SAN JUAN CAPISTRANO, Calif.--()--Capital Bank (OTCBB:CBJC) today announced results of operations for the second quarter of 2012 marked by strong asset growth and ongoing profitability. Assets expanded $22.3 million to $128.2 million for a 21% increase from a year ago, loans swelled 23% or $16.1 million to $85 million while deposits increased 19% to $111.7 million for a $17.8 million increase. The Bank became taxable last year and recognized tax expense of $183,000 through the second quarter resulting in net year to date after tax income of $265,000. The Bank is expanding its foot print in Southern California through the opening of a loan production office in north San Diego County later this year.
“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.”
J.M. “Mike” Justice Jr., President & Chief Executive Officer stated, “I am pleased with our progress in achieving our long term business plan. Our continued strong growth in assets, loans and deposits combined with ongoing profitability is a testament to the hard work and dedication of our entire team. The prospects for further growth and profitability are bright for our Bank, despite the ongoing challenges in the economy. Our expansion into San Diego County is on target and has contributed to our strong loan growth. I am pleased to announce that Mike Wastila has joined our team as Senior Vice President in further support of our expansion into San Diego County. Mike has extensive experience in banking San Diegans and brings with him a wealth of contacts in this market. I am confident he will be highly successful and contribute positively to the growth and success of our bank. A loan production office in north San Diego County is planned for later this year.” Mr. Justice continued, “Our capital position continues to be exceptionally strong with total risk based capital of over 20%, 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, Senior 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 being known 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
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||$||15,497||$||11,362||36||%|