FOR IMMEDIATE RELEASE
February 18, 2016
David J. Hanrahan
Capital Bank Reports 2015 Earnings Up 9%;
Declares 20% Increase to Cash Dividend
Vineland, NJ (2/18/2016) – Capital Bank of New Jersey, the South Jersey community bank owned by hundreds of local stockholders, has announced its 2015 earnings. The bank reported a net income of $3,880,000 for the year ended December 31, 2015, a 9% increase over its 2014 income of $3,557,000. Earnings per share increased to $1.56 from $1.42 during the same time periods. Capital Bank’s total assets at December 31, 2015 were $378 million, representing growth of nearly 9% compared to its assets of $347 million at the end of 2014.
David J. Hanrahan, President and CEO, commented, “It is a pleasure to again report record results for Capital Bank. Two thousand fifteen was a terrific year. In particular, our net loan growth of 17% was remarkable. We are very grateful to the thousands of customers who have chosen to do business with our bank over the last nine years; they make our success possible.”
Capital Bank also announced that today its Board of Directors declared a 15 cents per-share cash dividend to its stockholders, a 20% increase compared to the 2015 dividend of 12.5 cents. The 2016 dividend will be payable on April 22, 2016 to stockholders of record on March 11, 2016.
Dominic J. Romano, Chairman of the Board, said, “Our strong performance has allowed our Directors to declare a fifth consecutive annual cash dividend while maintaining our strong capital position. This increased dividend, together with our first-ever Stock Repurchase Program successfully completed in 2015, represent the Board’s ongoing efforts to enhance shareholder value.”
Capital Bank opened in Vineland in 2007. Today it has four locations – two in Vineland, one in Woodbury Heights, and one in Hammonton. Capital Bank lends money to businesses and individuals throughout South Jersey, is an Approved SBA Lender and a NJEDA Premier Lender. It is also 5-Star rated by BauerFinancial (www.BauerFinancial.com) and was named in the 2015 Top 15 Percent of Community Banks by Seifried & Brew. For more information about Capital Bank, please visit www.capitalbanknj.com.