CapitalMark Bank & Trust on Thursday reported earnings for the first quarter ended March 31, including net income for the quarter of $1.7 million, which doubled from the first quarter of 2013. Net income per fully diluted common share also doubled from the same period last year to $0.21.
Craig Holley, CapitalMark’s chairman, president and CEO, said, “CapitalMark had another quarter of strong results fueled by exceptional loan growth of 31.
4% year-over-year. With a record $883 million in total assets, we continue to build core earnings capacity and an operating profile that positions CapitalMark to become a $1 billion bank.”
First quarter highlights were:
· Net Income was $1.7 million for the first quarter 2014, increasing 103.7 percent year-over-year.
· Net Income per fully diluted common share was $0.21 for the quarter representing a 110 percent increase year-over-year.
· Loans increased $148 million over the same period last year totaling $620 million at quarter end.
· Deposits increased to $751 million, or 10.2 percent year-over-year.
· Non-interest bearing deposits grew 44.3 percent year-over-year and comprise 16.8% of total deposits.
· Total Assets grew to $883 million, or 11.8 percent over the first quarter 2013.
· Total Operating Revenue grew $1.17 million or 16.4 percent year-over-year.
· Tier 1 Leverage Ratio was 10.44 percent.
· Non-interest expense decreased 1.1 percent when compared to the fourth quarter 2013.
· Ratio of Past Due Loans 30 Days to Total Loans was 0.25 percent.
CapitalMark Bank & Trust is a full-service commercial bank with four private client offices throughout East Tennessee including Chattanooga, Cleveland, Knoxville and Oak Ridge.