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Press Release

February 15, 2018

Capital Bank Contact:
David J. Hanrahan

Capital Bank Reports Record Earnings; Declares Semi-Annual Cash Dividend

Vineland, NJ (2/15/2018) – Capital Bank of New Jersey, the South Jersey community bank owned by hundreds of local stockholders, has declared a semi-annual cash dividend to stockholders. On April 20, 2018, a $0.20 per share dividend will be paid to all stockholders who are holders of record on March 9, 2018.

Dominic J. Romano, Chairman of the Board, said, “Capital Bank’s excellent performance over 11 years has allowed our Directors to declare this enhanced dividend, while maintaining the bank’s strong capital position. Our cash dividend, together with our third Stock Repurchase Program, represent the Board’s ongoing efforts to build shareholder value.”

To date under its 2017 Stock Repurchase Program, the bank has purchased 74,950 shares, all at a price of $20.00 per share. As originally announced, the 2017 Stock Repurchase Program will terminate no later than February 28, 2018.

Capital Bank also reported that its net income for the year ended December 31, 2017 was $4,654,000, an 11.5% increase over the prior year’s net income of $4,173,000. Earnings per share in 2017 were $1.85 compared to $1.70 in 2016. The bank's total assets reached $473 million at December 31, 2017, compared to $444 million at the prior year-end.

On December 22, 2017, the Tax Cuts and Jobs Act was signed into law, which reduced the federal corporate income tax rate beginning in 2018. Capital Bank expects that tax reduction to have a material, positive impact on its net income in future periods. However, it also resulted in a one-time, non-cash write-down of the bank’s ‘Deferred Tax Asset’ in 2017, amounting to a charge against income of approximately $615,000. The 2017 financial results summarized above were net of that one-time charge.

David J. Hanrahan, President and CEO, commented, “The team at Capital Bank continue to deliver great results for stockholders, and they do it by providing service to our customers that is second-to-none. I couldn’t be more proud of our people.”

Capital Bank opened for business in Vineland in 2007. Today it has five locations - two in
Vineland, a branch in Woodbury Heights, a branch in Hammonton and a Loan Production Office in Marlton. For three consecutive years Capital Bank has been named by American Banker as one of the Top 200 Community Banks in the United States. For more information about Capital Bank, please visit www.capitalbanknj.com.


The Bank may from time to time make written or oral “forward-looking statements”, including statements contained in this press 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.