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Capitalmark reports 73% increase in q4 earnings

Chattanooga, Tennessee – January 24, 2014 – CapitalMark Bank & Trust today reported year-end performance with net income of $5.81 million. For the quarter, net income was $2.15 million, representing an increase of 72.9% over the fourth quarter 2012.

“We are pleased to report strong fourth quarter results,” said R. Craig Holley, CapitalMark’s Chairman, President and CEO. Holley continued, “This marks another quarter of top-line revenue increases driven by significant loan growth.”

2013 AND FOURTH QUARTER HIGHLIGHTS:

  • Net income for the year 2013 was $5.81 million.
  • Net income for the quarter was $2.15 million increasing 72.9% year-over-year.
  • Net income per fully diluted common share was $0.27 for the quarter and $0.72 for the year.
  • Top line revenue improved $4.3 million or 15.9% year-over-year.
  • Total Assets grew to $828 million, or 6.15% year-over-year.
  • Deposits totaled $685 million, a 1.82% increase .
  • Non-Interest Bearing deposits grew 36.6% and now comprise 17.25% of total deposits.
  • Loans increased to $584 million, or 27.1% year-over-year.
  • Non-interest expense increased 19.7% or $3.3 million in 2013 as compared to 2012.
  • Tier 1 Leverage Ratio was 10.87%.
  • Ratio of Past Due Loans > 30 Days to Total Loans was 0.15%.

 

Mr. Holley noted, “We entered 2013 with expectations of a challenging year. The large increase in operating expenses was expected as we positioned our balance sheet and operating profile to support continued growth. We remain focused on a strategy of becoming a $1 billion bank by adding experienced Banker Teams who focus on understanding and meeting the needs of our clients.”

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, Cleveland, Knoxville and Oak Ridge, TN. 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 the 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.

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

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