SAN JUAN CAPISTRANO, Calif., May 3, 2016 /PRNewswire/ -- Capital Bank (OTCQB:CBJC) announced the results of operations for the first quarter ended March 31, 2016 which reflected solid growth and continued profitability. Assets grew to nearly $291 million, reflecting 13% growth year-over-year. Gross Loans increased to just under $212 million, a 17% year-over-year growth rate, and Total Deposits ended the quarter at $237 million, a 7% year-over-year growth rate. Net Income for the period was $687,000.
J.M. "Mike" Justice, Jr., President & Chief Executive Officer stated, "We are very pleased to experience significant levels of growth and success in both Orange and San Diego counties." He continued; "Capital Bank has not sacrificed its conservative underwriting standards or efficiencies of operation to achieve this level of growth. Our Balance Sheet remains healthy and strong." Mr. Justice concluded; "The prospects for the future remain bright for our bank."
John R. McGill, Senior Executive Vice President & Chief Operating Officer added; "Our directors and employees are committed to providing our shareholders with meaningful returns as evidenced by our quarterly Return on Assets (ROA) of 1.04% and Return on Equity (ROE) of 10.16%."
Capital Bank holds the prestigious Super Premier Performance Award from Findley Reports on Financial Institutions as well as the 5 Star Rating of Excellence from the national independent bank rating firm of Bauer Financial.
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
If you are interested in an investment in Capital Bank, please consult your stock broker.
The Findley Reports: http://www.findley-reports.com
Bauer Financial: http://www.bauerfinancial.com
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