FOR IMMEDIATE RELEASE
October 31, 2016
David J. Hanrahan
Capital Bank Reports Record Results
Capital Bank of New Jersey, the South Jersey community bank owned by hundreds of local stockholders, has announced its results through the third quarter. The bank reported a net income of $3,164,000 for the nine months ended September 30, 2016, a 7% increase over the same period in 2015. Capital Bank also reported that its total assets at September 30, 2016 were $448 million, an increase of $70 million compared to December 31, 2015.
David J. Hanrahan, President and CEO, commented, “We are very pleased with our results so far this year. Deposit growth in particular has been extraordinary, up by more than $66 million (20%) during the first nine months of 2016. That’s a credit to our quality branch staff, who continue to give new and existing customers the friendly, hometown service they deserve.”
Earlier this year Capital Bank announced a Stock Repurchase Program for up to 125,000 shares, or 5% of its stock, at a price of $16.00 per share. The bank reported that as of September 30, 2016, 44,950 shares had been tendered so far in response to the offer. The Program is scheduled to run through December 16, 2016 unless it is fully subscribed before that date.
Dominic J. Romano, Chairman of the Board, said, “Our stockholders’ interests are of the highest importance to Capital Bank’s Board of Directors. We are pleased that this year’s Stock Repurchase Program, just like the one we conducted last year, provides a liquidity option for our shareholders, while also enhancing future years’ earnings per share.”
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 recently, for the second consecutive year, named in the American Banker Top 200 Community Banks in the United States. For more information about Capital Bank, please visit www.capitalbanknj.com
FORWARD LOOKING STATEMENTS
The Bank may from time to time make written or oral “forward-looking statements”, including statements contained in this release. Such statements are not historical facts and include expressions about management's confidence and strategies and management's current views and expectations about new and existing programs and products, relationships, opportunities, taxation, technology and market conditions. Actual results may differ materially from such forward-looking statements, and no undue reliance should be placed on any forward-looking statement. Factors that may cause results to differ materially from such forward-looking statements include, but are not limited to, unanticipated changes in the financial markets and the direction of interest rates; volatility in earnings due to certain financial assets and liabilities held at fair value; stronger competition; insufficient allowance for credit losses; a higher level of net loan charge-offs and delinquencies than anticipated; material adverse changes in the Bank’s operations or earnings; a decline in the economy in our primary market areas; changes in relationships with major customers; changes in effective income tax rates; higher or lower cash flow levels than anticipated; inability to hire or retain qualified employees; a decline in the levels of deposits or loss of alternate funding sources; a decrease in loan origination volume; changes in laws and regulations, including issues related to compliance with anti-money laundering and the bank secrecy act laws; adoption, interpretation and implementation of new or current financial or regulatory accounting pronouncements; operational risks, including the risk of fraud by employees and customers; the inability to successfully implement new lines of business or new products and services; and other factors, many of which are beyond the Bank's control. The words “may”, “could”, “should”, “would”, “believe”, “anticipate”, “continue”, “estimate”, “expect”, “intend”, “plan”, “will”, “project”, “take” and similar expressions are intended to identify forward-looking statements. All such statements are made in good faith by the Bank pursuant to the “safe harbor” provisions of the Private Securities Litigation Reform Act of 1995. The Bank does not undertake to update any forward-looking statement, whether written or oral, that may be made from time to time by or on behalf of the Bank.