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CAPITAL BANCORP REPORTS RECORD EARNINGS IN FIRST QUARTER 1993

 MIAMI, April 13 /PRNewswire/ -- Capital Bancorp today reported record consolidated net income of $3.2 million ($.66 per share) in the first quarter of 1993, a 45 percent increase over net income of $2.2 million ($.48 per share) in the first quarter of 1992. Consolidated figures include the results of Capital Bank and Capital Factors, Inc.
 Capital Bancorp also reported that its return on assets rose to 1.03 percent and its return on equity climbed to 16.8 percent.
 Abel Holtz, chairman and president of Miami-based Capital Bancorp, attributed the record first-quarter 1993 financial performance to strong net interest margins, improving credit quality and a 35 percent increase in factored sales at Capital Bank's wholly owned subsidiary, Capital Factors, Inc. He said factored sales increased from $219 million a year ago to $297 million in the first quarter of 1993.
 "After turning in a strong performance for 1992, Capital Bancorp is off to an excellent start this year with an impressive first-quarter report," Holtz said. "Stockholders' equity has climbed to $77.1 million at March 31, 1993, up 13 percent from $68.3 million a year ago. In addition, Capital Bancorp has continued to improve the quality of its loan portfolio."
 Credit quality improvements have enabled Capital Bancorp to reduce provisions for credit losses by $700,000 -- from $3 million in the first quarter of 1992 to $2.3 million in the first quarter of 1993, Holtz said. Also, non-performing loans and other real estate have declined 22 percent from $68 million at March 31, 1992 to $53 million at the end of the 1993 first quarter.
 Based on these solid improvements in profitability and credit quality over the past five quarters, the board of directors of Capital Bancorp recently declared a quarterly cash dividend of 12.5 cents per share, representing an increase of 25 percent over dividends declared in previous quarters.
 At March 31, 1993, Capital Bancorp's total assets were $1.25 billion compared with $1.19 billion a year ago. Deposits rose to $925 million from $899 million, while net loans and advances decreased to $711 million from $725 million.
 Holtz said Capital Bancorp maintains capital levels which exceed all regulatory minimum requirements.
 At March 31, 1993, Capital Bancorp reporte ?One and total risk- based capt?ios of 8.3 percent and 9.5 percent, respectively, while Capital Bank reported ratios of 8.5 percent and 9.7 percent. Minimum reuired Tier One and total risk-based ratios are 4 percent and 8 percent, respectively. At March 31, 1993, Capital Bancorp's leverage ratio rose to 6.5 percent and Capital Bank's leverage ratio increased to 6.6 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 EARNINGS
 Period Ended March 31, 1993
 (UNAUDITED)
 (In thousands except for per share data)
 FIRST QUARTER FIRST QUARTER
 RESULTS OF OPERATIONS, 1993 1992
 for the quarter ended March 31:
 Net interest income $13,646 $11,536
 Provisions for credit losses 2,320 3,050
 Non-interest income 9,579 8,922
 Non-interest expense 16,143 14,377
 Net income 3,154 2,171
 Earnings per share $ .66 $ .48
 Return on assets (A) 1.03 pct. .79 pct.
 Return on equity (A) 16.84 pct. 12.82 pct.
 Net interest margin (A)(B) 5.88 pct. 5.39 pct.
 BALANCE SHEET
 March 31:
 Total assets $1,246,687 $1,187,292
 Net loans and advances 710,726 715,367
 Allowance for credit losses 17,896 19,272
 Deposits 925,307 899,498
 Stockholders' equity 77,119 68,320
 Nonperforming loans and other
 real estate (as a percent of
 total assets) 4.26 pct. 5.70 pct.
 Capital Bancorp:
 Tier One risk-based ratio 8.27 pct. 7.42 pct.
 Total risk-based ratio 9.52 pct. 8.67 pct.
 Leverage ratio 6.46 pct. 6.02 pct.
 Capital Bank:
 Tier One risk-based ratio 8.47 pct. 7.76 pct.
 Total risk-based ratio 9.72 pct. 9.01 pct.
 Leverage ratio 6.61 pct. 6.30 pct.
 (A) -- Annualized.
 (B) -- Tax equivalent.
 -0- 4/13/93
 /CONTACT: Lucious T. (Tim) Harris, treasurer of Capital Bancorp, 305-536-1677/


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

JB-AW -- FL011 -- 5380 04/13/93 16:29 EDT
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Date:Apr 13, 1993
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