Business & Finance
Business and Finance
Business and Finance
Wed, February 25, 2009
Tue, February 24, 2009 Cape Bancorp, Inc.: Cape Bancorp, Inc. Announces Revised Fourth Quarter and Annual 2008 Results
CAPE MAY COURT HOUSE, NJ--(Marketwire - February 24, 2009) - Cape Bancorp, Inc. ("Company") (
This earnings release revises the Company's earnings release dated February 13, 2009.
In connection with the year-end audit, and as a result of subsequent information regarding deferrals of interest and expected defaults of issuers and revisions of assumptions utilized in determining other-than-temporary impairment, management concluded that an additional other-than-temporary impairment occurred in its fourth quarter and year-end 2008 results. Unrealized losses previously recognized in other comprehensive income, a component of stockholders' equity on the Company's balance sheet, have now been reflected as other-than-temporary impairment on the income statement. This will result in a full-year 2008 net loss of $(42.5) million or $(3.49) per share, compared to a net loss of $(35.7) million, or $(2.94) per share as previously announced. For the fourth quarter of 2008, the charge increases its previously announced net loss to $(42.2) million or $(3.43) per share, from $(35.4) million, or $(2.88) per share.
Management will continue to evaluate its securities portfolio and monitor the fair value of its securities pursuant to appropriate fair value methodologies, and no assurances can be given that no future additional other-than-temporary impairment charges may be necessary. At December 31, 2008, the remaining unrealized loss associated with these trust preferred securities recorded through other comprehensive income was approximately $8.8 million pre-tax ($5.5 million net of tax). This change has no effect on previously reported total stockholders' equity, book value or tangible book value per share.
SELECTED BALANCE SHEET DATA (Unaudited, in thousands) At At December 31, September 30, 2008 2008 ----------- ------------ Investments $ 163,480 $ 180,144 Net Loans 783,869 778,683 Allowance for Loan Losses 11,240 9,949 Total Assets 1,090,735 1,128,259 Total Deposits 711,130 730,276 Total Borrowings 234,484 212,863 Total Equity 140,725 177,682 SELECTED INCOME STATEMENT DATA (Unaudited, in thousands except share data) Three Months Three Months Twelve Months Ended Ended Ended December 31, September 30, December 31, 2008 2008 2008 ----------- ------------ ------------ Interest Income $ 14,471 $ 15,154 $ 58,127 Interest Expense 5,663 6,084 24,253 Net Interest Income 8,808 9,070 33,874 Provision for Loan Losses 6,861 1,309 9,009 Non-Interest Income (11,996) (870) (10,793) Non-Interest Expense 38,250 6,722 64,717 Tax Expense (benefit) (6,125) (424) (8,154) Net Income (loss) (42,174) 593 (42,491) Earnings (loss) per Share(1) (3.43) 0.05 (3.49) Average Shares Outstanding 12,285,267 12,273,615 12,280,494 (1) Earnings Per Share calculation excludes $401,658 from year-to-date net income. This amount represents income earned by Cape Savings Bank (now Cape Bank) prior to the formation of Cape Bancorp. Earnings Per Share calculations use average outstanding shares which includes earned ESOP shares. SELECTED RATIOS and PERFORMANCE MEASUREMENTS At or for the At or for the At or for the three months three months twelve months ended ended ended December 31, September 30, December 31, 2008 2008 2008 ------------ ------------ ----------- ROAA (14.94%) 0.21% (3.86%) ROAE (96.08%) 1.30% (24.47%) Net Interest Margin 3.52% 3.61% 3.48% Efficiency Ratio 382.55% 64.55% 167.31% Equity to Assets (end of period) 12.90% 15.75% 12.90% Tangible Equity/Tangible Assets 10.99% 11.40% 10.99% Non-Performing Loans to Total Gross Loans 2.65% 2.83% 2.65% Loan Loss Reserve to Non-Performing Loans 53.39% 44.62% 53.39% Loan Loss Reserve to Total Gross Loans 1.41% 1.26% 1.41% Book Value $10.57 $13.35 $10.57 Tangible Book Value $ 8.81 $ 9.18 $ 8.81 Stock Price $ 9.25 $ 9.15 $ 9.25 Price to Book Value 87.51% 68.54% 87.51% Price to Tangible Book Value 104.99% 99.67% 104.99%
This press release discusses primarily historical information. Statements included in this release, to the extent they are forward looking, involve a number of risks and uncertainties such as competitive factors, economic conditions and regulatory changes in the banking industry. Further information on factors that could affect Cape Bancorp's financial results can be found in the Cape Bancorp's Form 10-K for the Year Ended December 31, 2007, which was filed by Cape Bancorp with the Securities and Exchange Commission on March 31, 2008.
