(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 |
COMPARATIVE FINANCIAL HIGHLIGHTS - Unaudited | |||||||||||||||||||||||||||||||||||
Quarter Ended | Nine Months Ended | ||||||||||||||||||||||||||||||||||
September 30, | September 30, | ||||||||||||||||||||||||||||||||||
(amounts in thousands except per share data) | 2021 | 2020 | % Change | 2021 | 2020 | % Change | |||||||||||||||||||||||||||||
Earnings Summary | |||||||||||||||||||||||||||||||||||
Interest income | $ | 33,528 | $ | 25,189 | 33.1 | % | $ | 89,455 | $ | 68,933 | 29.8 | % | |||||||||||||||||||||||
Interest expense | 1,469 | 3,150 | (53.4) | % | 5,433 | 10,583 | (48.7) | % | |||||||||||||||||||||||||||
Net interest income | 32,059 | 22,039 | 45.5 | % | 84,022 | 58,350 | 44.0 | % | |||||||||||||||||||||||||||
Provision for loan losses | 975 | 3,500 | (72.1) | % | 2,259 | 9,209 | (75.5) | % | |||||||||||||||||||||||||||
Noninterest income | 12,597 | 17,477 | (27.9) | % | 40,019 | 34,114 | 17.3 | % | |||||||||||||||||||||||||||
Noninterest expense | 28,627 | 24,450 | 17.1 | % | 81,599 | 61,153 | 33.4 | % | |||||||||||||||||||||||||||
Income before income taxes | 15,054 | 11,566 | 30.2 | % | 40,183 | 22,102 | 81.8 | % | |||||||||||||||||||||||||||
Income tax expense | 3,877 | 3,128 | 23.9 | % | 10,376 | 5,968 | 73.9 | % | |||||||||||||||||||||||||||
Net income | $ | 11,177 | $ | 8,438 | 32.5 | % | $ | 29,807 | $ | 16,134 | 84.7 | % | |||||||||||||||||||||||
Pre-tax pre-provision net revenue ("PPNR") (2) | $ | 16,029 | $ | 15,066 | 6.4 | % | $ | 42,442 | $ | 31,311 | 35.5 | % | |||||||||||||||||||||||
Weighted average common shares - Basic | 13,793 | 13,795 | — | % | 13,772 | 13,829 | (0.4) | % | |||||||||||||||||||||||||||
Weighted average common shares - Diluted | 14,228 | 13,795 | 3.1 | % | 14,111 | 13,832 | 2.0 | % | |||||||||||||||||||||||||||
Earnings per share - Basic | $ | 0.81 | $ | 0.61 | 32.5 | % | $ | 2.16 | $ | 1.17 | 84.6 | % | |||||||||||||||||||||||
Earnings per share - Diluted | $ | 0.79 | $ | 0.61 | 28.4 | % | $ | 2.11 | $ | 1.17 | 80.3 | % | |||||||||||||||||||||||
Return on average assets (1) | 2.13 | % | 1.89 | % | 12.7 | % | 1.97 | % | 1.35 | % | 45.9 | % | |||||||||||||||||||||||
Return on average assets, excluding impact of SBA-PPP loans(1) (2) | 1.99 | % | 1.80 | % | 10.6 | % | 1.74 | % | 0.95 | % | 83.2 | % | |||||||||||||||||||||||
Return on average equity | 23.87 | % | 23.28 | % | 2.5 | % | 22.88 | % | 15.35 | % | 49.1 | % |
Quarter Ended | 3Q21 vs. 3Q20 | Quarter Ended | |||||||||||||||||||||||||||||||||
September 30, | June 30, | March 31, | December 31, | ||||||||||||||||||||||||||||||||
(in thousands except per share data) | 2021 | 2020 | % Change | 2021 | 2021 | 2020 | |||||||||||||||||||||||||||||
Balance Sheet Highlights | |||||||||||||||||||||||||||||||||||
Assets | $ | 2,169,556 | $ | 1,879,029 | 15.5 | % | $ | 2,151,850 | $ | 2,091,851 | $ | 1,876,593 | |||||||||||||||||||||||
Investment securities available for sale | 189,165 | 53,992 | 250.4 | % | 160,515 | 128,023 | 99,787 | ||||||||||||||||||||||||||||
Mortgage loans held for sale | 36,005 | 137,717 | (73.9) | % | 47,935 | 60,816 | 107,154 | ||||||||||||||||||||||||||||
SBA-PPP loans, net of fees | 137,178 | 229,646 | (40.3) | % | 265,712 | 201,018 | 233,349 | ||||||||||||||||||||||||||||
Portfolio loans receivable (3) | 1,445,126 | 1,244,613 | 16.1 | % | 1,392,471 | 1,312,375 | 1,315,503 | ||||||||||||||||||||||||||||
Allowance for loan losses | 24,753 | 22,016 | 12.4 | % | 24,079 | 23,550 | 23,434 | ||||||||||||||||||||||||||||
Deposits | 1,921,238 | 1,662,211 | 15.6 | % | 1,917,419 | 1,863,069 | 1,652,128 | ||||||||||||||||||||||||||||
FHLB borrowings | 22,000 | 22,222 | (1.0) | % | 22,000 | 22,000 | 22,000 | ||||||||||||||||||||||||||||
Other borrowed funds | 12,062 | 17,516 | (31.1) | % | 12,062 | 12,062 | 14,016 | ||||||||||||||||||||||||||||
Total stockholders' equity | 189,080 | 149,377 | 26.6 | % | 177,204 | 167,003 | 159,311 | ||||||||||||||||||||||||||||
Tangible common equity(2) | 189,080 | 149,377 | 26.6 | % | 177,204 | 167,003 | 159,311 | ||||||||||||||||||||||||||||
Common shares outstanding | 13,802 | 13,682 | 0.9 | % | 13,772 | 13,759 | 13,754 | ||||||||||||||||||||||||||||
Tangible book value per share (2) | $ | 13.70 | $ | 10.92 | 25.5 | % | $ | 12.87 | $ | 12.14 | $ | 11.58 |
Consolidated Statements of Income (Unaudited) | |||||||||||||||||||||||
Three Months Ended September 30, | Nine Months Ended September 30, | ||||||||||||||||||||||
(in thousands) | 2021 | 2020 | 2021 | 2020 | |||||||||||||||||||
Interest income | |||||||||||||||||||||||
Loans, including fees | $ | 32,840 | $ | 24,836 | $ | 87,549 | $ | 67,520 | |||||||||||||||
Investment securities available for sale | 549 | 273 | 1,571 | 929 | |||||||||||||||||||
Federal funds sold and other | 139 | 80 | 335 | 484 | |||||||||||||||||||
Total interest income | 33,528 | 25,189 | 89,455 | 68,933 | |||||||||||||||||||
Interest expense | |||||||||||||||||||||||
Deposits | 1,285 | 2,634 | 4,874 | 9,201 | |||||||||||||||||||
Borrowed funds | 184 | 516 | 559 | 1,382 | |||||||||||||||||||
Total interest expense | 1,469 | 3,150 | 5,433 | 10,583 | |||||||||||||||||||
Net interest income | 32,059 | 22,039 | 84,022 | 58,350 | |||||||||||||||||||
Provision for loan losses | 975 | 3,500 | 2,259 | 9,209 | |||||||||||||||||||
Net interest income after provision for loan losses | 31,084 | 18,539 | 81,763 | 49,141 | |||||||||||||||||||
Noninterest income | |||||||||||||||||||||||
Service charges on deposits | 160 | 119 | 473 | 378 | |||||||||||||||||||
Credit card fees | 7,554 | 5,773 | 21,208 | 10,694 | |||||||||||||||||||
Mortgage banking revenue | 4,465 | 10,690 | 17,478 | 20,984 | |||||||||||||||||||
Gain on sale of investment securities available for sale, net | — | — | 153 | — | |||||||||||||||||||
Other fees and charges | 418 | 895 | 707 | 2,058 | |||||||||||||||||||
Total noninterest income | 12,597 | 17,477 | 40,019 | 34,114 | |||||||||||||||||||
Noninterest expenses | |||||||||||||||||||||||
Salaries and employee benefits | 9,962 | 8,940 | 27,279 | 24,849 | |||||||||||||||||||
Occupancy and equipment | 998 | 1,328 | 3,322 | 3,658 | |||||||||||||||||||
Professional fees | 2,555 | 1,307 | 5,542 | 2,971 | |||||||||||||||||||
Data processing | 10,161 | 7,880 | 29,594 | 17,664 | |||||||||||||||||||
Advertising | 1,027 | 633 | 3,153 | 1,875 | |||||||||||||||||||
Loan processing | 644 | 1,264 | 2,670 | 2,451 | |||||||||||||||||||
Other real estate expenses, net | 44 | 9 | 321 | 137 | |||||||||||||||||||
Other operating | 3,236 | 3,089 | 9,718 | 7,548 | |||||||||||||||||||
Total noninterest expenses | 28,627 | 24,450 | 81,599 | 61,153 | |||||||||||||||||||
Income before income taxes | 15,054 | 11,566 | 40,183 | 22,102 | |||||||||||||||||||
Income tax expense | 3,877 | 3,128 | 10,376 | 5,968 | |||||||||||||||||||
Net income | $ | 11,177 | $ | 8,438 | $ | 29,807 | $ | 16,134 |
Consolidated Balance Sheets | |||||||||||
(in thousands except share data) | (unaudited) September 30, 2021 | December 31, 2020 | |||||||||
Assets | |||||||||||
Cash and due from banks | $ | 23,650 | $ | 18,456 | |||||||
Interest bearing deposits at other financial institutions | 299,033 | 126,081 | |||||||||
Federal funds sold | 1,315 | 2,373 | |||||||||
Total cash and cash equivalents | 323,998 | 146,910 | |||||||||
Investment securities available for sale | 189,165 | 99,787 | |||||||||
Marketable equity securities | 245 | 245 | |||||||||
Restricted investments | 3,498 | 3,713 | |||||||||
Loans held for sale | 36,005 | 107,154 | |||||||||
U.S. Small Business Administration Payroll Protection Program ("SBA-PPP") loans receivable, net of fees | 137,178 | 201,018 | |||||||||
Portfolio loans receivable, net of deferred fees and costs and net of allowance for loan losses of $24,753 and $23,434 | 1,420,373 | 1,292,068 | |||||||||
Premises and equipment, net | 3,690 | 4,464 | |||||||||
Accrued interest receivable | 7,828 | 8,134 | |||||||||
Deferred income taxes, net | 7,172 | 6,818 | |||||||||
Other real estate owned | 3,236 | 3,326 | |||||||||
Bank owned life insurance | 35,268 | — | |||||||||
Other assets | 1,900 | 2,956 | |||||||||
Total assets | $ | 2,169,556 | $ | 1,876,593 | |||||||
Liabilities | |||||||||||
Deposits | |||||||||||
Noninterest bearing | $ | 833,187 | $ | 608,559 | |||||||
Interest bearing | 1,088,051 | 1,043,569 | |||||||||
Total deposits | 1,921,238 | 1,652,128 | |||||||||
Federal Home Loan Bank advances | 22,000 | 22,000 | |||||||||
Other borrowed funds | 12,062 | 14,016 | |||||||||
Accrued interest payable | 839 | 1,134 | |||||||||
Other liabilities | 24,337 | 28,004 | |||||||||
Total liabilities | 1,980,476 | 1,717,282 | |||||||||
Stockholders' equity | |||||||||||
Common stock, $.01 par value; 49,000,000 shares authorized; 13,801,936 and 13,753,529 issued and outstanding | 138 | 138 | |||||||||
Additional paid-in capital | 52,123 | 50,602 | |||||||||
Retained earnings | 135,906 | 106,854 | |||||||||
Accumulated other comprehensive income | 913 | 1,717 | |||||||||
Total stockholders' equity | 189,080 | 159,311 | |||||||||
Total liabilities and stockholders' equity | $ | 2,169,556 | $ | 1,876,593 |
Three Months Ended September 30, | |||||||||||||||||||||||||||||||||||
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 | $ | 250,326 | $ | 98 | 0.15 | % | $ | 119,279 | $ | 29 | 0.10 | % | |||||||||||||||||||||||
Federal funds sold | 2,421 | — | 0.00 | 3,980 | — | 0.01 | |||||||||||||||||||||||||||||
Investment securities available for sale | 171,506 | 549 | 1.27 | 54,989 | 273 | 1.97 | |||||||||||||||||||||||||||||
Restricted stock | 3,480 | 41 | 4.64 | 4,007 | 51 | 5.04 | |||||||||||||||||||||||||||||
Loans held for sale | 32,660 | 248 | 3.02 | 112,890 | 856 | 3.02 | |||||||||||||||||||||||||||||
SBA-PPP loans receivable | 162,217 | 1,525 | 3.73 | 235,160 | 1,470 | 2.49 | |||||||||||||||||||||||||||||
Portfolio loans receivable(2) | 1,404,006 | 31,067 | 8.78 | 1,218,589 | 22,510 | 7.35 | |||||||||||||||||||||||||||||
Total interest earning assets | 2,026,616 | 33,528 | 6.55 | 1,748,894 | 25,189 | 5.73 | |||||||||||||||||||||||||||||
Noninterest earning assets | 58,156 | 22,768 | |||||||||||||||||||||||||||||||||
Total assets | $ | 2,084,772 | $ | 1,771,662 | |||||||||||||||||||||||||||||||
Liabilities and Stockholders’ Equity | |||||||||||||||||||||||||||||||||||
Interest bearing liabilities: | |||||||||||||||||||||||||||||||||||
Interest bearing demand accounts | $ | 301,272 | 45 | 0.06 | $ | 218,415 | 156 | 0.28 | |||||||||||||||||||||||||||
Savings | 7,025 | 1 | 0.05 | 5,126 | 1 | 0.05 | |||||||||||||||||||||||||||||
Money market accounts | 495,534 | 335 | 0.27 | 532,973 | 1,186 | 0.89 | |||||||||||||||||||||||||||||
Time deposits | 250,836 | 904 | 1.43 | 267,970 | 1,291 | 1.92 | |||||||||||||||||||||||||||||
Borrowed funds | 36,384 | 184 | 2.01 | 41,069 | 516 | 5.01 | |||||||||||||||||||||||||||||
Total interest bearing liabilities | 1,091,051 | 1,469 | 0.53 | 1,065,553 | 3,150 | 1.18 | |||||||||||||||||||||||||||||
Noninterest bearing liabilities: | |||||||||||||||||||||||||||||||||||
Noninterest bearing liabilities | 21,138 | 22,702 | |||||||||||||||||||||||||||||||||
Noninterest bearing deposits | 786,784 | 539,220 | |||||||||||||||||||||||||||||||||
Stockholders’ equity | 185,799 | 144,187 | |||||||||||||||||||||||||||||||||
Total liabilities and stockholders’ equity | $ | 2,084,772 | $ | 1,771,662 | |||||||||||||||||||||||||||||||
Net interest spread | 6.02 | % | 4.55 | % | |||||||||||||||||||||||||||||||
Net interest income | $ | 32,059 | $ | 22,039 | |||||||||||||||||||||||||||||||
Net interest margin(3) | 6.27 | % | 5.01 | % | |||||||||||||||||||||||||||||||
Nine Months Ended September 30, | |||||||||||||||||||||||||||||||||||
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 | $ | 238,648 | $ | 211 | 0.12 | % | $ | 98,661 | $ | 306 | 0.41 | % | |||||||||||||||||||||||
Federal funds sold | 3,121 | — | 0.00 | 2,319 | 4 | 0.22 | |||||||||||||||||||||||||||||
Investment securities available for sale | 139,643 | 1,571 | 1.50 | 58,071 | 929 | 2.14 | |||||||||||||||||||||||||||||
Restricted stock | 3,620 | 124 | 4.59 | 4,025 | 174 | 5.78 | |||||||||||||||||||||||||||||
Loans held for sale | 49,775 | 1,043 | 2.80 | 77,878 | 1,909 | 3.27 | |||||||||||||||||||||||||||||
SBA-PPP loans receivable | 215,524 | 6,266 | 3.89 | 134,130 | 2,482 | 2.49 | |||||||||||||||||||||||||||||
Portfolio loans receivable(2) | 1,339,010 | 80,240 | 8.01 | 1,197,719 | 63,129 | 7.04 | |||||||||||||||||||||||||||||
Total interest earning assets | 1,989,341 | 89,455 | 6.01 | 1,572,803 | 68,933 | 5.85 | |||||||||||||||||||||||||||||
Noninterest earning assets | 36,245 | 21,779 | |||||||||||||||||||||||||||||||||
Total assets | $ | 2,025,586 | $ | 1,594,582 | |||||||||||||||||||||||||||||||
Liabilities and Stockholders’ Equity | |||||||||||||||||||||||||||||||||||
Interest bearing liabilities: | |||||||||||||||||||||||||||||||||||
Interest bearing demand accounts | $ | 280,305 | 163 | 0.08 | $ | 181,597 | 555 | 0.41 | |||||||||||||||||||||||||||
Savings | 6,435 | 2 | 0.05 | 4,686 | 4 | 0.13 | |||||||||||||||||||||||||||||
Money market accounts | 475,875 | 1,217 | 0.34 | 484,412 | 4,153 | 1.15 | |||||||||||||||||||||||||||||
Time deposits | 295,705 | 3,492 | 1.58 | 284,844 | 4,489 | 2.11 | |||||||||||||||||||||||||||||
Borrowed funds | 34,265 | 559 | 2.18 | 43,823 | 1,382 | 4.21 | |||||||||||||||||||||||||||||
Total interest bearing liabilities | 1,092,585 | 5,433 | 0.66 | 999,362 | 10,583 | 1.41 | |||||||||||||||||||||||||||||
Noninterest bearing liabilities: | |||||||||||||||||||||||||||||||||||
Noninterest bearing liabilities | 23,327 | 21,401 | |||||||||||||||||||||||||||||||||
Noninterest bearing deposits | 735,509 | 433,381 | |||||||||||||||||||||||||||||||||
Stockholders’ equity | 174,165 | 140,438 | |||||||||||||||||||||||||||||||||
Total liabilities and stockholders’ equity | $ | 2,025,586 | $ | 1,594,582 | |||||||||||||||||||||||||||||||
Net interest spread | 5.35 | % | 4.44 | % | |||||||||||||||||||||||||||||||
Net interest income | $ | 84,022 | $ | 58,350 | |||||||||||||||||||||||||||||||
Net interest margin(3) | 5.65 | % | 4.96 | % | |||||||||||||||||||||||||||||||
HISTORICAL FINANCIAL HIGHLIGHTS - Unaudited | ||||||||||||||||||||||||||||||||
Quarter Ended | ||||||||||||||||||||||||||||||||
(Dollars in thousands except per share data) | September 30, 2021 | June 30, 2021 | March 31, 2021 | December 31, 2020 | September 30, 2020 | |||||||||||||||||||||||||||
Earnings: | ||||||||||||||||||||||||||||||||
Net income | $ | 11,177 | $ | 9,648 | $ | 8,982 | $ | 9,689 | $ | 8,438 | ||||||||||||||||||||||
Earnings per common share, diluted | 0.79 | 0.68 | 0.65 | 0.71 | 0.61 | |||||||||||||||||||||||||||
Net interest margin | 6.27 | % | 5.47 | % | 5.15 | % | 5.57 | % | 5.01 | % | ||||||||||||||||||||||
Net interest margin, excluding credit cards & SBA-PPP loans (1) | 3.52 | % | 3.55 | % | 3.70 | % | 3.80 | % | 3.84 | % | ||||||||||||||||||||||
Return on average assets(2) | 2.13 | % | 1.90 | % | 1.87 | % | 2.08 | % | 1.89 | % | ||||||||||||||||||||||
Return on average assets, excluding impact of SBA-PPP loans (1)(2) | 1.99 | % | 1.65 | % | 1.60 | % | 1.88 | % | 1.80 | % | ||||||||||||||||||||||
Return on average equity(2) | 23.87 | % | 22.36 | % | 22.30 | % | 25.26 | % | 23.28 | % | ||||||||||||||||||||||
Efficiency ratio | 64.10 | % | 66.37 | % | 67.11 | % | 66.63 | % | 65.17 | % | ||||||||||||||||||||||
Balance Sheet: | ||||||||||||||||||||||||||||||||
Portfolio loans receivable (3) | $ | 1,445,126 | $ | 1,392,471 | $ | 1,312,375 | $ | 1,315,503 | $ | 1,244,613 | ||||||||||||||||||||||
Deposits | 1,921,238 | 1,917,419 | 1,863,069 | 1,652,128 | 1,662,211 | |||||||||||||||||||||||||||
Total assets | 2,169,556 | 2,151,850 | 2,091,851 | 1,876,593 | 1,879,029 | |||||||||||||||||||||||||||
Asset Quality Ratios: | ||||||||||||||||||||||||||||||||
Nonperforming assets to total assets | 0.77 | % | 0.54 | % | 0.58 | % | 0.67 | % | 0.79 | % | ||||||||||||||||||||||
Nonperforming assets to total assets, excluding the SBA-PPP loans (1) | 0.83 | % | 0.60 | % | 0.66 | % | 0.75 | % | 0.90 | % | ||||||||||||||||||||||
Nonperforming loans to total loans | 0.85 | % | 0.52 | % | 0.56 | % | 0.61 | % | 0.78 | % | ||||||||||||||||||||||
Nonperforming loans to portfolio loans (1) | 0.94 | % | 0.60 | % | 0.67 | % | 0.70 | % | 0.92 | % | ||||||||||||||||||||||
Net charge-offs to average portfolio loans (1)(2) | 0.14 | % | 0.10 | % | 0.12 | % | 0.19 | % | 0.06 | % | ||||||||||||||||||||||
Allowance for loan losses to total loans | 1.56 | % | 1.51 | % | 1.49 | % | 1.54 | % | 1.49 | % | ||||||||||||||||||||||
Allowance for loan losses to portfolio loans (1) | 1.71 | % | 1.73 | % | 1.79 | % | 1.78 | % | 1.77 | % | ||||||||||||||||||||||
Allowance for loan losses to non-performing loans | 182.48 | % | 287.40 | % | 267.07 | % | 253.71 | % | 191.78 | % | ||||||||||||||||||||||
Bank Capital Ratios: | ||||||||||||||||||||||||||||||||
Total risk based capital ratio | 13.86 | % | 13.51 | % | 13.55 | % | 12.60 | % | 12.74 | % | ||||||||||||||||||||||
Tier 1 risk based capital ratio | 12.60 | % | 12.25 | % | 12.29 | % | 11.34 | % | 11.48 | % | ||||||||||||||||||||||
Leverage ratio | 7.83 | % | 7.58 | % | 7.54 | % | 7.45 | % | 7.44 | % | ||||||||||||||||||||||
Common equity Tier 1 capital ratio | 12.60 | % | 12.25 | % | 12.29 | % | 11.34 | % | 11.48 | % | ||||||||||||||||||||||
Tangible common equity | 7.57 | % | 7.17 | % | 7.01 | % | 7.43 | % | 7.09 | % | ||||||||||||||||||||||
Holding Company Capital Ratios: | ||||||||||||||||||||||||||||||||
Total risk based capital ratio | 15.75 | % | 16.14 | % | 16.07 | % | 15.19 | % | 15.35 | % | ||||||||||||||||||||||
Tier 1 risk based capital ratio | 14.49 | % | 14.10 | % | 13.98 | % | 13.10 | % | 12.93 | % | ||||||||||||||||||||||
Leverage ratio | 9.12 | % | 8.78 | % | 8.84 | % | 8.78 | % | 8.63 | % | ||||||||||||||||||||||
Common equity Tier 1 capital ratio | 14.34 | % | 13.94 | % | 13.81 | % | 12.94 | % | 12.75 | % | ||||||||||||||||||||||
Tangible common equity | 8.72 | % | 8.23 | % | 7.98 | % | 8.48 | % | 7.95 | % | ||||||||||||||||||||||
Composition of Loans: | ||||||||||||||||||||||||||||||||
Residential real estate | $ | 418,205 | $ | 420,015 | $ | 420,461 | $ | 437,860 | $ | 422,698 | ||||||||||||||||||||||
Commercial real estate | 502,523 | 471,807 | 433,336 | 392,550 | 372,972 | |||||||||||||||||||||||||||
Construction real estate | 251,256 | 223,832 | 221,277 | 224,904 | 227,661 | |||||||||||||||||||||||||||
Commercial and industrial - Other | 143,244 | 158,392 | 149,914 | 157,127 | 134,889 | |||||||||||||||||||||||||||
SBA-PPP loans | 141,437 | 208,094 | 272,090 | 204,920 | 238,736 | |||||||||||||||||||||||||||
Credit card | 134,979 | 121,410 | 83,740 | 102,186 | 83,101 | |||||||||||||||||||||||||||
Other consumer loans | 1,425 | 1,034 | 4,487 | 1,649 | 2,268 | |||||||||||||||||||||||||||
Composition of Deposits: | ||||||||||||||||||||||||||||||||
Noninterest bearing | $ | 833,187 | $ | 828,308 | $ | 771,924 | $ | 608,559 | $ | 596,239 | ||||||||||||||||||||||
Interest bearing demand | 369,812 | 314,883 | 300,992 | 257,126 | 247,150 | |||||||||||||||||||||||||||
Savings | 6,682 | 6,965 | 6,012 | 4,800 | 4,941 | |||||||||||||||||||||||||||
Money Markets | 493,029 | 484,567 | 471,303 | 447,077 | 472,447 | |||||||||||||||||||||||||||
Time Deposits | 218,528 | 282,696 | 312,838 | 334,566 | 341,435 |
HISTORICAL FINANCIAL HIGHLIGHTS - Unaudited | ||||||||||||||||||||||||||||||||
Quarter Ended | ||||||||||||||||||||||||||||||||
(Dollars in thousands except per share data) | September 30, 2021 | June 30, 2021 | March 31, 2021 | December 31, 2020 | September 30, 2020 | |||||||||||||||||||||||||||
Capital Bank Home Loan Metrics: | ||||||||||||||||||||||||||||||||
Origination of loans held for sale | $ | 217,175 | $ | 265,517 | $ | 353,774 | $ | 382,267 | $ | 431,060 | ||||||||||||||||||||||
Mortgage loans sold | 229,111 | 278,384 | 400,112 | 412,830 | 410,312 | |||||||||||||||||||||||||||
Gain on sale of loans | 6,108 | 7,763 | 12,008 | 12,950 | 12,837 | |||||||||||||||||||||||||||
Purchase volume as a % of originations | 50.98 | % | 50.64 | % | 24.59 | % | 30.03 | % | 33.76 | % | ||||||||||||||||||||||
Gain on sale as a % of loans sold(4) | 2.67 | % | 2.79 | % | 3.00 | % | 3.14 | % | 3.13 | % | ||||||||||||||||||||||
Mortgage commissions | $ | 1,884 | $ | 2,364 | $ | 3,320 | $ | 3,405 | $ | 3,669 | ||||||||||||||||||||||
OpenSky® Portfolio Metrics: | ||||||||||||||||||||||||||||||||
Active customer accounts | 700,383 | 707,600 | 642,272 | 568,373 | 529,114 | |||||||||||||||||||||||||||
Credit card loans, net | $ | 134,979 | $ | 121,410 | $ | 83,740 | $ | 102,186 | $ | 83,101 | ||||||||||||||||||||||
Noninterest secured credit card deposits | 242,405 | 241,724 | 215,883 | 192,520 | 176,708 | |||||||||||||||||||||||||||
Return on Average Assets, as Adjusted | Quarters Ended | ||||||||||||||||
Dollars in thousands | September 30, 2021 | June 30, 2021 | March 31, 2021 | December 31, 2020 | September 30, 2020 | ||||||||||||
Net Income | $ | 11,177 | $ | 9,648 | $ | 8,982 | $ | 9,689 | $ | 8,438 | |||||||
Less: SBA-PPP loan income | 1,525 | 2,272 | 2,205 | 1,998 | 1,470 | ||||||||||||
Net Income, as Adjusted | $ | 9,652 | $ | 7,376 | $ | 6,777 | $ | 7,691 | $ | 6,968 | |||||||
Average Total Assets | 2,084,772 | 2,041,232 | 1,949,265 | 1,854,846 | 1,771,662 | ||||||||||||
Less: Average SBA-PPP Loans | 162,217 | 250,040 | 232,371 | 227,617 | 238,071 | ||||||||||||
Average Total Assets, as Adjusted | $ | 1,922,555 | $ | 1,791,192 | $ | 1,716,894 | $ | 1,627,229 | $ | 1,533,591 | |||||||
Return on Average Assets, as Adjusted | 1.99 | % | 1.65 | % | 1.60 | % | 1.88 | % | 1.81 | % | |||||||
Net Interest Margin, as Adjusted | Quarters Ended | ||||||||||||||||
Dollars in thousands | September 30, 2021 | June 30, 2021 | March 31, 2021 | December 31, 2020 | September 30, 2020 | ||||||||||||
Net Interest Income | $ | 32,059 | $ | 27,520 | $ | 24,444 | $ | 25,719 | $ | 22,039 | |||||||
Less Secured credit card loan income | 15,086 | 10,497 | 7,660 | 9,306 | 6,632 | ||||||||||||
Less SBA-PPP loan income | 1,525 | 2,272 | 2,205 | 1,998 | 1,470 | ||||||||||||
Net Interest Income, as Adjusted | $ | 15,448 | $ | 14,751 | $ | 14,579 | $ | 14,415 | $ | 13,937 | |||||||
Average Interest Earning Assets | 2,026,616 | 2,016,801 | 1,923,463 | 1,836,337 | 1,748,894 | ||||||||||||
Less Average secured credit card loans | 124,771 | 100,456 | 93,520 | 95,739 | 68,585 | ||||||||||||
Less Average SBA-PPP loans | 162,217 | 250,040 | 232,371 | 227,617 | 235,160 | ||||||||||||
Total Average Interest Earning Assets, as Adjusted | $ | 1,739,628 | $ | 1,666,305 | $ | 1,597,572 | $ | 1,512,981 | $ | 1,445,149 | |||||||
Net Interest Margin, as Adjusted | 3.52 | % | 3.55 | % | 3.70 | % | 3.80 | % | 3.84 | % |
Tangible Book Value per Share | Quarters Ended | ||||||||||||||||
Dollars in thousands, except per share amounts | September 30, 2021 | June 30, 2021 | March 31, 2021 | December 31, 2020 | September 30, 2020 | ||||||||||||
Total Stockholders' Equity | $ | 189,080 | $ | 177,204 | $ | 167,003 | $ | 159,311 | $ | 149,377 | |||||||
Less: Preferred equity | — | — | — | — | — | ||||||||||||
Less: Intangible assets | — | — | — | — | — | ||||||||||||
Tangible Common Equity | $ | 189,080 | $ | 177,204 | $ | 167,003 | $ | 159,311 | $ | 149,377 | |||||||
Period End Shares Outstanding | 13,801,936 | 13,771,615 | 13,759,218 | 13,753,529 | 13,682,198 | ||||||||||||
Tangible Book Value per Share | $ | 13.70 | $ | 12.87 | $ | 12.14 | $ | 11.58 | $ | 10.92 |
Allowance for Loan Losses to Total Portfolio Loans | Quarters Ended | ||||||||||||||||
Dollars in thousands | September 30, 2021 | June 30, 2021 | March 31, 2021 | December 31, 2020 | September 30, 2020 | ||||||||||||
Allowance for Loan Losses | $ | 24,753 | $ | 24,079 | $ | 23,550 | $ | 23,434 | $ | 22,016 | |||||||
Total Loans | 1,582,304 | 1,595,234 | 1,578,087 | 1,516,520 | 1,477,962 | ||||||||||||
Less: SBA-PPP loans | 137,178 | 202,763 | 265,712 | 201,018 | 233,349 | ||||||||||||
Total Portfolio Loans | $ | 1,445,126 | $ | 1,392,471 | $ | 1,312,375 | $ | 1,315,502 | $ | 1,244,613 | |||||||
Allowance for Loan Losses to Total Portfolio Loans | 1.71 | % | 1.73 | % | 1.79 | % | 1.78 | % | 1.77 | % | |||||||
Nonperforming Assets to Total Assets, net SBA-PPP Loans | Quarters Ended | ||||||||||||||||
Dollars in thousands | September 30, 2021 | June 30, 2021 | March 31, 2021 | December 31, 2020 | September 30, 2020 | ||||||||||||
Total Nonperforming Assets | $ | 16,801 | $ | 11,615 | $ | 12,112 | $ | 12,563 | $ | 14,806 | |||||||
Total Assets | 2,169,556 | 2,151,850 | 2,091,851 | 1,876,593 | 1,879,029 | ||||||||||||
Less: SBA-PPP loans | 137,178 | 202,763 | 265,712 | 201,018 | 233,349 | ||||||||||||
Total Assets, net SBA-PPP Loans | $ | 2,032,378 | $ | 1,949,087 | $ | 1,826,139 | $ | 1,675,575 | $ | 1,645,680 | |||||||
Nonperforming Assets to Total Assets, net SBA-PPP Loans | 0.83 | % | 0.60 | % | 0.66 | % | 0.75 | % | 0.90 | % | |||||||
Nonperforming Loans to Portfolio Loans | Quarters Ended | ||||||||||||||||
Dollars in thousands | September 30, 2021 | June 30, 2021 | March 31, 2021 | December 31, 2020 | September 30, 2020 | ||||||||||||
Total Nonperforming Loans | $ | 13,565 | $ | 8,378 | $ | 8,818 | $ | 9,237 | $ | 11,480 | |||||||
Total Loans | 1,582,304 | 1,595,234 | 1,578,087 | 1,516,520 | 1,477,962 | ||||||||||||
Less: SBA-PPP loans | 137,178 | 202,763 | 265,712 | 201,018 | 233,349 | ||||||||||||
Total Portfolio Loans | $ | 1,445,126 | $ | 1,392,471 | $ | 1,312,375 | $ | 1,315,502 | $ | 1,244,613 | |||||||
Nonperforming Loans to Total Portfolio Loans | 0.94 | % | 0.60 | % | 0.67 | % | 0.70 | % | 0.92 | % | |||||||
Net Charge-offs to Average Portfolio Loans | Quarters Ended | ||||||||||||||||
Dollars in thousands | September 30, 2021 | June 30, 2021 | March 31, 2021 | December 31, 2020 | September 30, 2020 | ||||||||||||
Total Net Charge-offs | $ | 301 | $ | 640 | $ | 388 | $ | 615 | $ | 163 | |||||||
Total Average Loans | 1,569,198 | 1,567,973 | 1,532,093 | 1,494,278 | 1,477,962 | ||||||||||||
Less: Average SBA-PPP loans | 162,217 | 250,040 | 232,371 | 227,617 | 233,349 | ||||||||||||
Total Average Portfolio Loans | $ | 1,406,981 | $ | 1,317,933 | $ | 1,299,722 | $ | 1,266,661 | $ | 1,244,613 | |||||||
Net Charge-offs to Average Portfolio Loans | 0.08 | % | 0.19 | % | 0.12 | % | 0.19 | % | 0.05 | % | |||||||
Pre-tax, Pre-Provision Net Revenue ("PPNR") | Quarters Ended | ||||||||||||||||
Dollars in thousands | September 30, 2021 | June 30, 2021 | March 31, 2021 | December 31, 2020 | September 30, 2020 | ||||||||||||
Net income | $ | 11,177 | $ | 9,648 | $ | 8,982 | $ | 9,689 | $ | 8,438 | |||||||
Add: Income Tax Expense | 3,877 | 3,357 | 3,143 | 3,347 | 3,128 | ||||||||||||
Add: Provision for Loan Losses | 975 | 781 | 503 | 2,033 | 3,500 | ||||||||||||
Pre-tax, Pre-Provision Net Revenue ("PPNR") | $ | 16,029 | $ | 13,786 | $ | 12,628 | $ | 15,069 | $ | 15,066 | |||||||
79A,D4]39&EF971A;DQ$
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Cover Page |
Oct. 25, 2021 |
---|---|
Cover [Abstract] | |
Document Type | 8-K |
Document Period End Date | Oct. 25, 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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