CapitalMark profits double
Chattanooga, TN - July 22, 2010 - Chattanooga-based CapitalMark Bank & Trust reported results for the first six months, 2010, announcing net income of $1,515,975 compared to $726,678 for the same period last year. Total assets increased to $414 million which represents a 9.8% increase over the same period last year and 5.6% year-to-date. Deposits increased 9.4% versus the same period last year and 5.4% year-to-date.
Operating earnings continue to trend upward as the bank recorded a 22% increase in linkedquarter earnings. Second quarter net income was $833,518 versus $682,457 during the first quarter, 2010. "We are pleased to report such positive results in spite of one of the most challenging economic environments any of us have ever experienced," said R. Craig Holley, CapitalMark’s Chairman, President and CEO. "The recession has affected some of our borrowers, and we will not be immune to future non-performing loans and charge-offs. We set aside an additional $1.15 million in loan loss provision, as reserve increases are prudent and necessary given the fragile state of the economy."
Thirty-day past due loans, as a percentage of total loans, were .46%; and nonperforming assets, as a percentage of total assets, were 1.90%. Holley said, "Our past due and nonperforming ratios compare very favorably to industry averages, as we work closely with our clients to identify and address any problem assets that arise." Mr. Holley also noted, "Capital ratios improved quarter-over-quarter, and capital levels remain significantly above those for well-capitalized banks under applicable regulatory guidelines." He said, "A bank looking to grow in today’s environment should have capital significantly above the published minimums."
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.