Business News • MarketWire • Cape Bancorp, Inc. Reports Fourth Quarter and Annual 2009 Results |
Cape Bancorp, Inc. Reports Fourth Quarter and Annual 2009 Results |
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Cape Bancorp, Inc. Reports Fourth Quarter and Annual 2009 Results
CAPE MAY COURT HOUSE, NJ--(Marketwire - January 28, 2010) - Cape Bancorp, Inc. ("Cape Bancorp"
or the "Company") (NASDAQ: CBNJ), the parent company of Cape Bank,
announces its operating results for the quarter and year ended December 31,
2009.
For the quarter ended December 31, 2009, Cape Bancorp reported net income
of $1.2 million, or $.10 per share, compared to net loss of $19.1 million
or $1.55 per share for the linked quarter ended September 30, 2009. We are
providing linked quarter information in order to provide meaningful insight
into the effects of the economic downturn on our business. The following is
a summary of significant differences in the components comprising net
income for the linked quarters: loan loss provision Q3 2009 - $9.8 million,
Q4 2009 - $785,000; loan related expense Q3 2009 - $379,000, Q4 2009 - $1.1
million; other-than-temporary-impairment (OTTI) Q3 2009 - $799,000, Q4 2009
- $292,000;
View More : http://www.marketwire.com/mw/release.do?id=1109179&sourceType=3
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