CapitalMark reports $3 million record profit
Chattanooga, TN - January 15, 2010 - Chattanooga-based CapitalMark Bank & Trust reported net income for the year totaling $3,022,097. This compares to a loss of over $1.7 million the previous year. The bank recorded a profit of 1,246,501 in the fourth quarter. Total assets increased to $391.9 million, which represents a 16.70% improvement over 2008. Deposits increased 18.10%, ending the year at $335.6 million.
We are pleased once again to post record earnings, despite the difficult economic and credit environment," said R. Craig Holley, CapitalMark’s Chairman, President and CEO. "During 2010, we will carry on our strategy of very measured loan growth while accelerating the growth of our core funding base." Mr. Holley noted that credit quality measures continue to remain favorable when compared to industry averages. Non-performing assets, as a percentage of total assets, decreased to 1.18% versus 1.24% the previous quarter, and the bank ended the year with no 30 day past due loans.
Mr. Holley stated, "Although our asset quality remains acceptable, the weak economy continues to affect some of our borrowers. We expect operating earnings to trend upward, but future earnings will be determined by near-term loan loss provision levels." Finally, Mr. Holley noted, "We improved all capital ratios quarter-over-quarter and maintain capital levels exceeding those for well-capitalized banks under applicable regulatory guidelines."
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.