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CAPITAL BANCORP REPORTS 49 PERCENT INCREASE IN EARNINGS DURING 1992

 MIAMI, March 4 /PRNewswire/ -- Capital Bancorp today reported consolidated net income for 1992 of $8.2 million ($1.80 per share), a 49 percent increase over net income of $5.5 million ($1.21 per share) for 1991. For the fourth quarter ended Dec. 31, 1992, earnings rose 97 percent to $1.6 million, ($.35 per share) compared with $813,000 ($.18 per share) during the fourth quarter of 1991. Included in the 1991 fourth-quarter results are gains of $2.1 million on sales of securities.
 Consolidated figures include the results of Capital Bank and Capital Factors, Inc.
 Abel Holtz, chairman and president of Capital Bancorp, attributed the strong increases in fourth-quarter and full-year earnings to improving net interest margins and the growth in factored sales at Capital Bank's wholly owned subsidiary, Capital Factors, Inc.
 "Capital Bancorp had an excellent year due to improvements throughout the bank," Holtz said. Additionally, the bank's factoring subsidiary, Capital Factors Inc., posted a 28.2 percent increase in factored sales, from $825 million a year ago to $1.06 billion in 1992. Crossing the $1 billion threshold is a milestone for Capital Factors, which ranks among the top 15 nationally recognized factoring companies.
 "Due to Capital Bancorp's strong earnings performance, stockholders' equity at Dec. 31, 1992 rose to $74.5 million, up 12 percent from $66.5 million at year-end 1991. Substantial progress also has been made toward improving the quality of the loan portfolio, which enabled us to decrease provisions for credit losses from $7.1 million in the fourth quarter of 1991 to $3.8 million in the fourth quarter of 1992."
 Non-performing loans and other real estate amounted to $57.1 million at Dec. 31, 1992, down from $71.8 million at year-end 1991.
 At Dec. 31, 1992, Capital Bancorp's total assets were $1.27 billion compared with $1.17 billion a year ago, and deposits climbed to $934 million from $877 million at Dec. 31, 1991. Holtz said the 6.6 percent increase in deposits was due in part to insurance checks for post- hurricane repairs flowing through the banking system following Hurricane Andrew. Net loans and advances decreased to $675 million from $708 million a year earlier.
 Holtz said Capital Bancorp maintains capital levels which exceed all regulatory minimum requirements.
 At Dec. 31, 1992, Capital Bancorp reported Tier One and total risk- based capital ratios of 8.2 percent and 9.5 percent, respectively, while Capital Bank reported ratios of 8.4 percent and 9.7 percent. Minimum required Tier One and total risk-based ratios are 4 percent and 8 percent, respectively. At Dec. 31, 1992, Capital Bancorp's leverage ratio rose to 6.2 percent and Capital Bank's leverage ratio climbed to 6.4 percent.
 "As the national and local economies improve and South Florida rebuilds hurricane-damaged South Dade, Capital Bancorp looks forward to expanding its market presence in Dade, Broward and Palm Beach counties," Holtz said. "We've built a strong retail banking operation dedicated to relationship banking and plan to broaden our reach through selected acquisitions in South Florida."
 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 EARNINGS
 Period Ended Dec. 31, 1992
 (Audited)
 (In thousands except for per share data)
 RESULTS OF OPERATIONS, 1992 1991
 for the quarter ended Dec. 31:
 Net interest income $13,259 $11,778
 Provisions for credit losses 3,800 7,065
 Non-interest income 10,359 10,931
 Non-interest expense 18,178 14,751
 Net income 1,604 813
 Earnings per share .35 .18
 Return on assets (A) .54 pct. .29 pct.
 Return on equity (A) 8.62 pct. 4.84 pct.
 Net interest margin (A)(B) 5.64 pct. 5.57 pct.
 RESULTS OF OPERATIONS,
 for the year ended Dec. 31:
 Net interest income $48,694 $43,258
 Provisions for credit losses 12,050 15,765
 Non-interest income 37,044 35,371
 Non-interest expense 62,867 55,971
 Net income 8,190 5,490
 Earnings per share 1.80 1.21
 Return on assets (A) .69 pct. .48 pct.
 Return on equity 11.57 pct. 8.44 pct.
 Net interest margin 5.52 pct. 4.88 pct.
 BALANCE SHEET
 Dec. 31:
 Total assets $1,272,207 $1,170,311
 Net loans and advances 674,591 708,151
 Allowance for credit losses 17,418 19,428
 Deposits 934,356 876,702
 Stockholders' equity 74,549 66,503
 Nonperforming loans and other
 real estate (as a percent of
 total assets) 4.49 pct. 6.14 pct.
 Capital Bancorp:
 Tier One risk-based ratio 8.21 pct. 7.14 pct.
 Total risk-based ratio 9.46 pct. 8.39 pct.
 Leverage ratio 6.18 pct. 5.85 pct.
 Capital Bank:
 Tier One risk-based ratio 8.43 pct. 7.54 pct.
 Total risk-based ratio 9.68 pct. 8.79 pct.
 Leverage ratio 6.35 pct. 6.17 pct.
 (A) -- Annualized
 (B) -- Tax equivalent
 -0- 3/4/93
 /CONTACT: Lucious T. (Tim) Harris, finance division of Capital Bancorp, 305-536-1677/


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

JB-AW -- FL007 -- 2949 03/04/93 11:41 EST
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Date:Mar 4, 1993
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