CapitalMark Bank & Trust Reports Record Earnings for 2010
Chattanooga, TN – January 27, 2011 – CapitalMark Bank & Trust today reported earnings for the fourth quarter and year ended December 31, 2010.
2010 AND FOURTH QUARTER HIGHLIGHTS:
- Net income for 2010 was $3,131,888 compared to $ 2,673,784 for 2009, a 17.13% increase.
- Total assets increased to $464 million, which represents an 18.55% increase year-over-year.
- Deposits increased 20.96% in 2010, closing the year at $406 million.
- Loans ended the year at $328.4 million, a 4.18% increase over 2009.
- Net income for the quarter was $1,042,713, up from $898,187 recorded in the fourth quarter of 2009.
R. Craig Holley, CapitalMark’s Chairman, President and CEO, stated: “We are proud to report positive results in spite the many headwinds, which include a tough economy, historic regulatory changes and the resultant cost pressures and declining loan demand. We are particularly pleased with our relationship deposits, or core funding growth, which increased over $78 million during 2010. All asset quality metrics continue to compare favorably to industry averages. Net charge-offs, as a percentage of total loans, were .14%, and we ended the year with only $155,830 in loans past due greater than 30 days. Capital ratios remain significantly above those for well-capitalized banks under applicable regulatory guidelines." Lastly, Holley noted, "This quarter, CapitalMark achieved cumulative profitability, and we remain a top performing bank nationally from a field of over 170 banks launched in 2007."
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.
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 th e 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.