Capital Bank in Vineland, N.J., reported record earnings and a larger dividend.
The $288 million-asset bank said Monday that its earnings rose 42% in 2012 compared to a year earlier, to $2 million.
Capital also declared a dividend of 7.5 cents a share this year, compared with 5 cents last year. The bank said it expects to pay the dividend on April 23 to shareholder of record at March 22. "Not only are we proud of our growing profitability and our balance sheet growth, I'm also particularly proud of our asset quality," David Hanrahan, Capital's chief executive, told American Banker.
Capital benefitted by opening in 2007 because it avoided loans secured by real estate in the years that preceded the financial crisis, Hanrahan says. Still, he says the bank's chief lending officer, Tony Altadonna, and his team performed "an excellent job of not only growing our loan portfolio far greater than most of our peers but, at the same time, having our credit quality be nearly pristine."
At Dec. 31, the bank had a Tier 1 leverage ratio of 9.5% and a total risk-based capital ratio of 13.6%, according to the Federal Deposit Insurance Corp.