CAPE MAY COURT HOUSE, NJ–(EMWNews – July 30, 2008) – Cape Bancorp, Inc. (“Cape

Bancorp”) (NASDAQ: CBNJ), the parent company of Cape Bank, announces its

operating results for the quarter ended June 30, 2008. Cape Bancorp

reported net income of $1.3 million, or $.11 per share, for the June 30,

2008 quarter. For the quarter ended March 31, 2008, Cape Bancorp reported

a net loss of $(2.2) million, or $(.22)(1) per share. Net income for the

quarter ended June 30, 2008 included approximately $550 thousand of systems

conversion and merger related expenses, net of taxes, associated with the

acquisition of Boardwalk Bank. Net interest margin for the quarter ended

June 30, 2008 increased to 3.44% from 3.40% for the quarter ended March 31,

2008. Return on average assets for the quarter ended June 30, 2008

increased to 0.46% from (0.92)% for the quarter ended March 31, 2008.

Return on average equity for the quarter ended June 30, 2008 increased to

2.85% from (6.03)% for the quarter ended March 31, 2008.

For the six months ended June 30, 2008, Cape Bancorp reported a net loss of

$(910) thousand or $(.11)(1) per share. Net interest margin for this

period was 3.40%, return on average assets was (0.22)% and return on

average equity was (1.62)%. The loss includes Cape Bank’s contribution of

$6.3 million to the charitable foundation it established as part of its

initial stock offering and approximately $785 thousand of expenses, net of

taxes, associated with Cape Bank’s name change and costs related to the

acquisition of Boardwalk Bank.

At June 30, 2008, Cape Bancorp’s total assets decreased to $1.159 billion

from $1.161 billion at March 31, 2008, a decrease of $(2.0) million or

(0.17)%. For the period January 31, 2008 (the date we completed our

initial public stock offering and simultaneous acquisition of Boardwalk

Bank) through June 30, 2008, assets increased $20.3 million or 1.78%.

At June 30, 2008, Cape Bancorp’s total net loans increased to $800 million

from $790 million at March 31, 2008, an increase of $10.0 million or 1.27%.

For the period of January 31, 2008 through June 30, 2008, net loans

increased $24.1 million or 3.1%.

At June 30, 2008, Cape Bancorp had $31.1 million in total delinquent loans,

or 3.84% of total gross loans, down from $38.5 million or 4.82% at March

31, 2008. Loans delinquent 31-60 days declined to $4.4 million from $17.0

million at March 31, 2008, and loans delinquent 61-90 days declined to $1.0

million from $7.3 million at March 31, 2008.

At June 30, 2008, Cape Bancorp had $25.8 million in non-performing loans,

or 3.18% of total gross loans, up from $14.6 million or 1.82% of total

gross loans at March 31, 2008. At June 30, 2008, there was no other real

estate owned. All of the non-performing loans are collateralized, and Cape

Bancorp’s management is of the view that the collateral adequately secures

such loans. Where necessary, Cape Bank will apply its loan workout

experience to protect its collateral position. Non-performing loans by

portfolio includes commercial of $24.6 million, residential of $1.2 million

and consumer of $1 thousand. Commercial non-performing loans had

collateral type concentrations of 25% in residential, duplex and

multi-family related loans, 20% in land and building lot related loans, 20%

in retail store and restaurant related loans, 17% in marina and auto

dealership related loans, 11% in B&B and hotel related loans and 7% in

commercial building and equipment related loans. The three largest

relationships in this category of non-performing loans are $6.2 million,

$3.0 million, and $2.7 million, respectively. Herbert L. Hornsby, Jr.,

Chief Executive Officer of Cape Bancorp, stated: “The South Jersey Shore

market is showing sensitivity to the broader economy. Some of our

borrowers are showing the strain of a weaker economy. We are closely

monitoring these relationships.”

At June 30, 2008, Cape Bancorp’s loan loss reserves increased to $8.7

million from $8.2 million at March 31, 2008, an increase of $533 thousand

or 6.5%. The loan loss ratio increased to 1.08% of gross loans from 1.02%

of gross loans at March 31, 2008. The loan loss reserve to non-performing

coverage ratio decreased to 33.9% at June 30, 2008 from 56.2% at March 31,

2008.

At June 30, 2008, Cape Bancorp’s total investment securities decreased to

$196.5 million from $199.8 million at March 31, 2008, a decrease of $(3.3)

million or (1.65)%. Of this amount, investment securities classified as

available-for-sale were $152.2 million, or 77% of total investment

securities. For the period January 31, 2008 through June 30, 2008,

investment securities decreased $(8.1) million or (3.98)%. During this

period, the collateralized debt obligation portion of the investment

portfolio declined in value by approximately $(8.0) million. At June 30,

2008, the cost basis of such securities was $26.4 million with a fair

market value of $18.4 million. Management will continue to evaluate this

portfolio. In the event any of these securities are downgraded below

investment grade (BBB), projected cash flows are not adequate to meet

contractual obligations or the market value of such securities declines

further and remains depressed for a substantial period of time, the Company

will evaluate them for other-than-temporary impairment at that time. For

the quarter ending June 30, 2008, the Company recognized an

other-than-temporary impairment charge of $201 thousand on the equity

securities of two financial institutions (Freddie Mac and Fannie Mae),

leaving a current market value of $1.1 million.

At June 30, 2008, Cape Bancorp’s total deposits decreased to $745.4 million

from $788.9 million at March 31, 2008, a decrease of $(43.5) million or

(5.51)%. Core deposits (DDA, savings and money market accounts) increased

to $377.8 million at June 30, 2008 from $374.2 million at March 31, 2008,

an increase of $3.6 million or 0.95%. Certificate of deposits decreased to

$358.4 million from $409.6 million at March 31, 2008, a decrease of $(51.1)

million or (12.5)%. The decrease in certificates was attributable to a

high volume of maturities that did not renew with Cape Bank, as management

determined to increase borrowings as a funding source in lieu of renewing

high cost certificates of deposit. For the period January 31, 2008

through June 30, 2008, total deposits decreased $(30.6) million, or

(3.94)%.

At June 30, 2008, Cape Bancorp’s total borrowings increased to $225.2

million from $180.3 million at March 31, 2008, an increase of $44.8 million

or 24.8%. The increase in borrowings was at a lower cost compared to

funding through certificate of deposits. At June 30, 2008, Cape Bancorp’s

borrowings to assets ratio increased to 19.4% from 15.5% at March 31, 2008.

Borrowings to total liabilities increased to 23.1% at June 30, 2008 from

18.5% at March 31, 2008.

Cape Bancorp’s total equity decreased to $182.7 million at June 30, 2008

from $186.4 million at March 31, 2008, a decrease of $(3.7) million or

(1.98)%. The decrease in equity was attributable to a decrease in

accumulated other comprehensive income of $(3.9) million, net of tax,

resulting primarily from the decrease in market value of collateralized

debt obligations. Management reviewed the decrease in other comprehensive

income and determined that it is temporary as defined by EITF 99-20. At

June 30, 2008, stockholders’ equity decreased to 15.8% of total assets from

16.1% of total assets at March 31, 2008. Tangible equity totaled $127.2

million or 11.53% of period end tangible assets, a decrease from 11.86% at

March 31, 2008.

Herbert L. Hornsby, Jr., President and Chief Executive Officer of Cape

Bancorp, stated: “We continue to position ourselves to be a successful

public company following our IPO on January 31, 2008. We have successfully

completed the integration of Boardwalk. The core system conversion that

was completed in early June consolidated the administrative/branch

operations. This enhanced the operational efficiencies of Cape Bank

enabling our staff the ability to provide superior customer service.

“We continue to be highly capitalized, although we are concerned about the

increase in non-performing assets, which we are closely monitoring.

Additionally, we are watching the collateralized debt obligations that we

acquired in the Boardwalk acquisition and we are adjusting their valuation

as required by market conditions.

“Finally, the turmoil in the banking markets, especially at many of our

larger competitors, is creating opportunity for community based

organizations like Cape. We find ourselves well positioned to take

advantage of these opportunities for the benefit of our shareholders.”

SELECTED BALANCE SHEET DATA

(Unaudited, in thousands)



                    June 30, 2008  March 31, 2008

                    -------------  --------------



Investments         $     196,496  $      199,816

Net Loans                 799,566         789,957

Allowance for Loan

 Losses                     8,708           8,175

Total Assets            1,158,922       1,160,942

Total Deposits            745,361         788,892

Total Borrowings          225,152         180,304

Total Equity              182,691         186,364









SELECTED INCOME STATEMENT DATA

(Unaudited, in thousands except share data)



                              Quarter        Quarter       Six months

                               Ended          Ended           Ended

                           June 30, 2008  March 31, 2008  June 30, 2008

                           -------------  --------------  -------------

                                     

Interest Income            $      15,048  $       13,454  $      28,502

Interest Expense                   6,288           6,217         12,505

Net interest income                8,760           7,237         15,997

Provision for loan losses            558             282            840

Pre-tax income                     1,707          (4,221)        (2,514)

Net income                         1,337          (2,246)          (910)

Earnings per share(1)               0.11           (0.22)         (0.11)

Average Shares Outstanding    12,262,084      12,311,190     12,281,862

(1) Earnings Per Share calculation excludes $401,658 from year-to-date net

income and first quarter net income. This amount represents income earned

by Cape Savings Bank (now Cape Bank) prior to the formation of Cape

Bancorp. Earnings Per Share calculation uses average outstanding shares

which includes earned ESOP shares.

SELECTED RATIOS and PERFORMANCE MEASUREMENTS



                                   At or for Quarter    At or for Quarter

                                         Ended                Ended

                                     June 30, 2008        March 31, 2008

                                  ------------------    -----------------





ROAA                                            0.46%               (0.92)%

ROAE                                            2.85%               (6.03)%

Net Interest Margin                             3.44%                3.40%

Efficiency Ratio                               79.22%              147.25%

Equity to Assets (end of period)               15.76%               16.05%

Tangible Equity/Tangible Assets                11.53%               11.86%



Non-Performing Loans to Total

 Gross Loans                                    3.18%                1.82%

Loan Loss Reserve to

 Non-Performing Loans                          33.85%               56.16%

Loan Loss Reserve to Total Gross

 Loans                                          1.08%                1.02%



Book Value                                  $  13.72             $  14.00

Tangible Book Value                         $   9.56             $   9.85

Stock Price                                 $   9.75             $   9.74

Price to Book Value                            71.05%               69.57%

Price to Tangible Book Value                  101.99%               98.88%

This press release discusses primarily historical information. Statements

included in this release, to the extent they are forward looking, involve a

number of risks and uncertainties such as competitive factors, economic

conditions and regulatory changes in the banking industry. Further

information on factors that could affect Cape Bancorp’s financial results

can be found in the Cape Bancorp’s Form 10-K for the year ended December

31, 2007, which was filed by Cape Bancorp with the Securities and Exchange

Commission on March 31, 2008.

For further information contact: Herbert L. Hornsby, Jr., CEO Robert J. Boyer, CFO Cape Bancorp (609) 465-5600