CapitalMark Bank & Trust Thursday 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 percent over the fourth quarter 2012.
“We are pleased to report strong fourth quarter results,” said R. Craig Holley, CapitalMark’s chairman, president and CEO. “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 percent 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 percent year-over-year.
Total Assets grew to $828 million, or 6.15 percent year-over-year.
Deposits totaled $685 million, a 1.82 percent increase over 2012.
Non-Interest Bearing deposits grew 36.6 percent and now comprise 17.25 percent of total deposits.
Loans increased to $584 million, or 27.1 percent year-over-year.
Non-interest expense increased 19.7 percent or $3.3 million in 2013 as compared to 2012.
Tier 1 Leverage Ratio was 10.87 percent.
Ratio of Past Due Loans > 30 Days to Total Loans was 0.15 percent.
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.”