(State or other jurisdiction of incorporation or organization) | (Commission file number) | (IRS Employer Identification No.) |
Title of Each Class | Trading Symbol | Name of Each Exchange on Which Registered | ||||||
99.1 | |||||
104 | Cover Page Interactive Data File (embedded within the Inline XBRL document) |
CAPITAL BANCORP, INC. | |||||
By: /s/ Alan W. Jackson | |||||
Name: Alan W. Jackson | |||||
Title: Chief Financial Officer |
Loan Modifications (1) | ||||||||||||||||||||||||||||||||||||||
(dollars in millions) | ||||||||||||||||||||||||||||||||||||||
March 31, 2021 | December 31, 2020 | September 30, 2020 | June 30, 2020 | |||||||||||||||||||||||||||||||||||
Deferred Loans | Deferred Loans | Deferred Loans | Deferred Loans | |||||||||||||||||||||||||||||||||||
Sector | Total Loans Outstanding | Balance | # of Loans Deferred | Balance | # of Loans Deferred | Balance | # of Loans Deferred | Balance | # of Loans Deferred | |||||||||||||||||||||||||||||
Accommodation & Food Services | $ | 112.0 | $ | 16.1 | 15 | $ | 14.7 | 16 | $ | 11.2 | 14 | $ | 42.6 | 36 | ||||||||||||||||||||||||
Real Estate and Rental Leasing | 462.7 | 3.2 | 4 | 5.5 | 10 | 9.3 | 16 | 45.6 | 67 | |||||||||||||||||||||||||||||
Other Services Including Private Households | 282.7 | — | — | 1.1 | 3 | 5.6 | 11 | 17.3 | 36 | |||||||||||||||||||||||||||||
Educational Services | 22.5 | — | — | — | — | — | — | 9.8 | 6 | |||||||||||||||||||||||||||||
Construction | 244.6 | — | — | — | — | 0.3 | 1 | 4.2 | 6 | |||||||||||||||||||||||||||||
Professional, Scientific, and Technical Services | 80.7 | 1.1 | 2 | 1.4 | 3 | 1.1 | 2 | 5.0 | 11 | |||||||||||||||||||||||||||||
Arts, Entertainment & Recreation | 40.5 | 1.3 | 1 | 0.7 | 2 | 1.4 | 2 | 5.0 | 9 | |||||||||||||||||||||||||||||
Retail Trade | 25.4 | — | — | 0.3 | 1 | — | — | 3.0 | 8 | |||||||||||||||||||||||||||||
Healthcare & Social Assistance | 100.4 | — | — | 0.9 | 1 | 0.9 | 1 | 4.7 | 11 | |||||||||||||||||||||||||||||
Wholesale Trade | 16.6 | — | — | — | — | — | — | 0.9 | 1 | |||||||||||||||||||||||||||||
All other (1) | 197.2 | 3.7 | 3 | 5.9 | 7 | 0.5 | 2 | 5.9 | 13 | |||||||||||||||||||||||||||||
Total | $ | 1,585.3 | $ | 25.4 | 25 | $ | 30.5 | 43 | $ | 30.3 | 49 | $ | 144.0 | 204 |
COMPARATIVE FINANCIAL HIGHLIGHTS - Unaudited | |||||||||||||||||
Quarter Ended | |||||||||||||||||
March 31, | |||||||||||||||||
(amounts in thousands except per share data) | 2021 | 2020 | % Change | ||||||||||||||
Earnings Summary | |||||||||||||||||
Interest income | $ | 26,638 | $ | 21,744 | 22.5 | % | |||||||||||
Interest expense | 2,194 | 4,057 | (45.9) | % | |||||||||||||
Net interest income | 24,444 | 17,687 | 38.2 | % | |||||||||||||
Provision for loan losses | 503 | 2,409 | (79.1) | % | |||||||||||||
Noninterest income | 13,951 | 5,535 | 152.1 | % | |||||||||||||
Noninterest expense | 25,767 | 16,799 | 53.4 | % | |||||||||||||
Income before income taxes | 12,125 | 4,014 | 202.1 | % | |||||||||||||
Income tax expense | 3,143 | 1,080 | 191.0 | % | |||||||||||||
Net income | $ | 8,982 | $ | 2,934 | 206.1 | % | |||||||||||
Pre-tax pre-provision net revenue ("PPNR") (2) | $ | 12,628 | $ | 6,423 | 96.6 | % | |||||||||||
Weighted average common shares - Basic | 13,757 | 13,876 | (0.9) | % | |||||||||||||
Weighted average common shares - Diluted | 13,899 | 14,076 | (1.3) | % | |||||||||||||
Earnings per share - Basic | $ | 0.65 | $ | 0.21 | 208.7 | % | |||||||||||
Earnings per share - Diluted | $ | 0.65 | $ | 0.21 | 210.0 | % | |||||||||||
Return on average assets (1) | 1.87 | % | 0.84 | % | 122.6 | % | |||||||||||
Return on average assets, excluding impact of SBA-PPP loans(1) (2) | 1.60 | % | 0.84 | % | 90.5 | % | |||||||||||
Return on average equity | 22.30 | % | 8.59 | % | 159.6 | % |
Quarter Ended | 1Q21 vs. 1Q20 | Quarter Ended | |||||||||||||||||||||||||||||||||
March 31, | December 31, | September 30, | June 30, | ||||||||||||||||||||||||||||||||
(in thousands except per share data) | 2021 | 2020 | % Change | 2020 | 2020 | 2020 | |||||||||||||||||||||||||||||
Balance Sheet Highlights | |||||||||||||||||||||||||||||||||||
Assets | $ | 2,091,851 | $ | 1,507,847 | 38.7 | % | $ | 1,876,593 | $ | 1,879,029 | $ | 1,822,365 | |||||||||||||||||||||||
Investment securities available for sale | 128,023 | 59,524 | 115.1 | % | 99,787 | 53,992 | 56,796 | ||||||||||||||||||||||||||||
Mortgage loans held for sale | 60,816 | 73,955 | (17.8) | % | 107,154 | 137,717 | 116,969 | ||||||||||||||||||||||||||||
SBA-PPP loans, net of fees (3) | 265,712 | — | 100.0 | % | 201,018 | 233,349 | 229,646 | ||||||||||||||||||||||||||||
Portfolio loans receivable (3) | 1,312,375 | 1,187,798 | 10.5 | % | 1,315,503 | 1,244,613 | 1,211,477 | ||||||||||||||||||||||||||||
Allowance for loan losses | 23,550 | 15,513 | 51.8 | % | 23,434 | 22,016 | 18,680 | ||||||||||||||||||||||||||||
Deposits | 1,863,069 | 1,302,913 | 43.0 | % | 1,652,128 | 1,662,211 | 1,608,726 | ||||||||||||||||||||||||||||
FHLB borrowings | 22,000 | 28,889 | (23.8) | % | 22,000 | 22,222 | 25,556 | ||||||||||||||||||||||||||||
Other borrowed funds | 12,062 | 15,430 | (21.8) | % | 14,016 | 17,516 | 17,392 | ||||||||||||||||||||||||||||
Total stockholders' equity | 167,003 | 136,080 | 22.7 | % | 159,311 | 149,377 | 142,108 | ||||||||||||||||||||||||||||
Tangible common equity(2) | 167,003 | 136,080 | 22.7 | % | 159,311 | 149,377 | 142,108 | ||||||||||||||||||||||||||||
Common shares outstanding | 13,759 | 13,817 | (0.4) | % | 13,754 | 13,682 | 13,818 | ||||||||||||||||||||||||||||
Tangible book value per share (2) | $ | 12.14 | $ | 9.85 | 23.2 | % | $ | 11.58 | $ | 10.92 | $ | 10.28 |
Consolidated Statements of Income (Unaudited) | ||||||||||||||
Three Months Ended March 31, | ||||||||||||||
(in thousands) | 2021 | 2020 | ||||||||||||
Interest income | ||||||||||||||
Loans, including fees | $ | 26,068 | $ | 21,074 | ||||||||||
Investment securities available for sale | 478 | 340 | ||||||||||||
Federal funds sold and other | 92 | 330 | ||||||||||||
Total interest income | 26,638 | 21,744 | ||||||||||||
Interest expense | ||||||||||||||
Deposits | 2,006 | 3,613 | ||||||||||||
Borrowed funds | 188 | 444 | ||||||||||||
Total interest expense | 2,194 | 4,057 | ||||||||||||
Net interest income | 24,444 | 17,687 | ||||||||||||
Provision for loan losses | 503 | 2,409 | ||||||||||||
Net interest income after provision for loan losses | 23,941 | 15,278 | ||||||||||||
Noninterest income | ||||||||||||||
Service charges on deposits | 147 | 149 | ||||||||||||
Credit card fees | 5,940 | 2,008 | ||||||||||||
Mortgage banking revenue | 7,743 | 2,973 | ||||||||||||
Other fees and charges | 120 | 405 | ||||||||||||
Total noninterest income | 13,951 | 5,535 | ||||||||||||
Noninterest expenses | ||||||||||||||
Salaries and employee benefits | 8,568 | 7,413 | ||||||||||||
Occupancy and equipment | 1,129 | 1,178 | ||||||||||||
Professional fees | 1,624 | 770 | ||||||||||||
Data processing | 9,311 | 4,117 | ||||||||||||
Advertising | 833 | 636 | ||||||||||||
Loan processing | 1,052 | 447 | ||||||||||||
Other real estate expenses, net | 4 | 45 | ||||||||||||
Other operating | 3,246 | 2,193 | ||||||||||||
Total noninterest expenses | 25,767 | 16,799 | ||||||||||||
Income before income taxes | 12,125 | 4,014 | ||||||||||||
Income tax expense | 3,143 | 1,080 | ||||||||||||
Net income | $ | 8,982 | $ | 2,934 |
Consolidated Balance Sheets | |||||||||||
(in thousands except share data) | (unaudited) March 31, 2021 | December 31, 2020 | |||||||||
Assets | |||||||||||
Cash and due from banks | $ | 22,678 | $ | 18,456 | |||||||
Interest bearing deposits at other financial institutions | 294,777 | 126,081 | |||||||||
Federal funds sold | 567 | 2,373 | |||||||||
Total cash and cash equivalents | 318,022 | 146,910 | |||||||||
Investment securities available for sale | 128,023 | 99,787 | |||||||||
Restricted investments | 3,723 | 3,958 | |||||||||
Loans held for sale | 60,816 | 107,154 | |||||||||
U.S. Small Business Administration Payroll Protection Program ("SBA-PPP") loans receivable, net of fees | 265,712 | 201,018 | |||||||||
Portfolio loans receivable, net of deferred fees and costs and net of allowance for loan losses of $23,550 and $23,434 | 1,288,825 | 1,292,068 | |||||||||
Premises and equipment, net | 4,004 | 4,464 | |||||||||
Accrued interest receivable | 8,104 | 8,134 | |||||||||
Deferred income taxes, net | 7,430 | 6,818 | |||||||||
Other real estate owned | 3,293 | 3,326 | |||||||||
Other assets | 3,899 | 2,956 | |||||||||
Total assets | $ | 2,091,851 | $ | 1,876,593 | |||||||
Liabilities | |||||||||||
Deposits | |||||||||||
Noninterest bearing | $ | 771,924 | $ | 608,559 | |||||||
Interest bearing | 1,091,145 | 1,043,569 | |||||||||
Total deposits | 1,863,069 | 1,652,128 | |||||||||
Federal Home Loan Bank advances | 22,000 | 22,000 | |||||||||
Other borrowed funds | 12,062 | 14,016 | |||||||||
Accrued interest payable | 1,210 | 1,134 | |||||||||
Other liabilities | 26,507 | 28,004 | |||||||||
Total liabilities | 1,924,848 | 1,717,282 | |||||||||
Stockholders' equity | |||||||||||
Common stock, $.01 par value; 49,000,000 shares authorized; 13,759,218 and 13,753,529 issued and outstanding | 138 | 138 | |||||||||
Additional paid-in capital | 51,042 | 50,602 | |||||||||
Retained earnings | 115,805 | 106,854 | |||||||||
Accumulated other comprehensive income | 18 | 1,717 | |||||||||
Total stockholders' equity | 167,003 | 159,311 | |||||||||
Total liabilities and stockholders' equity | $ | 2,091,851 | $ | 1,876,593 |
Three Months Ended March 31, | |||||||||||||||||||||||||||||||||||
2021 | 2020 | ||||||||||||||||||||||||||||||||||
Average Outstanding Balance | Interest Income/ Expense | Average Yield/ Rate(1) | Average Outstanding Balance | Interest Income/ Expense | Average Yield/ Rate(1) | ||||||||||||||||||||||||||||||
(Dollars in thousands) | |||||||||||||||||||||||||||||||||||
Assets | |||||||||||||||||||||||||||||||||||
Interest earning assets: | |||||||||||||||||||||||||||||||||||
Interest bearing deposits | $ | 205,799 | $ | 49 | 0.10 | % | $ | 96,622 | $ | 259 | 1.08 | % | |||||||||||||||||||||||
Federal funds sold | 3,871 | — | 0.01 | 1,068 | 4 | 1.45 | |||||||||||||||||||||||||||||
Investment securities available for sale | 106,704 | 478 | 1.82 | 60,396 | 340 | 2.26 | |||||||||||||||||||||||||||||
Restricted stock | 3,906 | 43 | 4.43 | 3,918 | 67 | 6.87 | |||||||||||||||||||||||||||||
Loans held for sale | 72,460 | 481 | 2.69 | 42,105 | 366 | 3.49 | |||||||||||||||||||||||||||||
SBA-PPP loans receivable | 232,371 | 2,205 | 3.85 | — | — | — | |||||||||||||||||||||||||||||
Portfolio loans receivable(2) | 1,298,352 | 23,382 | 7.30 | 1,175,090 | 20,708 | 7.09 | |||||||||||||||||||||||||||||
Total interest earning assets | 1,923,463 | 26,638 | 5.62 | 1,379,199 | 21,744 | 6.34 | |||||||||||||||||||||||||||||
Noninterest earning assets | 25,803 | 18,099 | |||||||||||||||||||||||||||||||||
Total assets | $ | 1,949,266 | $ | 1,397,298 | |||||||||||||||||||||||||||||||
Liabilities and Stockholders’ Equity | |||||||||||||||||||||||||||||||||||
Interest bearing liabilities: | |||||||||||||||||||||||||||||||||||
Interest bearing demand accounts | $ | 256,958 | 68 | 0.11 | $ | 143,875 | 228 | 0.64 | |||||||||||||||||||||||||||
Savings | 5,631 | 1 | 0.05 | 4,409 | 3 | 0.30 | |||||||||||||||||||||||||||||
Money market accounts | 471,154 | 530 | 0.46 | 446,928 | 1,687 | 1.52 | |||||||||||||||||||||||||||||
Time deposits | 332,660 | 1,407 | 1.72 | 304,053 | 1,695 | 2.24 | |||||||||||||||||||||||||||||
Borrowed funds | 35,343 | 188 | 2.15 | 45,757 | 444 | 3.90 | |||||||||||||||||||||||||||||
Total interest bearing liabilities | 1,101,746 | 2,194 | 0.81 | 945,022 | 4,057 | 1.73 | |||||||||||||||||||||||||||||
Noninterest bearing liabilities: | |||||||||||||||||||||||||||||||||||
Noninterest bearing liabilities | 24,059 | 19,835 | |||||||||||||||||||||||||||||||||
Noninterest bearing deposits | 660,086 | 295,060 | |||||||||||||||||||||||||||||||||
Stockholders’ equity | 163,375 | 137,381 | |||||||||||||||||||||||||||||||||
Total liabilities and stockholders’ equity | $ | 1,949,266 | $ | 1,397,298 | |||||||||||||||||||||||||||||||
Net interest spread | 4.81 | % | 4.61 | % | |||||||||||||||||||||||||||||||
Net interest income | $ | 24,444 | $ | 17,687 | |||||||||||||||||||||||||||||||
Net interest margin(3) | 5.15 | % | 5.16 | % | |||||||||||||||||||||||||||||||
HISTORICAL FINANCIAL HIGHLIGHTS - Unaudited | ||||||||||||||||||||||||||||||||
Quarter Ended | ||||||||||||||||||||||||||||||||
(Dollars in thousands except per share data) | March 31, 2021 | December 31, 2020 | September 30, 2020 | June 30, 2020 | March 31, 2020 | |||||||||||||||||||||||||||
Earnings: | ||||||||||||||||||||||||||||||||
Net income | $ | 8,982 | $ | 9,689 | $ | 8,438 | $ | 4,761 | $ | 2,934 | ||||||||||||||||||||||
Earnings per common share, diluted | 0.65 | 0.71 | 0.61 | 0.34 | 0.21 | |||||||||||||||||||||||||||
Net interest margin | 5.15 | % | 5.57 | % | 5.01 | % | 4.72 | % | 5.16 | % | ||||||||||||||||||||||
Net interest margin, excluding credit cards & SBA-PPP loans (1) | 3.70 | % | 3.80 | % | 3.84 | % | 3.96 | % | 3.96 | % | ||||||||||||||||||||||
Return on average assets(2) | 1.87 | % | 2.08 | % | 1.89 | % | 1.19 | % | 0.84 | % | ||||||||||||||||||||||
Return on average assets, excluding impact of SBA-PPP loans (1)(2) | 1.60 | % | 1.88 | % | 1.80 | % | 1.04 | % | 0.84 | % | ||||||||||||||||||||||
Return on average equity(2) | 22.30 | % | 25.26 | % | 23.28 | % | 13.70 | % | 8.59 | % | ||||||||||||||||||||||
Efficiency ratio | 67.11 | % | 66.63 | % | 65.17 | % | 69.74 | % | 73.53 | % | ||||||||||||||||||||||
Balance Sheet: | ||||||||||||||||||||||||||||||||
Portfolio loans receivable (3) | $ | 1,312,375 | $ | 1,315,503 | $ | 1,244,613 | $ | 1,211,477 | $ | 1,187,798 | ||||||||||||||||||||||
Deposits | 1,863,069 | 1,652,128 | 1,662,211 | 1,608,726 | 1,302,913 | |||||||||||||||||||||||||||
Total assets | 2,091,851 | 1,876,593 | 1,879,029 | 1,822,365 | 1,507,847 | |||||||||||||||||||||||||||
Asset Quality Ratios: | ||||||||||||||||||||||||||||||||
Nonperforming assets to total assets | 0.58 | % | 0.67 | % | 0.79 | % | 0.50 | % | 0.61 | % | ||||||||||||||||||||||
Nonperforming assets to total assets, excluding the SBA-PPP loans (1) | 0.66 | % | 0.75 | % | 0.90 | % | 0.58 | % | 0.61 | % | ||||||||||||||||||||||
Nonperforming loans to total loans | 0.56 | % | 0.61 | % | 0.78 | % | 0.41 | % | 0.49 | % | ||||||||||||||||||||||
Nonperforming loans to portfolio loans (1) | 0.67 | % | 0.70 | % | 0.92 | % | 0.48 | % | 0.49 | % | ||||||||||||||||||||||
Net charge-offs to average portfolio loans (1)(2) | 0.12 | % | 0.19 | % | 0.06 | % | 0.05 | % | 0.07 | % | ||||||||||||||||||||||
Allowance for loan losses to total loans | 1.49 | % | 1.54 | % | 1.49 | % | 1.30 | % | 1.31 | % | ||||||||||||||||||||||
Allowance for loan losses to portfolio loans (1) | 1.79 | % | 1.78 | % | 1.77 | % | 1.54 | % | 1.31 | % | ||||||||||||||||||||||
Allowance for loan losses to non-performing loans | 267.07 | % | 253.71 | % | 191.78 | % | 318.25 | % | 268.13 | % | ||||||||||||||||||||||
Bank Capital Ratios: | ||||||||||||||||||||||||||||||||
Total risk based capital ratio | 13.55 | % | 12.60 | % | 12.74 | % | 12.35 | % | 12.18 | % | ||||||||||||||||||||||
Tier 1 risk based capital ratio | 12.29 | % | 11.34 | % | 11.48 | % | 11.10 | % | 10.93 | % | ||||||||||||||||||||||
Leverage ratio | 7.54 | % | 7.45 | % | 7.44 | % | 7.73 | % | 8.61 | % | ||||||||||||||||||||||
Common equity Tier 1 capital ratio | 12.29 | % | 11.34 | % | 11.48 | % | 11.10 | % | 10.93 | % | ||||||||||||||||||||||
Tangible common equity | 7.01 | % | 7.43 | % | 7.09 | % | 6.91 | % | 8.03 | % | ||||||||||||||||||||||
Holding Company Capital Ratios: | ||||||||||||||||||||||||||||||||
Total risk based capital ratio | 16.07 | % | 15.19 | % | 15.35 | % | 15.02 | % | 13.63 | % | ||||||||||||||||||||||
Tier 1 risk based capital ratio | 13.98 | % | 13.10 | % | 12.93 | % | 12.58 | % | 12.38 | % | ||||||||||||||||||||||
Leverage ratio | 8.84 | % | 8.78 | % | 8.63 | % | 8.85 | % | 9.83 | % | ||||||||||||||||||||||
Common equity Tier 1 capital ratio | 13.81 | % | 12.94 | % | 12.75 | % | 12.39 | % | 12.19 | % | ||||||||||||||||||||||
Tangible common equity | 7.98 | % | 8.48 | % | 7.95 | % | 7.80 | % | 11.08 | % | ||||||||||||||||||||||
Composition of Loans: | ||||||||||||||||||||||||||||||||
Residential real estate | $ | 420,460 | $ | 437,860 | $ | 422,698 | $ | 437,429 | $ | 430,870 | ||||||||||||||||||||||
Commercial real estate | 433,336 | 392,550 | 372,972 | 364,071 | 360,601 | |||||||||||||||||||||||||||
Construction real estate | 221,277 | 224,904 | 227,661 | 212,957 | 204,047 | |||||||||||||||||||||||||||
Commercial and industrial - Other | 149,914 | 157,127 | 134,889 | 142,673 | 151,551 | |||||||||||||||||||||||||||
SBA-PPP loans | 272,090 | 204,920 | 238,735 | 236,325 | — | |||||||||||||||||||||||||||
Credit card | 83,740 | 102,186 | 84,964 | 54,732 | 41,881 | |||||||||||||||||||||||||||
Other consumer loans | 4,487 | 1,649 | 2,268 | 947 | 1,103 | |||||||||||||||||||||||||||
Composition of Deposits: | ||||||||||||||||||||||||||||||||
Noninterest bearing | $ | 771,924 | $ | 608,559 | $ | 596,239 | $ | 563,995 | $ | 363,423 | ||||||||||||||||||||||
Interest bearing demand | 300,992 | 257,126 | 247,150 | 268,150 | 175,924 | |||||||||||||||||||||||||||
Savings | 6,012 | 4,800 | 4,941 | 5,087 | 4,290 | |||||||||||||||||||||||||||
Money Markets | 471,303 | 447,077 | 472,447 | 507,432 | 473,958 | |||||||||||||||||||||||||||
Time Deposits | 312,838 | 334,566 | 341,435 | 264,062 | 285,318 |
HISTORICAL FINANCIAL HIGHLIGHTS - Unaudited | ||||||||||||||||||||||||||||||||
Quarter Ended | ||||||||||||||||||||||||||||||||
(Dollars in thousands except per share data) | March 31, 2021 | December 31, 2020 | September 30, 2020 | June 30, 2020 | March 31, 2020 | |||||||||||||||||||||||||||
Capital Bank Home Loan Metrics: | ||||||||||||||||||||||||||||||||
Origination of loans held for sale | $ | 353,774 | $ | 382,267 | $ | 431,060 | $ | 315,165 | $ | 180,421 | ||||||||||||||||||||||
Mortgage loans sold | 400,112 | 412,830 | 410,312 | 272,151 | 177,496 | |||||||||||||||||||||||||||
Gain on sale of loans | 12,008 | 12,950 | 12,837 | 8,088 | 4,580 | |||||||||||||||||||||||||||
Purchase volume as a % of originations | 24.59 | % | 30.03 | % | 33.76 | % | 31.16 | % | 32.79 | % | ||||||||||||||||||||||
Gain on sale as a % of loans sold(4) | 3.00 | % | 3.14 | % | 3.13 | % | 2.97 | % | 2.52 | % | ||||||||||||||||||||||
OpenSky® Portfolio Metrics: | ||||||||||||||||||||||||||||||||
Active customer accounts | 642,272 | 568,373 | 529,114 | 400,530 | 244,024 | |||||||||||||||||||||||||||
Credit card loans, net | $ | 83,740 | $ | 102,186 | $ | 83,101 | $ | 53,150 | $ | 40,727 | ||||||||||||||||||||||
Noninterest secured credit card deposits | 215,883 | 192,520 | 176,708 | 131,854 | 84,689 | |||||||||||||||||||||||||||
Return on Average Assets, as Adjusted | Quarters Ended | ||||||||||||||||
Dollars in Thousands | March 31, 2021 | December 31, 2020 | September 30, 2020 | June 30, 2020 | March 31, 2020 | ||||||||||||
Net Income | $ | 8,982 | $ | 9,689 | $ | 8,438 | $ | 4,761 | $ | 2,934 | |||||||
Less: SBA-PPP loan income | 2,205 | 1,998 | 1,470 | 1,011 | — | ||||||||||||
Net Income, as Adjusted | $ | 6,777 | $ | 7,691 | $ | 6,968 | $ | 3,750 | $ | 2,934 | |||||||
Average Total Assets | 1,949,265 | 1,854,846 | 1,533,591 | 1,612,839 | 1,397,298 | ||||||||||||
Less: Average SBA-PPP Loans | 232,371 | 227,617 | 238,071 | 168,490 | — | ||||||||||||
Average Total Assets, as Adjusted | $ | 1,716,894 | $ | 1,627,229 | $ | 1,295,520 | $ | 1,444,349 | $ | 1,397,298 | |||||||
Return on Average Assets, as Adjusted | 1.60 | % | 1.88 | % | 2.14 | % | 1.04 | % | 0.84 | % | |||||||
Net Interest Margin, as Adjusted | Quarters Ended | ||||||||||||||||
Dollars in Thousands | March 31, 2021 | December 31, 2020 | September 30, 2020 | June 30, 2020 | March 31, 2020 | ||||||||||||
Net Interest Income | $ | 24,444 | $ | 25,719 | $ | 22,039 | $ | 18,624 | $ | 17,687 | |||||||
Less Secured credit card loan income | 7,660 | 9,306 | 6,632 | 4,066 | 4,527 | ||||||||||||
Less SBA-PPP loan income | 2,205 | 1,998 | 1,470 | 1011 | — | ||||||||||||
Net Interest Income, as Adjusted | $ | 14,580 | $ | 14,415 | $ | 13,937 | $ | 13,547 | $ | 13,160 | |||||||
Average Interest Earning Assets | 1,923,463 | 1,836,337 | 1,748,894 | 1,588,380 | 1,379,199 | ||||||||||||
Less Average secured credit card loans | 93,520 | 95,739 | 68,585 | 42,538 | 42,553 | ||||||||||||
Less Average SBA-PPP loans | 232,371 | 227,617 | 235,160 | 168,490 | — | ||||||||||||
Total Average Interest Earning Assets, as Adjusted | $ | 1,597,573 | $ | 1,512,981 | $ | 1,445,149 | $ | 1,377,352 | $ | 1,336,646 | |||||||
Net Interest Margin, as Adjusted | 3.70 | % | 3.80 | % | 3.84 | % | 3.96 | % | 3.96 | % |
Tangible Book Value per Share | Quarters Ended | ||||||||||||||||
Dollars in Thousands | March 31, 2021 | December 31, 2020 | September 30, 2020 | June 30, 2020 | March 31, 2020 | ||||||||||||
Total Stockholders' Equity | $ | 167,003 | $ | 159,311 | $ | 149,377 | $ | 142,108 | $ | 136,080 | |||||||
Less: Preferred equity | — | — | — | — | — | ||||||||||||
Less: Intangible assets | — | — | — | — | — | ||||||||||||
Tangible Common Equity | $ | 167,003 | $ | 159,311 | $ | 149,377 | $ | 142,108 | $ | 136,080 | |||||||
Period End Shares Outstanding | 13,759,218 | 13,753,529 | 13,682,198 | 13,818,223 | 13,816,723 | ||||||||||||
Tangible Book Value per Share | $ | 12.14 | $ | 11.58 | $ | 10.92 | $ | 10.28 | $ | 9.85 |
Allowance for Loan Losses to Total Portfolio Loans | Quarters Ended | ||||||||||||||||
Dollars in Thousands | March 31, 2021 | December 31, 2020 | September 30, 2020 | June 30, 2020 | March 31, 2020 | ||||||||||||
Allowance for Loan Losses | $ | 23,550 | $ | 23,434 | $ | 22,016 | $ | 18,680 | $ | 15,514 | |||||||
Total Loans | 1,578,087 | 1,516,520 | 1,477,962 | 1,441,123 | 1,172,285 | ||||||||||||
Less: SBA-PPP loans | 265,712 | 201,018 | 233,349 | 229,646 | — | ||||||||||||
Total Portfolio Loans | $ | 1,312,375 | $ | 1,315,503 | $ | 1,244,613 | $ | 1,211,477 | $ | 1,172,285 | |||||||
Allowance for Loan Losses to Total Portfolio Loans | 1.79 | % | 1.78 | % | 1.77 | % | 1.54 | % | 1.32 | % | |||||||
Nonperforming Assets to Total Assets, net SBA-PPP Loans | Quarters Ended | ||||||||||||||||
Dollars in Thousands | March 31, 2021 | December 31, 2020 | September 30, 2020 | June 30, 2020 | March 31, 2020 | ||||||||||||
Total Nonperforming Assets | $ | 12,112 | $ | 12,563 | $ | 14,806 | $ | 9,195 | $ | 9,187 | |||||||
Total Assets | 2,091,851 | 1,876,593 | 1,879,029 | 1,822,365 | 1,507,847 | ||||||||||||
Less: SBA-PPP loans | 265,712 | 201,018 | 233,349 | 229,646 | — | ||||||||||||
Total Assets, net SBA-PPP Loans | $ | 1,826,139 | $ | 1,675,575 | $ | 1,645,680 | $ | 1,592,719 | $ | 1,507,847 | |||||||
Nonperforming Assets to Total Assets, net SBA-PPP Loans | 0.66 | % | 0.75 | % | 0.90 | % | 0.58 | % | 0.61 | % | |||||||
Nonperforming Loans to Portfolio Loans | Quarters Ended | ||||||||||||||||
Dollars in Thousands | March 31, 2021 | December 31, 2020 | September 30, 2020 | June 30, 2020 | March 31, 2020 | ||||||||||||
Total Nonperforming Loans | $ | 8,818 | $ | 9,237 | $ | 11,480 | $ | 5,869 | $ | 5,786 | |||||||
Total Loans | 1,578,087 | 1,516,520 | 1,477,962 | 1,441,123 | 1,172,285 | ||||||||||||
Less: SBA-PPP loans | 265,712 | 201,018 | 233,349 | 229,646 | — | ||||||||||||
Total Portfolio Loans | $ | 1,312,375 | $ | 1,315,503 | $ | 1,244,613 | $ | 1,211,477 | $ | 1,172,285 | |||||||
Nonperforming Loans to Total Portfolio Loans | 0.67 | % | 0.70 | % | 0.92 | % | 0.48 | % | 0.49 | % | |||||||
Net Charge-offs to Average Portfolio Loans | Quarters Ended | ||||||||||||||||
Dollars in Thousands | March 31, 2021 | December 31, 2020 | September 30, 2020 | June 30, 2020 | March 31, 2020 | ||||||||||||
Total Net Charge-offs | $ | 721 | $ | 615 | $ | 163 | $ | 134 | $ | 197 | |||||||
Total Average Loans | 1,532,093 | 1,494,278 | 1,477,962 | 1,365,371 | 1,175,090 | ||||||||||||
Less: Average SBA-PPP loans | 232,371 | 227,617 | 233,349 | 84,245 | — | ||||||||||||
Total Average Portfolio Loans | $ | 1,299,722 | $ | 1,266,661 | $ | 1,244,613 | $ | 1,281,126 | $ | 1,175,090 | |||||||
Net Charge-offs to Average Portfolio Loans | 0.22 | % | 0.19 | % | 0.05 | % | 0.05 | % | 0.07 | % | |||||||
Pre-tax, Pre-provision Net Revenue ("PPNR") | Quarters Ended | ||||||||||||||||
Dollars in Thousands | March 31, 2021 | December 31, 2020 | September 30, 2020 | June 30, 2020 | March 31, 2020 | ||||||||||||
Net income | $ | 8,982 | $ | 9,689 | $ | 8,438 | $ | 4,761 | $ | 2,934 | |||||||
Add: Income Tax Expense | 3,143 | 3,347 | 3,128 | 1,759 | 1,080 | ||||||||||||
Add: Provision for Loan Losses | 503 | 2,033 | 3,500 | 3,300 | 2,409 | ||||||||||||
Pre-tax, Pre-provision Net Revenue ("PPNR") | $ | 12,628 | $ | 15,069 | $ | 15,066 | $ | 9,820 | $ | 6,423 | |||||||
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Cover Page |
Apr. 22, 2021 |
Feb. 02, 2021 |
---|---|---|
Cover [Abstract] | ||
Document Type | 8-K | |
Document Period End Date | Apr. 22, 2021 | |
Entity Registrant Name | CAPITAL BANCORP, INC | |
Entity Incorporation, State or Country Code | MD | |
Entity File Number | 001-38671 | |
Entity Tax Identification Number | 52-2083046 | |
Entity Address, Address Line One | 2275 Research Boulevard | |
Entity Address, Address Line Two | Suite 600 | |
Entity Address, City or Town | Rockville | |
Entity Address, State or Province | MD | |
Entity Address, Postal Zip Code | 20850 | |
City Area Code | 301 | |
Local Phone Number | 468-8848 | |
Written Communications | false | |
Soliciting Material | false | |
Pre-commencement Tender Offer | false | |
Pre-commencement Issuer Tender Offer | false | |
Entity Emerging Growth Company | true | |
Entity Ex Transition Period | true | |
Title of 12(b) Security | Common Stock, par value $0.01 per share | |
Trading Symbol | CBNK | |
Security Exchange Name | NASDAQ | |
Amendment Flag | false | |
Entity Central Index Key | 0001419536 |
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