CapitalMark Reports Record $1 Million Profit
Chattanooga, TN - October 8, 2009 - Chattanooga-based CapitalMark Bank & Trust reported results for the third quarter, 2009, announcing profits of $1,048,919 compared to a $167,949 loss for the same period last year. Total assets increased to $383 million which represents a 26% increase over the same period last year and 14% year-to-date. Deposits increased 28% versus the same period last year.
Year-to-date earnings totaled $1,775,597 compared to a loss of $1,130,262 for the same period, 2008.
"Despite the difficult economic and credit environment, we are pleased to post record earnings," said R. Craig Holley, CapitalMark’s Chairman, President and CEO. "While credit quality continues to be a question mark for many banks, our conservative business practices have served us well". The bank reported no 30 day past due loans at quarter end, and non-accrual loans and other real-estate owned levels remained stable and below current industry averages at 1.52% of total loans. Holley added, "While we are pleased that credit quality continues to remain stable, the weak economy continues to affect some of our borrowers, and CapitalMark will not be immune to future credit issues."
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.