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CAPITAL BANCORP REPORTS 75 PERCENT INCREASE IN SECOND-QUARTER EARNINGS

CAPITAL BANCORP REPORTS 75 PERCENT INCREASE IN SECOND-QUARTER EARNINGS
 MIAMI, July 16 /PRNewswire/ -- Capital Bancorp today reported second-quarter 1992 consolidated net income of $2.2 million ($.49 per share), a 75 percent increase over net income of $1.3 million ($.28 per share) in the second quarter of 1991. Earnings for the six months ended June 30, 1992 climbed 37 percent to $4.4 million ($.97 per share) compared with $3.2 million ($.71 per share) during the first half of 1991.
 Consolidated figures include the results of Capital Bank and Capital Factors, Inc.
 Abel Holtz, chairman and president of Capital Bancorp, attributed the substantial improvement in second-quarter and first-half earnings largely to a wider net interest margin and the growth in factored sales at the bank's wholly owned subsidiary, Capital Factors, Inc.
 "Each of our divisions turned in improved performances, while Capital Factors reported a 33 percent increase in factored sales during the first half of the year, from $352 million a year ago to $466 million," Holtz said.
 At June 30, 1992, Capital Bancorp's total assets were $1.17 billion compared with $1.14 billion a year ago. Deposits were $870 million compared with $919 million at June 30, 1991, and net loans were $544 million compared with $595 million a year ago. Stockholders' equity increased to $70.1 million at June 30, 1992, up from $64.7 million at mid-year 1991.
 Holtz said Capital Bancorp maintll take effect at year-end 1992. At June 30, 1992, Capital Bancorp reported Tier One and total risk-based capital ratios based upon the final rules of 7.47 percent and 8.72 percent, respectively, while Capital Bank reported ratios of 7.78 percent and 9.03 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 June 30, 1992, Capital Bancorp's leverage ratio rose to 6.26 percent and Capital Bank's leverage ratio climbed to 6.52 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.
 CAPITAL BANCORP AND SUBSIDIARIES
 SUMMARY OF CONSOLIDATED QUARTERLY RESULTS
 PERIOD ENDED JUNE 30, 1992
 (Unaudited)
 (In Thousands Except Common Share Data)
 Three Months Six Months
 Ended June 30 Ended June 30
 1992 1991 1992 1991
 RESULTS OF OPERATIONS
 Income from continuing
 operations before
 income taxes $ 3,027 $ 1,528 $ 6,058 $ 4,109
 Provision for
 income taxes 783 243 1,643 844
 Income from
 continuing operations 2,244 1,285 4,415 3,265
 Loss on discontinued
 operations (net of tax) -- (4) -- (51)
 Net income $ 2,244 $ 1,281 $ 4,415 $ 3,214
 EARNINGS PER COMMON SHARE
 AND EQUIVALENTS:
 Average number
 of shares 4,534,080 4,526,675 4,536,072 4,522,421
 Net income $ .49 $ .28 $ .97 $ .71
 STATEMENT OF CONDITION DATA
 (In Thousands)
 At June 30, 1992 and 1991
 Total Assets $1,171,386 $1,144,983
 Loans, net (A) $ 543,597 $ 594,744
 Deposits $ 869,808 $ 919,491
 Stockholders'
 equity $ 70,109 $ 64,711
 (A) -- Loans are shown net of unearned income and the allowance for possible loan losses.
 -0- 7/16/92
 /CONTACT: Lucious T. (Tim) Harris, controller of Capital Bancorp, 305-536-1677/ CO: Capital Bancorp ST: Florida IN: FIN SU: ERN


JB-AW -- FL013 -- 9802 07/16/92 13:28 EDT
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Date:Jul 16, 1992
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