CapitalMark Reports $1.5MM Quarter Profit
Chattanooga, Tennessee – July 23, 2013 – CapitalMark Bank & Trust today reported earnings of $1.5 million for the second quarter ended June 30, 2013.
“We’re pleased to report 18 consecutive quarters of positive earnings despite heightened regulatory pressures and a slow growth economy. CapitalMark delivered strong quarterly revenue and gross loan growth, ultimately bolstering our core earnings capacity and increasing the long-term value of the company.” said R. Craig Holley, CapitalMark’s Chairman, President and CEO.
SECOND QUARTER HIGHLIGHTS:
· Gross Loans increased $116 million to $518 million, or 28.7% over the same period last year.
· Deposits increased $26 million to $669 million, a 4.0% increase year-over-year.
· Total Assets grew to $775 million, or 4.7% over the second quarter 2012.
· Increase in Operating Income Net of Loan Provision $1.2 million, representing an 8.3% growth year-over-year.
· Net Income was $2.4 million for the six months ended June 30, 2013.
· Tier 1 Leverage Ratio was 10.86%.
· Net Charge-offs to Average Loans was 0.42%.
· No Loans Past Due Greater Than 30 Days.
· Non-Performing Assets to Total Assets Ratio decreased to 0.72% from 0.74% in the prior quarter.
Holley continued, “CapitalMark is primed for future growth as we continue to operate well above the regulatory capital requirements. Our newest full-service offices, located in Cleveland and Oak Ridge, and two additional Banker Teams added in the first quarter of 2013 position CapitalMark for continued growth as they remain focused delivering CapitalMark’s unique and efficient banking model to clients in their respective markets.”
About CapitalMark Bank & Trust:
CapitalMark Bank & Trust is a full-service commercial bank with four private client offices throughout East Tennessee to include Chattanooga, Cleveland, Knoxville and Oak Ridge. CapitalMark’s Banker Teams serve the needs of privately owned businesses, their owners and managers, as well as professionals, executives and their families. Services offered include mortgage and trust and wealth management. For more information, please visit: 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.