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CAPITAL BANCORP REPORTS 44 PERCENT INCREASE IN SECOND-QUARTER EARNINGS

 MIAMI, July 13 /PRNewswire/ -- Capital Bancorp today reported record second-quarter 1993 consolidated net income of $3.2 million ($.68 per share), a 44 percent increase over net income of $2.2 million ($.49 per share) in the second quarter of 1992. Earnings for the six months ended June 30, 1993 climbed 45 percent to $6.4 million ($1.34 per share) compared with $4.4 million ($.97 per share) during the first half of 1992. Consolidated figures include the results of Capital Bank and Capital Factors, Inc.
 Capital Bancorp's return on assets rose to 1.04 percent and its return on equity increased to 16.67 percent for the first half of 1993.
 According to Abel Holtz, chairman and president of Miami-based Capital Bancorp, the institution's improved second-quarter and first- half 1993 performance was due to strong net interest margins, continued improvement in credit quality, and a 32 percent increase in factored sales at Capital Bank's wholly-owned subsidiary, Capital Factors, Inc., offset by an after-tax charge of $266,000 representing the complete write-off of Capital Bancorp's investment in Capital Bank of California. Factored sales increased to $616 million during the first half of 1993 from $466 million in the same year-ago period.
 "We are pleased with our continued strong financial performance," Holtz said. "As a result, stockholders' equity has risen to $79.8 million at June 30, 1993, up 14 percent from $70.1 million at mid-year 1992. Equally important is the improved quality of our loan portfolio."
 Credit quality improvements have enabled Capital Bancorp to reduce provisions for credit losses by $1.2 million -- from $5.7 million for the first half of 1992 to $4.5 million for the first half of 1993, Holtz said. Also, non-performing loans and other real estate have declined 30 percent from $67.9 million at June 30, 1992 to $47.3 million at mid-year 1993.
 At June 30, 1993, Capital Bancorp's total assets were $1.23 billion compared with $1.17 billion a year ago. Deposits were $903 million compared with $870 million at June 30, 1992, while net loans and advances increased to $720 million from $659 million.
 Capital Bancorp maintains capital levels which exceed all regulatory minimum requirements.
 At June 30, 1993, Capital Bancorp reported Tier One and total risk- based capital ratios of 8.69 percent and 9.88 percent, respectively, while Capital Bank reported ratios of 8.88 percent and 10.06 percent. Minimum required Tier One and total risk-based ratios are 4 percent and 8 percent, respectively. At June 30, 1993 Capital Bancorp's leverage ratio rose to 6.70 percent and Capital Bank's leverage ratio increased to 6.88 percent.
 Capital Bancorp, a Florida bank holding company, is the parent of Miami-based Capital Bank, which has 28 South Florida offices and a Fort Lauderdale-based factoring subsidiary, Capital Factors, Inc.
 SUMMARY OF CONSOLIDATED QUARTERLY EARNINGS
 PERIOD ENDED JUNE 30, 1993
 (UNAUDITED)
 (In thousands except for per share data)
 RESULTS OF OPERATIONS 1993 1992
 for the quarter ended June 30:
 Net interest income $14,040 $11,941
 Provisions for credit losses 2,175 2,650
 Non-interest income 10,185 8,553
 Non-interest expense 17,591 14,817
 Net income 3,230 2,244
 Earnings per share .68 .49
 Return on assets (in percents)(A) 1.04 .79
 Return on equity (in percents)(A) 16.51 12.99
 Net interest margin (in percents)(A)(B) 5.89 5.66
 RESULTS OF OPERATIONS,
 for the six months ended June 30:
 Net interest income $27,686 $23,477
 Provisions for credit losses 4,495 5,700
 Non-interest income 19,730 17,475
 Non-interest expense 33,701 29,194
 Net income 6,384 4,415
 Earnings per share 1.34 .97
 Return on assets(A) 1.04 .77
 Return on equity (in percents)(A) 16.67 12.90
 Net interest margin (in percents) (A)(B) 5.89 5.53
 BALANCE SHEET
 at June 30:
 Total assets $1,234,286 $1,171,386
 Net loans and advances 719,868 658,886
 Allowance for credit losses 16,698 17,626
 Deposits 903,177 869,808
 Stockholders' equity 79,794 70,109
 Nonperforming loans and
 other real estate (as a percent
 of total assets) 3.83 5.80
 Capital Bancorp (in percents):
 Tier One risk-based ratio 8.69 7.95
 Total risk-based ratio 9.88 9.20
 Leverage ratio 6.70 6.26
 Capital Bank (in percents):
 Tier One risk-based ratio 8.88 8.28
 Total risk-based ratio 10.06 9.53
 Leverage ratio 6.88 6.52
 (A) -- Annualized
 (B) -- Tax equivalent
 -0- 7/13/93
 /CONTACT: Tim Harris, treasurer of Capital Bancorp, 305-536-1677/


CO: Capital Bancorp ST: Florida IN: FIN SU: ERN

AW -- FL007 -- 0999 07/13/93 15:42 EDT
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Date:Jul 13, 1993
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