Cape Bancorp, Inc. Reports Third Quarter 2008 Results

CAPE MAY COURT HOUSE, NJ, Oct 28, 2008 (MARKET WIRE via COMTEX) -- Cape Bancorp, Inc. ("Cape Bancorp") (CBNJ:CBNJNews, chart, profile, moreLast: Delayed quote dataAdd to portfolioAnalyst Create alertInsiderDiscussFinancials Sponsored by:, , ) , the parent company of Cape Bank, announces its operating results for the quarter ended September 30, 2008. Cape Bancorp reported net income of $593 thousand, or $0.05 per share, for the September 30, 2008 quarter, a decline from $1.3 million, or $0.11 per share reported for the quarter ended June 30, 2008.

Net income for the quarter ended September 30, 2008 was adversely affected by an other-than-temporary impairment (OTTI) charge of $975 thousand on equity securities of two financial institutions (Freddie Mac and Fannie Mae), leaving a current book value of $96 thousand. An additional OTTI charge of $1.2 million was taken on a collateralized debt obligation, leaving a current book value of $498 thousand. ...
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