269 million, increasing 8.62% over the same period last year.
“We are pleased to report increased earnings despite protracted challenges for the banking industry. Our consistent earnings have been supported by balance sheet growth that places CapitalMark at $580 million in total assets,” said R. Craig Holley, CapitalMark’s Chairman, President and CEO.
THIRD QUARTER HIGHLIGHTS:
- Net income per fully diluted common share was $0.08 for the quarter.
- Total Assets were $580 million, representing a 33.08% increase year-over-year.
- Deposits totaled $505 million, a 34.37% increase over third quarter 2010.
- Loans were $336 million, a 3.33% increase year-over-year.
- Tier 1 Leverage Ratio was 13.21% compared to 10.38% in the prior quarter.
- Non-Performing Assets to Total Assets Ratio declined to 1.60% from 1.94% in the prior quarter.
Mr. Holley noted, “During the third quarter, CapitalMark closed a transaction securing over $18 million in new capital through the Small Business Lending Fund. We look forward to increasing our loans to our small business clients and continuing to grow our bank. Further, we are extremely pleased with our continued success managing credit quality as we report ratios that consistently compare favorably to our peers.”
About CapitalMark Bank & Trust:
CapitalMark Bank & Trust offers a wide range of banking and trust services to businesses and individuals. Founded March 5, 2007, CapitalMark has locations in Chattanooga and Knoxville. Additional information about CapitalMark and its full line of products and services can be found at www.capitalmark.com.
Statements made in this press release, other than those concerning historical information, should be considered forward-looking and subject to various risks and uncertainties. Such forward-looking statements are made based upon management’s belief as well as assumptions made by, and information currently available to, management pursuant to “safe harbor” provisions of the Private Securities Litigation Reform Act of 1995. Our actual results may differ materially from the results anticipated in forward-looking statements due to a variety of factors, including governmental monetary and fiscal policies, deposit levels, loan demand, loan collateral values, securities portfolio values, interest rate risk management, the effects of competition in the banking business from other commercial banks, thrifts, mortgage banking firms, consumer finance companies, credit unions, securities brokerage firms, insurance companies, money market funds and other financial institutions operating in our market area and elsewhere, including institutions operating through the Internet, changes in governmental regulation relating to the banking industry, including regulations relating to branching and acquisitions, failure of assumptions underlying the establishment of reserves for loan losses, including the value of collateral underlying delinquent loans, and other factors. We caution that such factors are not exclusive. We do not undertake to update any forward-looking statement that may be made from time to time by, or on behalf of, us.
