SAN JUAN CAPISTRANO, Calif.--()--Capital Bank (OTCBB:CBJC) today announced results of operations for the first quarter of 2012 marked by strong asset growth and ongoing profitability. Assets expanded $15.8 million to $118.3 million for a 15% increase from a year ago while deposits increased 14% to $102.3 million for a $12.5 million increase. The Bank became taxable last year and recognized tax expense of $72,000 during the first quarter resulting in net after tax income of $104,000 for the quarter. The Bank plans to expand its footprint in Southern California through the opening of a loan production office in north San Diego County later this year.
“Our success in achieving solid profitability, building a quality balance sheet, and leveraging our strong capital base is attributable to the dedication of our employees, the support of committed directors, shareholders and our broadening base of loyal customers. We are thankful for their ongoing confidence and support.”
J.M. “Mike” Justice Jr., President & Chief Executive Officer, stated, “I am pleased with our progress and performance. Our ongoing strong asset growth and sustained profitability, while continuing to navigate still challenging economic waters, is a testament to the hard work and dedication of our entire team. We have remained committed to our business plan and focused on driving profitability through quality loan generation and asset growth. To support further loan and asset growth, which will lead to expanded profitability, we plan to open a loan production office in north San Diego County later this year. I am pleased to announce that John Penrith and Ken Baker have joined our team as Senior Vice Presidents and together, they will spearhead our expansion into San Diego County. John and Ken each have extensive experience in banking San Diegans and bring with them a wealth of contacts in this market. I am confident they will be highly successful and contribute positively to the growth and success of our bank.” Mr. Justice continued, “Our capital position continues to be exceptionally strong with total risk based capital of almost 24%, more than double the regulatory standard of 10% to be considered well capitalized. We continue to carry the 5 Star Rating of Excellence from the nationally recognized independent bank rating firm of Bauer Financial, which is indicative of the safety of our Bank for our depositors. The strength of our growing capital base supported by ongoing earnings, combined with the quality of our balance sheet, should provide comfort to our customers that we are here for them today, tomorrow and for many years to come.”
Mr. Justice continued, “Our solid profitability, combined with the growth of our fortress like balance sheet, supported by a strong capital base and growing market share have been noted by the capital markets; we are very pleased with our stock which continues to out-perform our peers.”
John R. McGill, Executive Vice President & Chief Operating Officer, stated, “We are very optimistic about our expansion opportunities in San Diego County. Mr. Justice and I have deep and productive roots in this market dating back to the mid 1980s. This, combined with the extensive market knowledge and depth of experience our new team brings to our bank, will become a formidable force in this consolidating banking market.” Mr. McGill continued, “Our San Diego team will further enhance our highly productive U.S. Small Business Administration Loan Department which continues to be one of the most active and productive SBA lenders in the State and the Nation. Our team has done an exceptional job providing the much needed financing to fuel job growth for the communities we serve. We have money to lend.” McGill commented further, “Our success in achieving solid profitability, building a quality balance sheet, and leveraging our strong capital base is attributable to the dedication of our employees, the support of committed directors, shareholders and our broadening base of loyal customers. We are thankful for their ongoing confidence and support.”
Dedicated to becoming recognized as the Premier Business and Professional Bank in the markets we serve, by providing innovative financial solutions tailored to the needs of our customers while exceeding their expectations, producing superior shareholder value that become solutions recognized for… "Banking Outside the Box."
For Additional Information visit our website at: www.mycapitalbank.com
|J.M. "Mike" Justice Jr., President & C.E.O.||
|John R. McGill, Executive Vice President & C.O.O.||(949) 489-4203|
Stock Symbol: OTCBB:CBJC
|Steve Arrigo, Senior Vice President||(949) 644-1890|
|Crowell Weedon & Company|
|Doug Deubel, Vice President||(888) 734-0540|
|Raymond James & Associates|
Information contained herein may contain certain forward-looking statements that are based on management’s current expectations regarding economic, legislative, and regulatory issues that may impact the Bank’s earnings in future periods. Forward-looking statements can be identified by the fact that they do not relate strictly to historical or current facts. They often include the words “believe,” “expect,” “intend,” “estimate” or words of similar meaning, or future or conditional verbs such as “will,” “would,” “should,” “could” or “may.” Factors that could cause future results to vary materially from current management expectations include, but are not limited to, general economic conditions, changes in interest rates, deposit flows, real estate values, and competition; changes in accounting principles, policies or guidelines; changes in legislation or regulation; and other economic, competitive, governmental, regulatory and technological factors affecting the Bank’s operations, pricing, products and services. The Bank undertakes no obligation to release publicly the result of any revisions to these forward-looking statements that may be made to reflect events or circumstances after the date of this press release or to reflect the occurrence of unanticipated events.
|SELECTED AUDITED FINANCIAL DATA|
(All figures in thousands) as of:
|Total Shareholders’ Equity||$||15,226||$||11,035||38||%|