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CAPITAL BANCORP REPORTS 48 PERCENT INCREASE IN THIRD-QUARTER EARNINGS

CAPITAL BANCORP REPORTS 48 PERCENT INCREASE IN THIRD-QUARTER EARNINGS
 MIAMI, Oct. 21 /PRNewswire/ -- Capital Bancorp today reported third- quarter 1992 consolidated net income of $2.2 million ($.48 per share), a 48 percent increase over net income of $1.5 million ($.32 per share) in the third quarter of 1991. Earnings for the nine months ended Sept. 30, 1992 rose 41 percent to $6.6 million ($1.45 per share) compared with $4.7 million ($1.03 per share) during the first nine months of 1991.
 Consolidated figures include the results of Capital Bank and Capital Factors, Inc.
 "The strong increases in third-quarter and year-to-date earnings are due to improvements in net interest margins and the growth in factored sales at Capital Bank's wholly owned subsidiary, Capital Factors, Inc.," explained Abel Holtz, chairman and president of Capital Bancorp. Holtz said Capital Factors reported a 29 percent increase in factored sales during the first nine months of the year, from $586 million a year ago to $755 million.
 Holtz also said that Hurricane Andrew, which struck south Dade on Aug. 24, has had minimal impact on Capital Bancorp's financial performance.
 "We weathered the storm in excellent shape," Holtz said. "I am extremely proud of Capital Bank employees, who moved quickly to return the bank to normal operations while pitching in to assist fellow workers who needed a helping hand in recovering from this hard-hitting hurricane. Fortunately, only one of our 28 South Florida branches -- the Cutler Ridge office -- was severely damaged. But thanks to the dedication of Capital's employees, we succeeded in reopening that south Dade branch within days of the storm. Since the hurricane, Capital's deposits have surged by $40 million through the Sept. 30 quarterly reporting period as insurance checks for post-hurricane repairs flow through the banking system."
 At Sept. 30, 1992, Capital Bancorp's total assets were $1.22 billion compared with $1.18 billion a year ago, and deposits were $898 million compared with $887 million at Sept. 30, 1991. Net loans and advances decreased to $656 million from $702 million a year earlier. Stockholders' equity rose to $71.8 million from $66.1 million.
 Non-performing loans and other real estate amounted to $71.6 million at Sept. 30, 1992 compared with $68.6 million a year ago, and $71.8 million at Dec. 31, 1991. "Non-performing assets appear to have peaked at year-end 1991," Holtz said. "We are actively addressing asset quality; however, further progress depends partially on an upturn in the economy."
 Holtz said Capital Bancorp maintains capital levels which exceed all regulatory minimum requirements.
 Final rules implementing higher risk-based capital ratios will take effect at year-end 1992. At Sept. 30, 1992, Capital Bancorp reported Tier One and total risk-based capital ratios based upon the final rules of 8.1 percent and 9.3 percent, respectively, while Capital Bank reported ratios of 8.4 percent and 9.6 percent. Under the stricter new regulatory requirements, minimum required Tier One and total risk-based ratios will be 4 percent and 8 percent, respectively. At Sept. 30, 1992, Capital Bancorp's leverage ratio rose to 6.3 percent and Capital Bank's leverage ratio climbed to 6.5 percent.
 Capital Bancorp, a Florida banking 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.
 CAPITAL BANCORP AND SUBSIDIARIES
 SUMMARY OF CONSOLIDATED QUARTERLY RESULTS
 Period Ended Sept. 30, 1992
 (Unaudited)
 (In thousands except for per share data)
 RESULTS OF OPERATIONS, 1992 1991
 for the quarter ended Sept. 30:
 Net interest income $11,958 $10,324
 Provisions for credit losses 2,550 4,150
 Non-interest income 9,210 9,979
 Non-interest expense 15,495 14,262
 Net income 2,171 1,463
 Earnings per share .48 .32
 Return on assets (A) .73 pct. .50 pct.
 Return on equity (A) 12.15 pct. 8.73 pct.
 Net interest margin (B) 5.36 pct. 4.59 pct.
 RESULTS OF OPERATIONS,
 for the nine months ended Sept. 30:
 Net interest income $35,435 $31,480
 Provisions for credit losses 8,250 8,700
 Non-interest income 26,685 24,440
 Non-interest expense 44,689 41,220
 Net income 6,586 4,677
 Earnings per share 1.45 1.03
 Return on assets (A) .76 pct. .54 pct.
 Return on equity (A) 12.65 pct. 9.71 pct.
 Net interest margin (B) 5.48 pct. 4.74 pct.
 BALANCE SHEET
 Sept. 30:
 Total assets $1,221,479 $1,175,951
 Net loans and advances 656,012 702,112
 Allowance for credit losses 16,911 20,225
 Deposits 898,325 886,988
 Stockholders' equity 71,828 66,144
 Nonperforming loans and other
 real estate (as a percent of
 total assets) 5.86 pct. 5.83 pct.
 Capital Bancorp:
 Tier One risk-based ratio (C) 8.05 pct. 7.50 pct.
 Total risk-based ratio (C) 9.30 pct. 8.75 pct.
 Leverage ratio 6.28 pct. 5.75 pct.
 Capital Bank:
 Tier One risk-based ratio (C) 8.35 pct. 7.98 pct.
 Total risk-based ratio (C) 9.60 pct. 9.24 pct.
 Leverage ratio 6.51 pct. 6.13 pct.
 (A) -- Annualized.
 (B) -- Annualized, tax equivalent.
 (C) -- Based on final (Dec. 31, 1992) guidelines.
 -0- 10/21/92
 /CONTACT: Lucious T. (Tim) Harris, controller of Capital Bancorp, 305-536-1677/ CO: Capital Bancorp ST: Florida IN: FIN SU: ERN


JB-AW -- FL010 -- 3128 10/21/92 17:02 EDT
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Date:Oct 21, 1992
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