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Share Name | Share Symbol | Market | Type |
---|---|---|---|
Cape Bancorp, Inc. | NASDAQ:CBNJ | NASDAQ | Common Stock |
Price Change | % Change | Share Price | Bid Price | Offer Price | High Price | Low Price | Open Price | Shares Traded | Last Trade | |
---|---|---|---|---|---|---|---|---|---|---|
0.00 | 0.00% | 14.59 | 0 | 01:00:00 |
For the quarter ended September 30, 2015, Cape Bancorp reported net income of $3.1 million, or $0.23 per common and fully diluted share, and $10.3 million, or $0.83 per common share and $0.81 per fully diluted share, for the nine months ended September 30, 2015. This compares to net income of $1.7 million, or $0.16 per common share and $0.15 per fully diluted share, for the third quarter of 2014, and $5.8 million, or $0.53 per common share and $0.52 per fully diluted share, for the nine months ended September 30, 2014.
On October 19, 2015, the Board of Directors declared a cash dividend of $0.10 per common share to shareholders of record as of the close of business on November 2, 2015. The dividend is expected to be paid on or about November 17, 2015.
Michael D. Devlin, President and Chief Executive Officer of Cape Bancorp and Cape Bank, provided the following statement:
"When we announced the merger with Colonial Financial Services, Inc. ("Colonial") last year, we cited our intention to utilize this acquisition to both enhance earnings and further westward expansion. By the close of the third quarter we had fully integrated Colonial's operations, realizing the cost saves that we had projected. In addition, we completed the purchase and integration of the Sun Bank Hammonton branch location, furthering our expansion westward.
Also noteworthy, we continue to see reductions in troubled assets and our delinquency ratio is at the lowest level since 2008. We believe that credit issues have reverted to pre-Great Recession levels.
The success of our plans will allow us to continue our focus on capital management which includes cash dividends and openness to prudently priced stock buybacks."
Contributing to the operating results of the comparative quarters and year-to-date were increases in net interest income, non-interest income and non-interest expense categories resulting from the acquisition of Colonial. Set forth below are additional specific significant factors:
Cape Bancorp's total assets at September 30, 2015 totaled $1.563 billion, an increase of $483.3 million from the December 31, 2014 level of $1.080 billion.
Total net loans increased $345.0 million from $770.3 million at December 31, 2014 to $1.115 billion at September 30, 2015 primarily resulting from the previously reported Colonial merger and loan purchase. Commercial loans increased $223.0 million to $716.5 million at September 30, 2015 from $493.5 million at December 31, 2014, while mortgage loans increased $94.5 million to $335.5 million at September 30, 2015 from $241.0 million at December 31, 2014 and consumer loans increased $28.1 million to $73.2 million at September 30, 2015 from $45.1 million at December 31, 2014. The allowance for loan losses increased $625,000 and totaled 0.89% of gross loans at September 30, 2015, compared to 1.20% at December 31, 2014. Excluding the Colonial loans, for which there was a credit mark taken on the date of acquisition, the allowance represents 1.12% on the remainder of the portfolio at September 30, 2015. The allowance for loan losses totaled 105.99% of non-performing loans at September 30, 2015 compared to 113.67% at December 31, 2014. The Company's adversely classified asset ratio at September 30, 2015 was 12%, compared to 17% at December 31, 2014.
At September 30, 2015, the Company had $9.4 million in non-performing loans, or 0.84% of total gross loans compared to 1.06% of total gross loans at December 31, 2014. Included in non-performing loans are troubled debt restructurings totaling $1.2 million at September 30, 2015 and $819,000 at December 31, 2014.
Investment securities totaled $276.0 million at September 30, 2015, an increase of $110.3 million, or 66.56%, from the December 31, 2014 total of $165.7 million, primarily resulting from the addition of the Colonial portfolio.
Other real estate owned ("OREO") decreased $1.4 million from $5.3 million at December 31, 2014 to $3.9 million at September 30, 2015, and consisted at September 30, 2015 of fifteen commercial properties and eight residential properties (including five building lots).
At September 30, 2015, Cape Bancorp's core deposits totaled $983.6 million which represented an increase of $433.5 million, or 78.80%, from the December 31, 2014 level of $550.1 million. Interest-bearing checking accounts increased $222.6 million, money market deposits increased $52.1 million, savings accounts increased $77.1 million and non-interest bearing checking accounts increased $82.5 million. Certificates of deposit totaled $302.9 million, an increase of $58.0 million, or 23.65%, from the December 31, 2014 total of $244.9 million. At September 30, 2015, deposits totaled $1.289 billion compared to $797.1 million at December 31, 2014, an increase of $492.3 million, or 61.76%, primarily resulting from the Colonial acquisition.
Cape Bancorp's total equity increased $28.8 million to $169.7 million at September 30, 2015 from $140.9 million at December 31, 2014, primarily from increases in common stock and additional paid-in capital of $26.9 million resulting from the Colonial acquisition, a net increase of $7.3 million in retained earnings (net income less dividends declared), an improvement of $543,000 in the accumulated other comprehensive income and an increase in unearned ESOP shares totaling $319,000. These increases were partially offset by a $6.3 decrease related to the Company's stock repurchase program. The current stock repurchase program allows for the repurchase of approximately 707,841 shares, of which 588,979 shares have been repurchased to date at an average price of $11.18 per share. At September 30, 2015, Cape Bank's regulatory capital ratios continued to exceed the requirements for well capitalized status.
CAPE BANCORP CONSOLIDATED | |||||
SELECTED FINANCIAL DATA | |||||
(unaudited) | |||||
Nine Months Ended | Three Months Ended | ||||
9/30/2015 | 9/30/2014 | 9/30/2015 | 6/30/2015 | 9/30/2014 | |
(dollars in thousands, except per share data) | |||||
Statements of Income Data: | |||||
Interest income | $ 37,176 | $ 30,616 | $ 13,774 | $ 13,731 | $ 10,148 |
Interest expense | 4,484 | 3,831 | 1,554 | 1,625 | 1,359 |
Net interest income | 32,692 | 26,785 | 12,220 | 12,106 | 8,789 |
Provision for loan losses | 2,675 | 2,480 | 462 | 2,213 | 153 |
Net interest income after provision for loan losses | 30,017 | 24,305 | 11,758 | 9,893 | 8,636 |
Non-interest income | 11,237 | 5,452 | 2,328 | 7,731 | 1,321 |
Non-interest expense | 28,838 | 20,443 | 9,577 | 11,351 | 7,205 |
Income (loss) before income taxes | 12,416 | 9,314 | 4,509 | 6,273 | 2,752 |
Income tax expense (benefit) | 2,159 | 3,551 | 1,414 | 132 | 1,049 |
Net income (loss) | $ 10,257 | $ 5,763 | $ 3,095 | $ 6,141 | $ 1,703 |
Basic Earnings (loss) per share(1) | $ 0.83 | $ 0.53 | $ 0.23 | $ 0.46 | $ 0.16 |
Basic Average shares outstanding | 12,428,847 | 10,957,768 | 13,190,178 | 13,360,255 | 10,765,209 |
Diluted Earnings (loss) per share(1) | $ 0.81 | $ 0.52 | $ 0.23 | $ 0.45 | $ 0.15 |
Diluted Average shares outstanding | 12,596,524 | 11,089,421 | 13,433,314 | 13,516,172 | 10,889,781 |
Shares outstanding | 13,625,150 | 11,475,396 | 13,625,150 | 14,154,450 | 11,475,396 |
Statements of Condition Data (Period End): | |||||
Investments | $ 276,010 | $ 175,086 | $ 276,010 | $ 273,466 | $ 175,086 |
Loans, net of allowance | $ 1,115,338 | $ 772,397 | $ 1,115,338 | $ 1,114,592 | $ 772,397 |
Allowance for loan losses | $ 10,012 | $ 9,799 | $ 10,012 | $ 10,313 | $ 9,799 |
Total assets | $ 1,563,241 | $ 1,081,737 | $ 1,563,241 | $ 1,555,152 | $ 1,081,737 |
Total deposits | $ 1,289,340 | $ 800,866 | $ 1,289,340 | $ 1,275,082 | $ 800,866 |
Total borrowings | $ 94,215 | $ 132,085 | $ 94,215 | $ 99,252 | $ 132,085 |
Total equity | $ 169,650 | $ 139,864 | $ 169,650 | $ 172,784 | $ 139,864 |
Statements of Condition Data (Average Balance): | |||||
Total interest-earning assets | $ 1,287,858 | $ 991,852 | $ 1,437,280 | $ 1,441,044 | $ 985,674 |
Total interest-bearing liabilities | $ 1,104,800 | $ 852,412 | $ 1,222,894 | $ 1,252,720 | $ 839,085 |
Operating Ratios: | |||||
ROAA | 0.98% | 0.71% | 0.78% | 1.57% | 0.63% |
ROAE | 8.40% | 5.44% | 7.12% | 14.11% | 4.80% |
Yield on Earning Assets | 3.86% | 4.13% | 3.80% | 3.82% | 4.08% |
Cost of Interest Bearing Liabilities | 0.54% | 0.60% | 0.50% | 0.52% | 0.64% |
Net Interest Margin | 3.39% | 3.61% | 3.37% | 3.37% | 3.54% |
Efficiency Ratio | 68.74% | 65.98% | 67.05% | 67.83% | 67.85% |
Capital Ratios: | |||||
Tier 1 Leverage Ratio | 8.75% | 9.60% | 8.75% | 8.96% | 9.60% |
Tier 1 Risk-Based Capital Ratio | 11.88% | 13.03% | 11.88% | 12.40% | 13.03% |
Common Equity Tier 1 Capital Ratio | 11.88% | N/A | 11.88% | 12.40% | N/A |
Total Risk-Based Capital Ratio | 12.79% | 14.28% | 12.79% | 13.34% | 14.28% |
Tangible Equity/tangible assets | 9.40% | 11.04% | 9.40% | 9.74% | 11.04% |
Book Value | $ 12.45 | $ 12.19 | $ 12.45 | $ 12.21 | $ 12.19 |
Tangible Book Value | $ 10.61 | $ 10.19 | $ 10.61 | $ 10.54 | $ 10.19 |
Stock Price | $ 12.41 | $ 9.43 | $ 12.41 | $ 9.46 | $ 9.43 |
Price to Book Value | 99.68% | 77.36% | 99.68% | 77.48% | 77.36% |
Price to Tangible Book Value | 116.97% | 92.54% | 116.97% | 89.75% | 92.54% |
Quality Ratios: | |||||
Non-Performing Loans to Total Gross Loans | 0.84% | 0.99% | 0.84% | 0.93% | 0.99% |
Non-Performing Assets to Total Assets | 0.86% | 1.20% | 0.86% | 0.91% | 1.20% |
Allowance for Loan Losses to Non-Performing Loans | 105.99% | 127.00% | 105.99% | 98.97% | 127.00% |
Allowance for Loan Losses to Total Gross Loans | 0.89% | 1.25% | 0.89% | 0.92% | 1.25% |
Net Charge-Offs to Average Loans | 0.28% | 0.34% | 0.27% | 0.39% | 0.04% |
(1) Earnings Per Share calculations use average outstanding shares which include earned ESOP shares. |
Cape Bancorp, Inc. | |||||||||
Delinquency Summary | |||||||||
Period Ending: | 9/30/2015 | 12/31/2014 | 9/30/2014 | ||||||
Balances | % total loans | # Loans | Balances | % total loans | # Loans | Balances | % total loans | # Loans | |
31-59 | $ 2,676,809 | 0.24% | 24 | $ 3,060,584 | 0.39% | 16 | $ 2,769,561 | 0.36% | 12 |
60-89 | 305,458 | 0.03% | 5 | 837,482 | 0.11% | 10 | 1,197,011 | 0.15% | 9 |
90+ | 6,599,228 | 0.58% | 32 | 7,858,962 | 1.01% | 33 | 7,201,130 | 0.92% | 37 |
9,581,495 | 0.85% | 61 | 11,757,028 | 1.51% | 59 | 11,167,702 | 1.43% | 58 | |
Non-Accrual Other | 2,846,447 | 0.25% | 12 | 399,251 | 0.05% | 2 | 515,063 | 0.06% | 3 |
Total Delinquency and Non-Accrual | $ 12,427,942 | 1.10% | 73 | $ 12,156,279 | 1.56% | 61 | $ 11,682,765 | 1.49% | 61 |
Total Loans | $ 1,125,350,026 | $ 779,676,242 | $ 782,195,995 | ||||||
Days | CML | IL | ML | CML | IL | ML | CML | IL | ML |
31-59 | $ 743,144 | $ 399,809 | $ 1,533,856 | $ 769,436 | $ 244,227 | $ 2,046,921 | $ 1,813,920 | $ 117,887 | $ 837,754 |
60-89 | -- | 43,324 | 262,134 | 401,717 | 182,285 | 253,480 | 470,357 | 179,965 | 546,689 |
90+ | 3,497,982 | 424,956 | 2,676,290 | 6,627,702 | 400,434 | 830,826 | 5,874,161 | 546,761 | 780,208 |
4,241,126 | 868,089 | 4,472,280 | 7,798,855 | 826,946 | 3,131,227 | 8,158,438 | 844,613 | 2,164,651 | |
Non-Accrual Other* | 1,964,792 | -- | 881,655 | 399,251 | 515,063 | ||||
Total Delinquency by Type | $ 6,205,918 | $ 868,089 | $ 5,353,935 | $ 8,198,106 | $ 826,946 | $ 3,131,227 | $ 8,673,501 | $ 844,613 | $ 2,164,651 |
Total Loans by Type | $ 716,513,908 | $ 73,287,856 | $ 335,548,262 | $ 493,515,529 | $ 45,146,974 | $ 241,013,739 | $ 492,729,195 | $ 45,075,581 | $ 244,391,219 |
% of Total Loans in Type | 0.87% | 1.18% | 1.60% | 1.66% | 1.83% | 1.30% | 1.76% | 1.87% | 0.89% |
Total Delinquency and Non-Accrual | $ 12,427,942 | 1.10% | $ 12,156,279 | 1.56% | $ 11,682,765 | 1.49% | |||
*Non-Accrual Other means loans that are less than 90 days past due, that are classified by management as non-performing. |
For further information contact Michael D. Devlin, President and Chief Executive Officer or Guy Hackney, Chief Financial Officer, Cape Bancorp: (609) 465-5600.
Conference Call
Cape Bancorp will hold a conference call at 10:00 AM EDT on Monday, October 26, 2015. Interested parties may participate by calling 1-855-238-8123. A taped replay of the conference call will be available one hour after the conclusion of the call and will remain available through November 9, 2015. A recording of the conference call may be obtained by calling 1-877-344-7529, referencing conference number 10074218.
The conference call with be simultaneously broadcast live over the Internet through a webcast on the investor relations portion of the Cape Bank website. To access the call, please visit the website at http://services.choruscall.com/links/cbnj151026. An online archive of the webcast will be available within one hour of the conclusion of the call and will remain available through November 9, 2015.
Forward Looking Statements
This press release discusses primarily historical information. However, certain statements contained herein are "forward looking statements" within the meaning of Section 27A of the Securities Act of 1933 and Section 21E of the Securities Exchange Act of 1934. Such forward looking statements may be identified by reference to a future period or periods, or by the use of forward looking terminology, such as "may," "will," "believe," "expect," "estimate," "anticipate," "continue," or similar terms or variations on those terms, or the negative of those terms. Forward looking statements are subject to numerous risks, as described in our SEC filings, and uncertainties, including, but not limited to, those related to the economic environment, particularly in the market areas in which the Company operated, competitive products and pricing, fiscal and monetary policies of the U.S. Government, changes in government regulations affecting financial institutions, including regulatory fees and capital requirements, changes in prevailing interest rates, acquisitions and the integration of acquired businesses, credit risk management, asset-liability management, the financial and securities markets and the availability of and costs associated with sources of liquidity.
The Company wishes to caution readers not to place undue reliance on any such forward looking statements, which speak only as of the date made. The Company wishes to advise readers that the factors listed above could affect the Company's financial performance and could cause the Company's actual results for future periods to differ materially from any opinions or statements expressed with respect to future periods in any current statements. The Company does not undertake and specifically declines any obligation to publicly release the results of any revisions, which may be made to any forward looking statements to reflect events or circumstances after the date of such statements or to reflect the occurrence of anticipated or unanticipated events.
Further information on factors that could affect Cape Bancorp's financial results can be found in the filings listed below with the Securities and Exchange Commission.
SEC Form | Reported Period | Date filed with SEC |
10K | Year ended December 31, 2014 | March 10, 2015 |
10Q | Quarter ended March 31, 2015 | May 5, 2015 |
10Q | Quarter ended June 30, 2015 | August 10, 2015 |
1 Year Community Bancorp OF New Jersey Chart |
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