CapitalMark Profits Continue
Chattanooga, TN - October 22, 2010 - results for the first nine months, 2010, announcing net income of $2,089,175 compared to $1,775,597 for the same period last year. Total assets increased to $436 million which represents a 13.8% increase over the same period last year and 11.4% year-to-date. Deposits increased 16.4% versus the same period last year and 12.1% year-to-date.
Although operating earnings remain solid, net income was down on a linked-quarter basis. Net income for the third quarter was $573,200; down from $833,518 the previous quarter, due to an increase in expenses related to Other Real Estate Owned.
“We are pleased to report positive results in spite of the challenging economy, ” said R. Craig Holley, CapitalMark’s Chairman, President and CEO. “The recession has impacted some of our borrowers, and we expect near-term, upward pressure on non-performing loans and charge-offs. As prudent and necessary, we have set aside an additional $1.65 million in loan loss provision year-to-date.”
Asset quality measures for the quarter remained stable. Thirty-day past due loans, as a percentage of total loans, were .49%; and nonperforming assets, as a percentage of total assets, were 1.80%. industry averages. Capital ratios remain significantly above those for well-capitalized banks under applicable regulatory guidelines.Lastly, Holley noted, “We are extremely pleased with our recent 5-Star Rating by independent rating agency BauerFinancial, Inc. This is a timely validation of our conservative management in light of our significant growth, and we enjoy sharing the news with our clients and shareholders.”
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.