Cape Bancorp, Inc. Reports Fourth Quarter and Annual 2013 Results
CAPE MAY COURT HOUSE, NJ--(Marketwired - Jan 31, 2014) -
Cape Bancorp, Inc. ("Cape Bancorp" or the "Company") (NASDAQ:
CBNJ), the parent company of Cape Bank, announces its operating
results for the fourth quarter and year ended December 31,
2013.
Cape Bancorp reported net income of $552,000, or $0.06 per
common share and $0.05 per fully diluted share for the quarter
ended December 31, 2013, and $5.6 million, or $0.47 per common
share and $0.46 per fully diluted share for the year ended December
31, 2013. This compares to net income of $460,000, or $0.04
per common and fully diluted share for the fourth quarter of 2012,
and net income of $4.6 million, or $0.37 per common and fully
diluted share for the year ended December 31, 2012.
On January 20, 2014, the Board of Directors declared a cash
dividend of $0.06 per common share to shareholders of record as of
the close of business February 3, 2014. The dividend is
expected to be paid on February 17, 2014.
Michael D. Devlin, President and Chief Executive Officer of Cape
Bancorp and Cape Bank, provided the following statement:
"The year 2013 was a very successful transitional year for Cape
Bank. Net income increased by $1.0 million to $5.6 million, a
22% increase over the previous twelve month period. Income was
not the only area of improvement. Total assets grew by 5% and
total loans grew by 9% -- the result of the strong pipeline
reported throughout the year. The net interest margin held
steady at 3.76%.
"There were additional positive developments. The Bank
successfully introduced and consummated two stock repurchase
programs of 5%, fulfilling goals to more effectively manage the
Bank's capital. This led to an improvement in both earnings
per share and tangible book value, which ended the year at
$9.75. Prompted by the "'Volcker Rule,'" Cape also opted to
sell its remaining Trust Preferred securities. While a loss of
$851,000 was incurred, management believed the timing was right to
exit this asset class.
"The balance sheet also reflects improving trends in troubled
credits. Non-performing loans to total gross loans fell below
one percent to end the year at 0.93%. The broader gauge of
non-performing assets to total assets also improved to 1.35%, down
from 2.61% at year-end 2012.
"Management also made the difficult decision to exit the
residential mortgage loan origination business. This had been
an important business segment for most of our 90 year history, but
management believed changes within the industry required a scale of
operations that we would not be able to profitably
deliver. Further, we believe that exiting this business
segment will serve to improve Interest Rate Risk management and we
expect to realize a reduction in operating expenses in 2014.
"It appears that the improvements at the Bank did not go
unnoticed. The stock price ended the year at $10.16, a 17%
improvement over 2012. As we enter 2014, we anticipate
benefiting from this stronger base and continuing with our
improving trends."
Cape Bancorp's total assets at December 31, 2013 totaled $1.093
billion, an increase of $52.0 million from the December 31, 2012
level of $1.041 million.
Total net loans increased $65.7 million, or 9.2%, to $780.1
million at December 31, 2013, from $714.4 million at December 31,
2012. This change resulted primarily from increases in
commercial loans of $44.6 million and mortgage loans of $22.7
million. Consumer loans declined $2.1 million. The
allowance for loan losses totaled 1.18% of gross loans and 127.05%
of non-performing loans at December 31, 2013. The Company's
adversely classified asset coverage ratio (defined as adversely
classified assets divided by tier one capital plus allowance for
loan losses) at December 31, 2013 was 27% compared to 30% at
December 31, 2012.
At December 31, 2013, the Company had $7.3 million in
non-performing loans, or 0.93% of total gross loans, a significant
decrease from 2.67% of total gross loans at December 31,
2012. Included in non-performing loans are troubled debt
restructurings totaling $881,000 at December 31, 2013 and $3.5
million at December 31, 2012, respectively.
OREO increased $228,000 from $7.2 million at December 31, 2012
to $7.4 million at December 31, 2013, and consisted at December 31,
2013 of eleven commercial properties and twenty-three residential
properties (including fifteen building lots). During the
quarter ended December 31, 2013, the Company added one commercial
property and three residential properties to OREO with aggregate
carrying values of $380,000 and $587,000, respectively. Two
commercial OREO properties and five residential OREO properties
(including three building lots) with aggregate carrying values
totaling $895,000 were sold during the quarter ended December 31,
2013 with recognized net gains of $24,000. For the year ended
December 31, 2013, the Company sold twenty-one residential OREO
properties (including twelve building lots) and ten commercial OREO
properties with aggregate carrying values totaling $5.7 million
with recognized net gains totaling $81,000. Currently, the
Company has agreements of sale for fourteen OREO properties
(including eight building lots) with an aggregate carrying value
totaling $2.6 million. In addition, in the first quarter of
2014, the Company has sold two residential OREO properties with a
carrying value of $179,000.
At December 31, 2013, Cape Bancorp's core deposits totaled
$526.5 million which represented a decrease of $15.9 million from
the December 31, 2012 level of $542.4 million. Interest-bearing
checking accounts increased $24.5 million, while non-interest
bearing checking accounts decreased $3.0 million, money market
deposit accounts decreased $37.3 million and savings accounts
decreased $131,000. Certificates of deposit totaled $269.2
million at December 31, 2013, an increase of $30.6 million from
December 31, 2012 reflecting an increase in brokered deposits of
$13.5 million. At December 31, 2013, deposits totaled $798.4
million compared to $784.6 million at December 31, 2012, an
increase of $13.8 million.
Cape Bancorp's total equity decreased $10.4 million to $140.4
million at December 31, 2013 from $150.8 million at December 31,
2012 primarily resulting from a $12.0 million decrease related to
the Company's stock repurchase programs and an increase of $2.3
million in the accumulated other comprehensive loss, partially
offset by a net increase of $3.1 million (earnings less dividends
declared) in retained earnings. Tangible equity to tangible
assets decreased to 10.99% at December 31, 2013 compared to 12.57%
at December 31, 2012. At December 31, 2013, Cape Bank's
regulatory capital ratios for Tier I Leverage Ratio, Tier I
Risk-Based Capital and Total Risk-Based Capital were 9.53%, 13.07%
and 14.29%, respectively, all of which exceed well capitalized
status.
The following are significant factors which contributed to the
operating results of the comparative quarters and year-to-date:
- The net interest margin was 3.76% for each of the fourth
quarters ended December 31, 2013 and 2012. Average
interest-earning assets increased $44.0 million for the quarter
ended December 31, 2013 compared to the same 2012 period while
interest-bearing liabilities increased $46.6 million during the
same period. The yield on interest-earning assets declined 20
basis points to 4.25% for the quarter ended December 31, 2013
compared to 4.45% for the same quarter a year ago, while the cost
of interest-bearing liabilities declined 23 basis points to 0.57%
for the quarter ended December 31, 2013 compared to 0.80% for the
2012 quarterly period. For the year ended December 31, 2013,
the net interest margin was 3.76%, an increase of 1 basis point
over the 3.75% for the year ended December 31, 2012. Average
interest-earning assets increased $5.6 million for the year ended
December 31, 2013 compared to the 2012 period while
interest-bearing liabilities declined $3.9 million during the same
period. The yield on interest-earning assets declined 30 basis
points to 4.32% for the year ended December 31, 2013 compared to
4.62% for the year ended December 31, 2012, while the cost of
interest-bearing liabilities declined 35 basis points to 0.66% for
the year ended December 31, 2013 compared to 1.01% for the same
period last year.
- The loan loss provision for the fourth quarter of 2013 totaled
$952,000 compared to $1.9 million for the fourth quarter ended
December 31, 2012. Loan charge-offs for the fourth quarter of
2013 totaled $1.7 million compared to charge-offs totaling $4.6
million for the quarter ended December 31, 2012. For the year
ended December 31, 2013, the loan loss provision totaled $2.0
million compared to $4.5 million for the year ended December 31,
2012. Loan charge-offs for the year ended December 31, 2013
were significantly lower and totaled $2.8 million compared to loan
charge-offs of $7.5 million for the year ended December 31,
2012.
- Employment and compensation costs for the twelve months ended
December 31, 2013 totaled $15.9 million compared to $14.4 million
for the twelve months ended December 31, 2012. The increase is
primarily attributable to incentive based compensation programs,
the expansion of the commercial loan functions and severance costs
related to the exiting of our residential mortgage loan origination
business.
- Federal deposit insurance premiums totaled $928,000 compared to
$1.4 million for the year ended December 31, 2012.
- Loan related expenses (real estate taxes, insurance, legal and
other) totaled $283,000 for the fourth quarter ended December 31,
2013 compared to $574,000 for the same period in 2012. For the
year ended December 31, 2013, loan related expenses totaled $1.5
million compared to $2.1 million for the year ended December 31,
2012.
- OREO expenses totaled $362,000 for the fourth quarter ended
December 31, 2013 compared to $497,000 for the fourth quarter ended
December 31, 2012. Included in these expenses were write-downs
totaling $47,000 in the fourth quarter of 2013 and $266,000 in the
fourth quarter of 2012. For the year ended December 31, 2013,
OREO expenses totaled $1.2 million compared to $2.1 million for the
year ended December 31, 2012. Included in these expenses were
write-downs totaling $492,000 for the year ended December 31, 2013
compared to $1.1 million for the year ended December 31, 2012.
- Tax expense was negatively affected in 2013 and 2012 by
$366,000 and $365,000 respectively, as the tax deductibility of
charitable contribution carryforwards related to the Cape
Charitable Foundation fully expired as of December 31, 2013.
- The fourth quarter of 2013 included net losses on sales of
investment securities totaling $851,000 compared to net gains of
$641,000 for the quarter ended December 31, 2012. For the year
ended December 31, 2013, net losses on sales of investment
securities totaled $561,000 compared to net gains of $1.6 million
for the year ended December 31, 2012. As previously reported,
and prompted by the approval of the Volcker Rule, included in the
fourth quarter and full year 2013 were net losses totaling $851,000
resulting from the Company selling a portion of its portfolio of
bank and insurance trust preferred collateralized debt obligation
("CDO") securities that had a cost basis greater than zero.
- Net gains on the sale of loans totaled $293,000 and $1.2
million for the three and twelve months ended December 31, 2013,
compared to net gains of $23,000 and $423,000 for the three and
twelve months ended December 31, 2012, respectively.
- The year ended December 31, 2013 included net gains on the sale
of Other Real Estate Owned ("OREO") totaling $81,000 compared to
net losses of $260,000 for the year ended December 31, 2012.
- Included in the twelve month period of 2013 was a gain on the
sale of a parcel of unused land, previously classified as assets
held for sale, in the amount of $569,000.
- The year ended December 31, 2012 included the recognition of a
deferred gain related to the sale of bank premises in the amount of
$425,000. The gain resulted from vacating leased space in the
second quarter of 2012 which accelerated the recognition of a
portion of the deferred gain.
- Included in the twelve month period of 2012 was a $350,000 gain
on the sale of the Company's merchant card business.
- The year ended December 31, 2012 included a prepayment penalty
of $921,000 related to the previously disclosed debt extinguishment
in the second quarter of 2012.
|
|
|
|
CAPE BANCORP CONSOLIDATED |
|
SELECTED FINANCIAL DATA |
|
(unaudited) |
|
|
|
|
|
|
|
|
|
|
|
|
|
Twelve Months Ended |
|
Three Months Ended |
|
|
12/31/2013 |
|
12/31/2012 |
|
12/31/2013 |
|
9/30/2013 |
|
12/31/2012 |
|
|
(dollars in thousands, except per share data) |
|
Statements of Income Data: |
|
|
|
|
|
|
|
|
|
|
Interest income |
$ |
41,041 |
|
$ |
43,688 |
|
$ |
10,551 |
|
$ |
10,289 |
|
$ |
10,515 |
|
Interest expense |
|
5,292 |
|
|
8,204 |
|
|
1,227 |
|
|
1,274 |
|
|
1,617 |
|
|
Net interest income |
|
35,749 |
|
|
35,484 |
|
|
9,324 |
|
|
9,015 |
|
|
8,898 |
|
Provision for loan losses |
|
2,011 |
|
|
4,461 |
|
|
952 |
|
|
449 |
|
|
1,910 |
|
|
Net interest income after provision for loan losses |
|
33,738 |
|
|
31,023 |
|
|
8,372 |
|
|
8,566 |
|
|
6,988 |
|
Non-interest income |
|
5,966 |
|
|
7,814 |
|
|
445 |
|
|
2,223 |
|
|
1,978 |
|
Non-interest expense |
|
29,922 |
|
|
31,626 |
|
|
7,371 |
|
|
7,523 |
|
|
7,511 |
|
Income (loss) before income taxes |
|
9,782 |
|
|
7,211 |
|
|
1,446 |
|
|
3,266 |
|
|
1,455 |
|
Income tax expense (benefit) |
|
4,231 |
|
|
2,655 |
|
|
894 |
|
|
1,362 |
|
|
995 |
|
Net income (loss) |
$ |
5,551 |
|
$ |
4,556 |
|
$ |
552 |
|
$ |
1,904 |
|
$ |
460 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Basic Earnings (loss) per share1 |
$ |
0.47 |
|
$ |
0.37 |
|
$ |
0.06 |
|
$ |
0.16 |
|
$ |
0.04 |
|
Basic Average shares outstanding |
|
11,904,369 |
|
|
12,441,219 |
|
|
11,239,586 |
|
|
11,612,431 |
|
|
12,474,434 |
|
Diluted Earnings (loss) per share1 |
$ |
0.46 |
|
$ |
0.37 |
|
$ |
0.05 |
|
$ |
0.16 |
|
$ |
0.04 |
|
Diluted Average shares outstanding |
|
11,950,943 |
|
|
12,443,298 |
|
|
11,319,570 |
|
|
11,666,535 |
|
|
12,475,574 |
|
Shares outstanding |
|
12,059,785 |
|
|
13,336,776 |
|
|
12,059,785 |
|
|
12,172,412 |
|
|
13,336,776 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Statements of Condition Data (Period End): |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Investments |
$ |
166,268 |
|
$ |
170,857 |
|
$ |
166,268 |
|
$ |
166,739 |
|
$ |
170,857 |
|
Loans, net of allowance |
$ |
780,127 |
|
$ |
714,396 |
|
$ |
780,127 |
|
$ |
764,565 |
|
$ |
714,396 |
|
Allowance for loan losses |
$ |
9,330 |
|
$ |
9,852 |
|
$ |
9,330 |
|
$ |
10,007 |
|
$ |
9,852 |
|
Total assets |
$ |
1,092,879 |
|
$ |
1,040,798 |
|
$ |
1,092,879 |
|
$ |
1,074,446 |
|
$ |
1,040,798 |
|
Total deposits |
$ |
798,422 |
|
$ |
784,591 |
|
$ |
798,422 |
|
$ |
828,397 |
|
$ |
784,591 |
|
Total borrowings |
$ |
143,935 |
|
$ |
97,965 |
|
$ |
143,935 |
|
$ |
98,887 |
|
$ |
97,965 |
|
Total equity |
$ |
140,427 |
|
$ |
150,826 |
|
$ |
140,427 |
|
$ |
140,535 |
|
$ |
150,826 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Statements of Condition Data (Average Balance): |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Total interest-earning assets |
$ |
951,053 |
|
$ |
945,486 |
|
$ |
984,501 |
|
$ |
953,911 |
|
$ |
940,523 |
|
Total interest-bearing liabilities |
$ |
807,477 |
|
$ |
811,403 |
|
$ |
846,037 |
|
$ |
805,381 |
|
$ |
799,436 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Operating Ratios: |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
ROAA |
|
0.53 |
% |
|
0.43 |
% |
|
0.20 |
% |
|
0.72 |
% |
|
0.18 |
% |
ROAE |
|
3.80 |
% |
|
3.05 |
% |
|
1.56 |
% |
|
5.31 |
% |
|
1.21 |
% |
Yield on Earning Assets |
|
4.32 |
% |
|
4.62 |
% |
|
4.25 |
% |
|
4.28 |
% |
|
4.45 |
% |
Cost of Interest Bearing Liabilities |
|
0.66 |
% |
|
1.01 |
% |
|
0.57 |
% |
|
0.63 |
% |
|
0.80 |
% |
Net Interest Margin |
|
3.76 |
% |
|
3.75 |
% |
|
3.76 |
% |
|
3.75 |
% |
|
3.76 |
% |
Efficiency Ratio |
|
70.47 |
% |
|
71.68 |
% |
|
68.80 |
% |
|
68.04 |
% |
|
70.74 |
% |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Capital Ratios: |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Tier 1 Leverage Ratio |
|
9.53 |
% |
|
10.35 |
% |
|
9.53 |
% |
|
9.50 |
% |
|
10.35 |
% |
Tier 1 Risk-Based Capital Ratio |
|
13.07 |
% |
|
14.11 |
% |
|
13.07 |
% |
|
12.88 |
% |
|
14.11 |
% |
Total Risk-Based Capital Ratio |
|
14.29 |
% |
|
15.36 |
% |
|
14.29 |
% |
|
14.13 |
% |
|
15.36 |
% |
Tangible equity/tangible assets |
|
10.99 |
% |
|
12.57 |
% |
|
10.99 |
% |
|
11.19 |
% |
|
12.57 |
% |
Book Value |
$ |
11.64 |
|
$ |
11.31 |
|
$ |
11.64 |
|
$ |
11.55 |
|
$ |
11.31 |
|
Tangible Book Value |
$ |
9.75 |
|
$ |
9.60 |
|
$ |
9.75 |
|
$ |
9.67 |
|
$ |
9.60 |
|
Stock Price |
$ |
10.16 |
|
$ |
8.69 |
|
$ |
10.16 |
|
$ |
9.16 |
|
$ |
8.69 |
|
Price to Book Value |
|
87.29 |
% |
|
76.83 |
% |
|
87.29 |
% |
|
79.31 |
% |
|
76.83 |
% |
Price to Tangible Book Value |
|
104.21 |
% |
|
90.52 |
% |
|
104.21 |
% |
|
94.73 |
% |
|
90.52 |
% |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Quality Ratios: |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Non-Performing Loans to Total Gross Loans |
|
0.93 |
% |
|
2.67 |
% |
|
0.93 |
% |
|
1.26 |
% |
|
2.67 |
% |
Non-Performing Assets to Total Assets |
|
1.35 |
% |
|
2.61 |
% |
|
1.35 |
% |
|
1.66 |
% |
|
2.61 |
% |
Allowance for Loan Losses to Non-Performing Loans |
|
127.05 |
% |
|
50.86 |
% |
|
127.05 |
% |
|
102.37 |
% |
|
50.86 |
% |
Allowance for Loan Losses to Total Gross Loans |
|
1.18 |
% |
|
1.36 |
% |
|
1.18 |
% |
|
1.29 |
% |
|
1.36 |
% |
Net Charge-Offs to Average Loans |
|
0.34 |
% |
|
0.99 |
% |
|
0.83 |
% |
|
0.12 |
% |
|
2.46 |
% |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
(1) Earnings Per Share calculations use average outstanding
shares which include earned ESOP shares
|
|
|
Cape
Bancorp, Inc. |
Delinquency Summary |
|
Period Ending: |
|
12/31/2013 |
|
|
9/30/2013 |
|
|
12/31/2012 |
|
|
Balances |
|
% total loans |
|
|
# Loans |
|
|
Balances |
|
% total loans |
|
|
# Loans |
|
|
Balances |
|
% total loans |
|
|
# Loans |
31-59 |
|
$ |
895,851 |
|
|
0.11 |
% |
|
14 |
|
|
$ |
1,195,550 |
|
|
0.16 |
% |
|
14 |
|
|
$ |
638,991 |
|
|
0.09 |
% |
|
7 |
60-89 |
|
|
2,059,965 |
|
|
0.26 |
% |
|
13 |
|
|
|
252,682 |
|
|
0.03 |
% |
|
3 |
|
|
|
988,791 |
|
|
0.14 |
% |
|
10 |
90+ |
|
|
6,674,454 |
|
|
0.85 |
% |
|
32 |
|
|
|
8,125,689 |
|
|
1.05 |
% |
|
41 |
|
|
|
12,914,553 |
|
|
1.78 |
% |
|
70 |
|
|
|
9,630,270 |
|
|
1.22 |
% |
|
59 |
|
|
|
9,573,921 |
|
|
1.24 |
% |
|
58 |
|
|
|
14,542,335 |
|
|
2.01 |
% |
|
87 |
Non-Accrual Other |
|
|
668,887 |
|
|
0.08 |
% |
|
4 |
|
|
|
1,649,733 |
|
|
0.21 |
% |
|
3 |
|
|
|
6,454,745 |
|
|
0.89 |
% |
|
18 |
Total Delinquency and Non-Accrual |
|
$ |
10,299,157 |
|
|
1.30 |
% |
|
63 |
|
|
$ |
11,223,654 |
|
|
1.45 |
% |
|
61 |
|
|
$ |
20,997,080 |
|
|
2.90 |
% |
|
105 |
Total Loans |
|
|
|
|
$ |
789,456,784 |
|
|
|
|
|
|
|
|
$ |
774,571,682 |
|
|
|
|
|
|
|
|
$ |
724,247,596 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Days |
|
CML |
|
|
IL |
|
|
ML |
|
|
|
CML |
|
|
IL |
|
|
ML |
|
|
|
CML |
|
|
IL |
|
|
ML |
|
31-59 |
|
$ |
- |
|
|
$ |
392,251 |
|
|
$ |
503,600 |
|
|
|
$ |
- |
|
|
$ |
153,479 |
|
|
$ |
1,042,071 |
|
|
|
$ |
- |
|
|
$ |
106,781 |
|
|
$ |
532,210 |
|
60-89 |
|
|
1,272,553 |
|
|
|
198,635 |
|
|
|
588,777 |
|
|
|
|
- |
|
|
|
137,901 |
|
|
|
114,781 |
|
|
|
|
517,065 |
|
|
|
218,869 |
|
|
|
252,857 |
|
90+ |
|
|
5,058,420 |
|
|
|
461,223 |
|
|
|
1,154,811 |
|
|
|
|
5,846,494 |
|
|
|
752,468 |
|
|
|
1,526,727 |
|
|
|
|
8,388,810 |
|
|
|
841,528 |
|
|
|
3,684,215 |
|
|
|
|
6,330,973 |
|
|
|
1,052,109 |
|
|
|
2,247,188 |
|
|
|
|
5,846,494 |
|
|
|
1,043,848 |
|
|
|
2,683,579 |
|
|
|
|
8,905,875 |
|
|
|
1,167,178 |
|
|
|
4,469,282 |
|
Non-Accrual Other* |
|
|
668,887 |
|
|
|
- |
|
|
|
- |
|
|
|
|
1,649,733 |
|
|
|
- |
|
|
|
- |
|
|
|
|
6,454,745 |
|
|
|
- |
|
|
|
- |
|
Total Delinquency by Type |
|
$ |
6,999,860 |
|
|
$ |
1,052,109 |
|
|
$ |
2,247,188 |
|
|
|
$ |
7,496,227 |
|
|
$ |
1,043,848 |
|
|
$ |
2,683,579 |
|
|
|
$ |
15,360,620 |
|
|
$ |
1,167,178 |
|
|
$ |
4,469,282 |
|
Total Loans by Type |
|
$ |
485,522,298 |
|
|
$ |
44,515,475 |
|
|
$ |
259,419,011 |
|
|
|
$ |
477,749,793 |
|
|
$ |
43,695,293 |
|
|
$ |
253,126,596 |
|
|
|
$ |
440,921,598 |
|
|
$ |
46,648,973 |
|
|
$ |
236,677,025 |
|
%
of Total Loans in Type |
|
|
1.44 |
% |
|
|
2.36 |
% |
|
|
0.87 |
% |
|
|
|
1.57 |
% |
|
|
2.39 |
% |
|
|
1.06 |
% |
|
|
|
3.48 |
% |
|
|
2.50 |
% |
|
|
1.89 |
% |
Total Delinquency and Non-Accrual |
|
|
|
|
|
$ |
10,299,157 |
|
|
|
1.30 |
% |
|
|
|
|
|
|
$ |
11,223,654 |
|
|
|
1.45 |
% |
|
|
|
|
|
|
$ |
20,997,080 |
|
|
|
2.90 |
% |
|
*Non-Accrual Other means loans that are less than 90 days past due,
that are classified by management as non-performing. |
NOTE: Excluded from the table above are $1.6 million of commercial
loans classified as Loans Held for Sale all of which are over 90
days delinquent. |
For further information contact Michael D. Devlin, President and
Chief Executive Officer or Guy Hackney, Chief Financial
Officer, Cape Bancorp: (609) 465-5600.
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, 2012 |
|
March 15, 2013 |
10Q |
|
Quarter ended March 31, 2013 |
|
May 3, 2013 |
10Q |
|
Quarter ended June 30, 2013 |
|
August 5, 2013 |
10Q |
|
Quarter ended September 30, 2013 |
|
November 8, 2013 |
For further information contact Michael D. Devlin President and
Chief Executive Officer or Guy Hackney Chief Financial Officer Cape
Bancorp: (609) 465-5600
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