Cape Bancorp, Inc. ("Cape Bancorp" or the "Company") (NASDAQ:CBNJ),
the parent company of Cape Bank (the "Bank"), announces its
operating results for the three and nine months ended September 30,
2015.
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:
- The net interest margin was 3.37% for the three months ended
September 30, 2015 compared to 3.54% for the three months ended
September 30, 2014, a decrease of 17 basis points. The yield on
interest-earning assets decreased 28 basis points to 3.80% for the
three months ended September 30, 2015 compared to 4.08% for the
same three month period a year ago, while the cost of
interest-bearing liabilities decreased 14 basis points to 0.50% for
the three months ended September 30, 2015 compared to 0.64% for the
2014 three month period. For the nine months ended September
30, 2015, the net interest margin was 3.39% compared to 3.61% from
the nine months ended September 30, 2014, a decrease of 22 basis
points. The yield on interest-earning assets decreased 27 basis
points to 3.86% for the nine months ended September 30, 2015
compared to 4.13% for the same nine month period a year ago, while
the cost of interest-bearing liabilities decreased 6 basis points
to 0.54% for the nine months ended September 30, 2015 compared to
0.60% for the 2014 nine month period.
- The loan loss provision for the three months ended September
30, 2015 totaled $462,000 compared to $153,000 for the three months
ended September 30, 2014. Loan charge-offs for the third quarter of
2015 totaled $839,000 compared to loan charge-offs of $103,000 for
the three months ended September 30, 2014. The loan loss
provision totaled $2.7 million and $2.5 million for the nine month
periods ended September 30, 2015 and 2014, respectively. Loan
charge-offs and write-downs on loans transferred to held for sale
totaled $2.2 million for the nine months ended September 30, 2015
compared to loan charge-offs and write-downs on loans transferred
to held for sale of $2.3 million for the nine months ended
September 30, 2014.
- Bargain purchase gain on the acquisition of Colonial totaled
$791,000 and $6.7 million for the three and nine months ended
September 30, 2015, respectively, and is excluded from taxable
income. The three month ended period primarily reflects
adjustments relative to credit marks (payoffs on loans, cash
payments received and interest fair value adjustments).
- In addition to increases in deposit service fee income
resulting from the Colonial acquisition, total service fee income
was enhanced by increases in commercial loan fee income resulting
from significant prepayment penalties. For the three months
ended September 30, 2015 and 2014, total service fee income was
$1.3 million and $760,000, respectively. For the nine months
ended September 30, 2015 and 2014, these fees totaled $3.1 million
and $2.1 million, respectively.
- Net gains on the sale of loans totaled $8,000 for the three
months ended September 30, 2015 compared to $179,000 for the three
months ended September 30, 2014. For the nine months ended
September 30, 2015 net gains on the sale of loans totaled $61,000
compared to $424,000 for the nine months ended September 30, 2014
primarily resulting from a decrease in net gains on the sale of SBA
loans of $359,000.
- Net gains on sales of investment securities totaled $17,000 for
the three months ended September 30, 2015 compared to net gains on
sales of investment securities totaling $133,000 for the three
months ended September 30, 2014. For the nine months ended
September 30, 2015, net gains on sales of investment securities
totaled $116,000 compared to $2.1 million for the nine months ended
September 30, 2014. In the first quarter of 2014, the Company
sold its remaining portion of collateralized debt obligation
securities ("CDOs") with a book value of zero, resulting in a $1.9
million gain.
- Net losses on the sale of OREO totaled $106,000 and $34,000 for
the three months ended September 30, 2015 and 2014,
respectively. For the nine months ended September 30, 2015 and
2014, net losses on the sale of OREO totaled $332,000 and $274,000,
respectively.
- Professional services (legal and accounting) totaled $296,000
and $152,000 for the three months ended September 30, 2015 and
2014, respectively. For the nine months ended September 30,
2015 and 2014, these expenses totaled $790,000 and $544,000,
respectively.
- OREO expenses totaled $342,000 for the three months ended
September 30, 2015 compared to $195,000 for the three months ended
September 30, 2014. For the nine months ended September 30,
2015, OREO expenses totaled $1.7 million compared to $611,000 for
the nine months ended September 30, 2014. The 2015 periods
included significantly higher OREO write-downs.
- For the three months ended September 30, 2015, consulting fees
totaled $220,000 compared to $73,000 for the three months ended
September 30, 2014. Consulting fees for the nine months ended
September 30, 2015 and 2014 totaled $392,000 and $190,000,
respectively. The increase in both periods results primarily
from fees associated with the Hammonton branch acquisition, which
totaled approximately $145,000.
- Merger related expenses totaled $2.0 million for the nine
months ended September 30, 2015 compared to $386,000 for the nine
month period of 2014. The third quarter of 2014 included
$386,000 of merger related expenses primarily consisting of legal
and advisory services associated with the Colonial
acquisition.
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 |
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