SAN JUAN CAPISTRANO, Calif., Nov. 2, 2016 /PRNewswire/ -- Capital Bank (OTCQB:CBJC) announced results of operations through the third quarter of 2016, which reflect continued strength in balance sheet growth, as well as venerable profitability. At the end of the third quarter, total loans equaled almost $230 million, reflecting year-over-year net growth of almost $42 million or 22%. During the same period, total assets grew $12 million or 4%, ending the quarter at $292 million, and total deposits increased over $22 million or 10% ending the quarter at $255 million. Net income for the third quarter of 2016 totaled $747 thousand, or $0.39 per diluted share. Year-to-date net income at the end of the third quarter totaled $2.163 million, representing $1.15 per diluted share, a 1.06% Return on Average Assets, and a 10.78% Return on Equity.
J.M. "Mike" Justice Jr., President & Chief Executive Officer, expressed his pleasure with the bank's results stating, "We continue to produce strong loan and deposit growth rates, as well as enviable profitability. Our base of loyal customers continues to grow in both San Diego and Orange counties. At the same time, we have maintained our conservative underwriting standards as evidenced by our exceptional asset quality. These results are a testament to the hard work and dedication of the entire Capital Bank team. We continue to look forward to a bright future as we expand and bring customized technology solutions to our customers, so they can focus on the success of their businesses."
It is with great sadness that we had to say goodbye to John McGill, our founding Chief Operating Officer, and beloved colleague, who passed away on September 6, 2016. Mr. Justice expressed, "From the beginning, John shared my vision of creating an exceptional business and professional bank in southern California. He worked tirelessly to help develop the vision, the team, and the bank, and he played an integral role in achieving the successes that we have." Mr. Justice added, "Perhaps most importantly, John was one of my closest friends, who I will miss tremendously. His humility and generosity of spirit were endearing qualities, experienced by all who met him. The entire Capital Bank team mourns his loss."
Although the loss of our good friend is a shock, which has resulted in much reflection and appreciation for the time we had with John, Capital Bank is strong, with a team of dedicated bankers ready and motivated to continue to strive to be the best, in John's honor.
As a result of the bank's continued success, the Board of Directors voted to issue a 5% stock dividend to shareholders of record as of September 30, 2016, payable November 23, 2016.
Capital Bank is 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 expectations and 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: OTCQB:CBJC
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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.
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SOURCE Capital Bank