(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, | ||||||||||||||||||||||||||||||||||
(dollars in thousands except per share data) | 2022 | 2021 | % Change | 2022 | 2021 | % Change | |||||||||||||||||||||||||||||
Earnings Summary | |||||||||||||||||||||||||||||||||||
Interest income | $ | 38,340 | $ | 33,528 | 14.4 | % | $ | 109,298 | $ | 89,455 | 22.2 | % | |||||||||||||||||||||||
Interest expense | 1,663 | 1,469 | 13.2 | % | 3,890 | 5,433 | (28.4) | % | |||||||||||||||||||||||||||
Net interest income | 36,677 | 32,059 | 14.4 | % | 105,408 | 84,022 | 25.5 | % | |||||||||||||||||||||||||||
Provision for loan losses | 1,260 | 975 | 29.2 | % | 4,247 | 2,259 | 88.0 | % | |||||||||||||||||||||||||||
Noninterest income | 7,108 | 12,597 | (43.6) | % | 23,811 | 39,992 | (40.5) | % | |||||||||||||||||||||||||||
Noninterest expense | 28,094 | 28,627 | (1.9) | % | 82,379 | 81,572 | 1.0 | % | |||||||||||||||||||||||||||
Income before income taxes | 14,431 | 15,054 | (4.1) | % | 42,593 | 40,183 | 6.0 | % | |||||||||||||||||||||||||||
Income tax expense | 3,336 | 3,877 | (14.0) | % | 9,779 | 10,376 | (5.8) | % | |||||||||||||||||||||||||||
Net income | $ | 11,095 | $ | 11,177 | (0.7) | % | $ | 32,814 | $ | 29,807 | 10.1 | % | |||||||||||||||||||||||
Pre-tax pre-provision net revenue ("PPNR") (2) | $ | 15,691 | $ | 16,029 | (2.1) | % | $ | 46,840 | $ | 42,442 | 10.4 | % | |||||||||||||||||||||||
Weighted average common shares - Basic | 14,030 | 13,793 | 1.7 | % | 14,009 | 13,772 | 1.7 | % | |||||||||||||||||||||||||||
Weighted average common shares - Diluted | 14,375 | 14,228 | 1.0 | % | 14,329 | 14,111 | 1.5 | % | |||||||||||||||||||||||||||
Earnings per share - Basic | $ | 0.79 | $ | 0.81 | (2.5) | % | $ | 2.34 | $ | 2.16 | 8.3 | % | |||||||||||||||||||||||
Earnings per share - Diluted | $ | 0.77 | $ | 0.79 | (2.5) | % | $ | 2.29 | $ | 2.11 | 8.5 | % | |||||||||||||||||||||||
Return on average assets (1) | 2.15 | % | 2.13 | % | 0.9 | % | 2.13 | % | 1.97 | % | 8.1 | % | |||||||||||||||||||||||
Return on average assets, excluding impact of SBA-PPP loans(1) (2) | 2.10 | % | 1.99 | % | 5.5 | % | 1.94 | % | 1.74 | % | 11.5 | % | |||||||||||||||||||||||
Return on average equity | 20.32 | % | 23.87 | % | (14.9) | % | 20.93 | % | 22.88 | % | (8.5) | % |
Quarter Ended | 2Q22 vs. 2Q21 | Quarter Ended | |||||||||||||||||||||||||||||||||
September 30, | June 30, | March 31, | December 31, | ||||||||||||||||||||||||||||||||
(in thousands except per share data) | 2022 | 2021 | % Change | 2022 | 2022 | 2021 | |||||||||||||||||||||||||||||
Balance Sheet Highlights | |||||||||||||||||||||||||||||||||||
Assets | $ | 2,009,358 | $ | 2,169,556 | (7.4) | % | $ | 2,154,846 | $ | 2,122,453 | $ | 2,055,300 | |||||||||||||||||||||||
Investment securities available for sale | 269,620 | 189,165 | 42.5 | % | 226,509 | 172,712 | 184,455 | ||||||||||||||||||||||||||||
Mortgage loans held for sale | 6,875 | 36,005 | (80.9) | % | 11,708 | 17,036 | 15,989 | ||||||||||||||||||||||||||||
SBA-PPP loans, net of fees | 2,662 | 137,178 | (98.1) | % | 15,864 | 51,085 | 108,285 | ||||||||||||||||||||||||||||
Portfolio loans receivable (3) | 1,648,001 | 1,445,126 | 14.0 | % | 1,607,677 | 1,526,256 | 1,523,982 | ||||||||||||||||||||||||||||
Allowance for loan losses | 26,091 | 24,753 | 5.4 | % | 26,419 | 25,252 | 25,181 | ||||||||||||||||||||||||||||
Deposits | 1,737,591 | 1,921,238 | (9.6) | % | 1,888,920 | 1,862,722 | 1,797,137 | ||||||||||||||||||||||||||||
FHLB borrowings | 22,000 | 22,000 | — | % | 22,000 | 22,000 | 22,000 | ||||||||||||||||||||||||||||
Other borrowed funds | 12,062 | 12,062 | — | % | 12,062 | 12,062 | 12,062 | ||||||||||||||||||||||||||||
Total stockholders' equity | 214,005 | 189,080 | 13.2 | % | 207,316 | 201,492 | 197,903 | ||||||||||||||||||||||||||||
Tangible common equity(2) | 214,005 | 189,080 | 13.2 | % | 207,316 | 201,492 | 197,903 | ||||||||||||||||||||||||||||
Common shares outstanding | 14,039 | 13,802 | 1.7 | % | 14,010 | 14,001 | 13,962 | ||||||||||||||||||||||||||||
Tangible book value per share (2) | $ | 15.24 | $ | 13.70 | 11.2 | % | $ | 14.80 | $ | 14.39 | $ | 14.17 |
Consolidated Statements of Income (Unaudited) | |||||||||||||||||||||||
Three Months Ended September 30, | Nine Months Ended September 30, | ||||||||||||||||||||||
2022 | 2021 | 2022 | 2021 | ||||||||||||||||||||
Interest income | |||||||||||||||||||||||
Loans, including fees | $ | 36,451 | $ | 32,840 | $ | 105,645 | $ | 87,549 | |||||||||||||||
Investment securities available for sale | 1,362 | 549 | 2,510 | 1,571 | |||||||||||||||||||
Federal funds sold and other | 527 | 139 | 1,143 | 335 | |||||||||||||||||||
Total interest income | 38,340 | 33,528 | 109,298 | 89,455 | |||||||||||||||||||
Interest expense | |||||||||||||||||||||||
Deposits | 1,386 | 1,285 | 3,234 | 4,874 | |||||||||||||||||||
Borrowed funds | 277 | 184 | 656 | 559 | |||||||||||||||||||
Total interest expense | 1,663 | 1,469 | 3,890 | 5,433 | |||||||||||||||||||
Net interest income | 36,677 | 32,059 | 105,408 | 84,022 | |||||||||||||||||||
Provision for loan losses | 1,260 | 975 | 4,247 | 2,259 | |||||||||||||||||||
Net interest income after provision for loan losses | 35,417 | 31,084 | 101,161 | 81,763 | |||||||||||||||||||
Noninterest income | |||||||||||||||||||||||
Service charges on deposits | 199 | 160 | 545 | 473 | |||||||||||||||||||
Credit card fees | 5,524 | 7,554 | 17,658 | 21,208 | |||||||||||||||||||
Mortgage banking revenue | 969 | 4,465 | 4,312 | 17,478 | |||||||||||||||||||
Gain on sale of investment securities available for sale, net | — | — | — | 153 | |||||||||||||||||||
Other fees and charges | 416 | 418 | 1,296 | 680 | |||||||||||||||||||
Total noninterest income | 7,108 | 12,597 | 23,811 | 39,992 | |||||||||||||||||||
Noninterest expenses | |||||||||||||||||||||||
Salaries and employee benefits | 10,747 | 9,962 | 31,129 | 27,279 | |||||||||||||||||||
Occupancy and equipment | 1,138 | 998 | 3,476 | 3,322 | |||||||||||||||||||
Professional fees | 3,848 | 2,555 | 8,586 | 5,542 | |||||||||||||||||||
Data processing | 7,178 | 10,161 | 22,721 | 29,594 | |||||||||||||||||||
Advertising | 1,632 | 1,027 | 5,494 | 3,153 | |||||||||||||||||||
Loan processing | 625 | 644 | 1,352 | 2,670 | |||||||||||||||||||
Other operating | 2,926 | 3,280 | 9,621 | 10,012 | |||||||||||||||||||
Total noninterest expenses | 28,094 | 28,627 | 82,379 | 81,572 | |||||||||||||||||||
Income before income taxes | 14,431 | 15,054 | 42,593 | 40,183 | |||||||||||||||||||
Income tax expense | 3,336 | 3,877 | 9,779 | 10,376 | |||||||||||||||||||
Net income | $ | 11,095 | $ | 11,177 | $ | 32,814 | $ | 29,807 |
Consolidated Balance Sheets | |||||||||||
(in thousands except share data) | (unaudited) September 30, 2022 | December 31, 2021 | |||||||||
Assets | |||||||||||
Cash and due from banks | $ | 14,774 | $ | 42,914 | |||||||
Interest bearing deposits at other financial institutions | 20,867 | 136,824 | |||||||||
Federal funds sold | 1,421 | 3,657 | |||||||||
Total cash and cash equivalents | 37,062 | 183,395 | |||||||||
Investment securities available for sale | 269,620 | 184,455 | |||||||||
Marketable equity securities | 232 | 245 | |||||||||
Restricted investments | 3,627 | 3,498 | |||||||||
Loans held for sale | 6,875 | 15,989 | |||||||||
SBA-PPP loans receivable, net of fees | 2,662 | 108,285 | |||||||||
Portfolio loans receivable, net of deferred fees and costs | 1,648,001 | 1,523,982 | |||||||||
Less allowance for loan losses | (26,091) | (25,181) | |||||||||
Total portfolio loans held for investment, net | 1,621,910 | 1,498,801 | |||||||||
Premises and equipment, net | 3,212 | 3,282 | |||||||||
Accrued interest receivable | 7,890 | 7,901 | |||||||||
Deferred income taxes, net | 14,047 | 9,793 | |||||||||
Other real estate owned | — | 86 | |||||||||
Bank owned life insurance | 36,267 | 35,506 | |||||||||
Other assets | 5,954 | 4,064 | |||||||||
Total assets | $ | 2,009,358 | $ | 2,055,300 | |||||||
Liabilities | |||||||||||
Deposits | |||||||||||
Noninterest bearing | $ | 806,033 | $ | 787,650 | |||||||
Interest bearing | 931,558 | 1,009,487 | |||||||||
Total deposits | 1,737,591 | 1,797,137 | |||||||||
Federal Home Loan Bank advances | 22,000 | 22,000 | |||||||||
Other borrowed funds | 12,062 | 12,062 | |||||||||
Accrued interest payable | 481 | 473 | |||||||||
Other liabilities | 23,219 | 25,725 | |||||||||
Total liabilities | 1,795,353 | 1,857,397 | |||||||||
Stockholders' equity | |||||||||||
Common stock, $.01 par value; 49,000,000 shares authorized; 14,038,599 and 13,962,334 issued and outstanding | 140 | 140 | |||||||||
Additional paid-in capital | 56,532 | 54,306 | |||||||||
Retained earnings | 174,916 | 144,533 | |||||||||
Accumulated other comprehensive loss | (17,583) | (1,076) | |||||||||
Total stockholders' equity | 214,005 | 197,903 | |||||||||
Total liabilities and stockholders' equity | $ | 2,009,358 | $ | 2,055,300 |
Three Months Ended September 30, | |||||||||||||||||||||||||||||||||||
2022 | 2021 | ||||||||||||||||||||||||||||||||||
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 | $ | 101,187 | $ | 471 | 1.85 | % | $ | 250,326 | $ | 98 | 0.15 | % | |||||||||||||||||||||||
Federal funds sold | 1,492 | 7 | 1.87 | 2,421 | — | — | |||||||||||||||||||||||||||||
Investment securities available for sale | 287,944 | 1,362 | 1.88 | 170,151 | 549 | 1.28 | |||||||||||||||||||||||||||||
Restricted stock and equity securities | 4,116 | 49 | 4.72 | 3,480 | 41 | 4.64 | |||||||||||||||||||||||||||||
Loans held for sale | 7,879 | 102 | 5.15 | 32,660 | 248 | 3.02 | |||||||||||||||||||||||||||||
SBA-PPP loans receivable | 5,906 | 263 | 17.66 | 162,217 | 1,525 | 3.73 | |||||||||||||||||||||||||||||
Portfolio loans receivable(2) | 1,601,546 | 36,086 | 8.94 | 1,404,006 | 31,067 | 8.78 | |||||||||||||||||||||||||||||
Total interest earning assets | 2,010,070 | 38,340 | 7.57 | 2,025,261 | 33,528 | 6.57 | |||||||||||||||||||||||||||||
Noninterest earning assets | 39,008 | 59,511 | |||||||||||||||||||||||||||||||||
Total assets | $ | 2,049,078 | $ | 2,084,772 | |||||||||||||||||||||||||||||||
Liabilities and Stockholders’ Equity | |||||||||||||||||||||||||||||||||||
Interest bearing liabilities: | |||||||||||||||||||||||||||||||||||
Interest bearing demand accounts | $ | 244,929 | 39 | 0.06 | $ | 301,272 | 45 | 0.06 | |||||||||||||||||||||||||||
Savings | 9,216 | 1 | 0.04 | 7,025 | 1 | 0.05 | |||||||||||||||||||||||||||||
Money market accounts | 555,634 | 815 | 0.58 | 495,534 | 335 | 0.27 | |||||||||||||||||||||||||||||
Time deposits | 155,091 | 531 | 1.36 | 250,836 | 904 | 1.43 | |||||||||||||||||||||||||||||
Borrowed funds | 40,700 | 277 | 2.70 | 36,384 | 184 | 2.01 | |||||||||||||||||||||||||||||
Total interest bearing liabilities | 1,005,570 | 1,663 | 0.66 | 1,091,051 | 1,469 | 0.53 | |||||||||||||||||||||||||||||
Noninterest bearing liabilities: | |||||||||||||||||||||||||||||||||||
Noninterest bearing liabilities | 24,440 | 21,138 | |||||||||||||||||||||||||||||||||
Noninterest bearing deposits | 802,458 | 786,784 | |||||||||||||||||||||||||||||||||
Stockholders’ equity | 216,610 | 185,799 | |||||||||||||||||||||||||||||||||
Total liabilities and stockholders’ equity | $ | 2,049,078 | $ | 2,084,772 | |||||||||||||||||||||||||||||||
Net interest spread | 6.91 | % | 6.04 | % | |||||||||||||||||||||||||||||||
Net interest income | $ | 36,677 | $ | 32,059 | |||||||||||||||||||||||||||||||
Net interest margin(3) | 7.24 | % | 6.28 | % | |||||||||||||||||||||||||||||||
Nine Months Ended September 30, | |||||||||||||||||||||||||||||||||||
2022 | 2021 | ||||||||||||||||||||||||||||||||||
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 | $ | 172,033 | $ | 1,001 | 0.78 | % | $ | 238,648 | $ | 211 | 0.12 | % | |||||||||||||||||||||||
Federal funds sold | 2,590 | 9 | 0.48 | 3,121 | — | — | |||||||||||||||||||||||||||||
Investment securities available for sale | 234,294 | 2,510 | 1.43 | 138,403 | 1,571 | 1.52 | |||||||||||||||||||||||||||||
Restricted stock and equity securities | 3,913 | 133 | 4.54 | 3,620 | 124 | 4.59 | |||||||||||||||||||||||||||||
Loans held for sale | 10,921 | 347 | 4.25 | 49,775 | 1,043 | 2.80 | |||||||||||||||||||||||||||||
SBA-PPP loans receivable | 39,063 | 3,449 | 11.80 | 215,524 | 6,266 | 3.89 | |||||||||||||||||||||||||||||
Portfolio loans receivable(1) | 1,547,386 | 101,849 | 8.80 | 1,339,010 | 80,240 | 8.01 | |||||||||||||||||||||||||||||
Total interest earning assets | 2,010,200 | 109,298 | 7.27 | 1,988,101 | 89,455 | 6.02 | |||||||||||||||||||||||||||||
Noninterest earning assets | 47,936 | 37,485 | |||||||||||||||||||||||||||||||||
Total assets | $ | 2,058,136 | $ | 2,025,586 | |||||||||||||||||||||||||||||||
Liabilities and Stockholders’ Equity | |||||||||||||||||||||||||||||||||||
Interest bearing liabilities: | |||||||||||||||||||||||||||||||||||
Interest bearing demand accounts | $ | 265,854 | 114 | 0.06 | $ | 280,305 | 163 | 0.08 | |||||||||||||||||||||||||||
Savings | 9,138 | 4 | 0.06 | 6,435 | 2 | 0.05 | |||||||||||||||||||||||||||||
Money market accounts | 553,794 | 1,512 | 0.37 | 475,875 | 1,217 | 0.34 | |||||||||||||||||||||||||||||
Time deposits | 161,982 | 1,604 | 1.32 | 295,705 | 3,492 | 1.58 | |||||||||||||||||||||||||||||
Borrowed funds | 36,299 | 656 | 2.41 | 34,265 | 559 | 2.18 | |||||||||||||||||||||||||||||
Total interest bearing liabilities | 1,027,067 | 3,890 | 0.51 | 1,092,585 | 5,433 | 0.66 | |||||||||||||||||||||||||||||
Noninterest bearing liabilities: | |||||||||||||||||||||||||||||||||||
Noninterest bearing liabilities | 23,748 | 23,327 | |||||||||||||||||||||||||||||||||
Noninterest bearing deposits | 797,660 | 735,509 | |||||||||||||||||||||||||||||||||
Stockholders’ equity | 209,661 | 174,165 | |||||||||||||||||||||||||||||||||
Total liabilities and stockholders’ equity | $ | 2,058,136 | $ | 2,025,586 | |||||||||||||||||||||||||||||||
Net interest spread | 6.76 | % | 5.36 | % | |||||||||||||||||||||||||||||||
Net interest income | $ | 105,408 | $ | 84,022 | |||||||||||||||||||||||||||||||
Net interest margin(2) | 7.01 | % | 5.65 | % | |||||||||||||||||||||||||||||||
Segments | ||||||||||||||||||||||||||||||||||||||
For the three months ended September 30, 2022 | ||||||||||||||||||||||||||||||||||||||
(in thousands) | Commercial Bank | CBHL | OpenSky® | Corporate(2) | Eliminations | Consolidated | ||||||||||||||||||||||||||||||||
Interest income | $ | 20,382 | $ | 102 | $ | 17,103 | $ | 812 | $ | (59) | $ | 38,340 | ||||||||||||||||||||||||||
Interest expense | 1,449 | 40 | — | 233 | (59) | 1,663 | ||||||||||||||||||||||||||||||||
Net interest income | 18,933 | 62 | 17,103 | 579 | — | 36,677 | ||||||||||||||||||||||||||||||||
Provision for loan losses | (980) | — | 2,240 | — | — | 1,260 | ||||||||||||||||||||||||||||||||
Net interest income after provision | 19,913 | 62 | 14,863 | 579 | — | 35,417 | ||||||||||||||||||||||||||||||||
Noninterest income | 468 | 1,115 | 5,524 | 1 | — | 7,108 | ||||||||||||||||||||||||||||||||
Noninterest expense(1) | 13,798 | 2,017 | 12,101 | 178 | — | 28,094 | ||||||||||||||||||||||||||||||||
Net income (loss) before taxes | $ | 6,583 | $ | (840) | $ | 8,286 | $ | 402 | $ | — | $ | 14,431 | ||||||||||||||||||||||||||
Total assets | $ | 1,823,049 | $ | 7,664 | $ | 128,842 | $ | 234,731 | $ | (184,928) | $ | 2,009,358 | ||||||||||||||||||||||||||
For the three months ended September 30, 2021 | ||||||||||||||||||||||||||||||||||||||
Interest income | $ | 17,109 | $ | 248 | $ | 15,635 | $ | 574 | $ | (38) | $ | 33,528 | ||||||||||||||||||||||||||
Interest expense | 1,160 | 177 | — | 170 | (38) | 1,469 | ||||||||||||||||||||||||||||||||
Net interest income | 15,949 | 71 | 15,635 | 404 | — | 32,059 | ||||||||||||||||||||||||||||||||
Provision for loan losses | — | — | 975 | — | — | 975 | ||||||||||||||||||||||||||||||||
Net interest income after provision | 15,949 | 71 | 14,660 | 404 | — | 31,084 | ||||||||||||||||||||||||||||||||
Noninterest income | 559 | 4,484 | 7,553 | 1 | — | 12,597 | ||||||||||||||||||||||||||||||||
Noninterest expense(1) | 12,073 | 2,775 | 13,677 | 102 | — | 28,627 | ||||||||||||||||||||||||||||||||
Net income before taxes | $ | 4,435 | $ | 1,780 | $ | 8,536 | $ | 303 | $ | — | $ | 15,054 | ||||||||||||||||||||||||||
Total assets | $ | 1,956,340 | $ | 36,791 | $ | 135,612 | $ | 209,070 | $ | (168,257) | $ | 2,169,556 |
For the nine months ended September 30, 2022 | ||||||||||||||||||||||||||||||||||||||
(in thousands) | Commercial Bank | CBHL | OpenSky® | Corporate(2) | Eliminations | Consolidated | ||||||||||||||||||||||||||||||||
Interest income | $ | 57,794 | $ | 347 | $ | 48,823 | $ | 2,457 | $ | (123) | $ | 109,298 | ||||||||||||||||||||||||||
Interest expense | 3,255 | 185 | — | 573 | (123) | 3,890 | ||||||||||||||||||||||||||||||||
Net interest income | 54,539 | 162 | 48,823 | 1,884 | — | 105,408 | ||||||||||||||||||||||||||||||||
Provision for loan losses | (980) | — | 5,227 | — | — | 4,247 | ||||||||||||||||||||||||||||||||
Net interest income after provision | 55,519 | 162 | 43,596 | 1,884 | — | 101,161 | ||||||||||||||||||||||||||||||||
Noninterest income | 1,571 | 4,580 | 17,658 | 2 | — | 23,811 | ||||||||||||||||||||||||||||||||
Noninterest expense(1) | 38,741 | 6,364 | 36,923 | 351 | — | 82,379 | ||||||||||||||||||||||||||||||||
Net income (loss) before taxes | $ | 18,349 | $ | (1,622) | $ | 24,331 | $ | 1,535 | $ | — | $ | 42,593 | ||||||||||||||||||||||||||
Total assets | $ | 1,823,049 | $ | 7,664 | $ | 128,842 | $ | 234,731 | $ | (184,928) | $ | 2,009,358 | ||||||||||||||||||||||||||
For the nine months ended September 30, 2021 | ||||||||||||||||||||||||||||||||||||||
Interest income | $ | 51,969 | $ | 1,037 | $ | 34,944 | $ | 1,604 | (99) | $ | 89,455 | |||||||||||||||||||||||||||
Interest expense | 4,285 | 745 | — | 502 | (99) | 5,433 | ||||||||||||||||||||||||||||||||
Net interest income | 47,684 | 292 | 34,944 | 1,102 | — | 84,022 | ||||||||||||||||||||||||||||||||
Provision for loan losses | 433 | — | 1,756 | 70 | — | 2,259 | ||||||||||||||||||||||||||||||||
Net interest income after provision | 47,251 | 292 | 33,188 | 1,032 | — | 81,763 | ||||||||||||||||||||||||||||||||
Noninterest income | 1,212 | 17,529 | 21,208 | 43 | — | 39,992 | ||||||||||||||||||||||||||||||||
Noninterest expense(1) | 31,962 | 9,941 | 39,379 | 290 | — | 81,572 | ||||||||||||||||||||||||||||||||
Net income before taxes | $ | 16,501 | $ | 7,880 | $ | 15,017 | $ | 785 | $ | — | $ | 40,183 | ||||||||||||||||||||||||||
Total assets | $ | 1,956,340 | $ | 36,791 | $ | 135,612 | $ | 209,070 | $ | (168,257) | $ | 2,169,556 |
HISTORICAL FINANCIAL HIGHLIGHTS - Unaudited | ||||||||||||||||||||||||||||||||
Quarter Ended | ||||||||||||||||||||||||||||||||
(dollars in thousands except per share data) | September 30, 2022 | June 30, 2022 | March 31, 2022 | December 31, 2021 | September 30, 2021 | |||||||||||||||||||||||||||
Earnings: | ||||||||||||||||||||||||||||||||
Net income | $ | 11,095 | $ | 11,508 | $ | 10,211 | $ | 10,171 | $ | 11,177 | ||||||||||||||||||||||
Earnings per common share, diluted | 0.77 | 0.80 | 0.71 | 0.71 | 0.79 | |||||||||||||||||||||||||||
Net interest margin | 7.24 | % | 7.06 | % | 6.79 | % | 6.49 | % | 6.28 | % | ||||||||||||||||||||||
Net interest margin, excluding credit cards & SBA-PPP loans (1) | 4.16 | % | 3.86 | % | 3.82 | % | 3.70 | % | 3.52 | % | ||||||||||||||||||||||
Return on average assets(2) | 2.15 | % | 2.23 | % | 2.01 | % | 1.95 | % | 2.13 | % | ||||||||||||||||||||||
Return on average assets, excluding impact of SBA-PPP loans (1)(2) | 2.10 | % | 2.04 | % | 1.67 | % | 1.80 | % | 1.99 | % | ||||||||||||||||||||||
Return on average equity(2) | 20.32 | % | 22.16 | % | 20.30 | % | 20.66 | % | 23.87 | % | ||||||||||||||||||||||
Efficiency ratio | 64.16 | % | 62.00 | % | 65.12 | % | 65.83 | % | 64.10 | % | ||||||||||||||||||||||
Balance Sheet: | ||||||||||||||||||||||||||||||||
Total portfolio loans receivable, net deferred fees | $ | 1,648,001 | $ | 1,607,677 | $ | 1,526,256 | $ | 1,523,982 | $ | 1,445,126 | ||||||||||||||||||||||
Total deposits | 1,737,591 | 1,888,920 | 1,862,722 | 1,797,137 | 1,921,238 | |||||||||||||||||||||||||||
Total assets | 2,009,358 | 2,154,846 | 2,122,453 | 2,055,300 | 2,169,556 | |||||||||||||||||||||||||||
Total shareholders' equity | 214,005 | 207,316 | 201,492 | 197,903 | 189,080 | |||||||||||||||||||||||||||
Asset Quality Ratios: | ||||||||||||||||||||||||||||||||
Nonperforming assets to total assets | 0.43 | % | 0.34 | % | 0.28 | % | 0.56 | % | 0.77 | % | ||||||||||||||||||||||
Nonperforming assets to total assets, excluding the SBA-PPP loans (1) | 0.43 | % | 0.34 | % | 0.29 | % | 0.59 | % | 0.83 | % | ||||||||||||||||||||||
Nonperforming loans to total loans | 0.52 | % | 0.45 | % | 0.38 | % | 0.70 | % | 0.85 | % | ||||||||||||||||||||||
Nonperforming loans to portfolio loans (1) | 0.52 | % | 0.46 | % | 0.39 | % | 0.75 | % | 0.94 | % | ||||||||||||||||||||||
Net charge-offs to average portfolio loans (1)(2) | 0.39 | % | 0.23 | % | 0.24 | % | 0.18 | % | 0.08 | % | ||||||||||||||||||||||
Allowance for loan losses to total loans | 1.58 | % | 1.63 | % | 1.60 | % | 1.54 | % | 1.56 | % | ||||||||||||||||||||||
Allowance for loan losses to portfolio loans (1) | 1.58 | % | 1.64 | % | 1.65 | % | 1.65 | % | 1.71 | % | ||||||||||||||||||||||
Allowance for loan losses to non-performing loans | 303.76 | % | 360.06 | % | 422.65 | % | 220.40 | % | 182.48 | % | ||||||||||||||||||||||
Bank Capital Ratios: | ||||||||||||||||||||||||||||||||
Total risk based capital ratio | 14.65 | % | 14.34 | % | 14.36 | % | 13.79 | % | 13.86 | % | ||||||||||||||||||||||
Tier 1 risk based capital ratio | 13.39 | % | 13.09 | % | 13.10 | % | 12.53 | % | 12.60 | % | ||||||||||||||||||||||
Leverage ratio | 9.60 | % | 9.11 | % | 8.74 | % | 8.36 | % | 7.83 | % | ||||||||||||||||||||||
Common equity Tier 1 capital ratio | 13.39 | % | 13.09 | % | 13.10 | % | 12.53 | % | 12.60 | % | ||||||||||||||||||||||
Tangible common equity | 9.00 | % | 8.17 | % | 8.11 | % | 8.36 | % | 7.57 | % | ||||||||||||||||||||||
Holding Company Capital Ratios: | ||||||||||||||||||||||||||||||||
Total risk based capital ratio | 17.41 | % | 17.66 | % | 17.16 | % | 16.41 | % | 15.75 | % | ||||||||||||||||||||||
Tier 1 risk based capital ratio | 15.49 | % | 15.70 | % | 15.19 | % | 14.43 | % | 14.49 | % | ||||||||||||||||||||||
Leverage ratio | 11.31 | % | 10.93 | % | 10.25 | % | 9.73 | % | 9.12 | % | ||||||||||||||||||||||
Common equity Tier 1 capital ratio | 15.36 | % | 15.55 | % | 15.04 | % | 14.28 | % | 14.34 | % | ||||||||||||||||||||||
Tangible common equity | 10.65 | % | 9.62 | % | 9.49 | % | 9.63 | % | 8.72 | % |
HISTORICAL FINANCIAL HIGHLIGHTS - Unaudited | ||||||||||||||||||||||||||||||||
Quarter Ended | ||||||||||||||||||||||||||||||||
(dollars in thousands except per share data) | September 30, 2022 | June 30, 2022 | March 31, 2022 | December 31, 2021 | September 30, 2021 | |||||||||||||||||||||||||||
Composition of Loans: | ||||||||||||||||||||||||||||||||
SBA-PPP loans, net | $ | 2,662 | $ | 15,864 | $ | 51,085 | $ | 108,285 | $ | 137,178 | ||||||||||||||||||||||
Residential real estate | $ | 466,849 | $ | 430,244 | $ | 420,242 | $ | 401,607 | $ | 418,205 | ||||||||||||||||||||||
Commercial real estate | 626,030 | 608,646 | 564,725 | 556,339 | 502,523 | |||||||||||||||||||||||||||
Construction real estate | 235,045 | 241,249 | 245,722 | 255,147 | 251,256 | |||||||||||||||||||||||||||
Commercial and industrial | 192,207 | 193,262 | 177,504 | 175,956 | 143,244 | |||||||||||||||||||||||||||
Credit card, net of reserve | 136,658 | 142,166 | 123,750 | 141,120 | 134,979 | |||||||||||||||||||||||||||
Other consumer loans | 1,055 | 856 | 909 | 1,033 | 1,425 | |||||||||||||||||||||||||||
Portfolio loans receivable | $ | 1,657,844 | $ | 1,616,423 | $ | 1,532,852 | $ | 1,531,202 | $ | 1,451,632 | ||||||||||||||||||||||
Deferred origination fees, net | (9,843) | (8,746) | (6,596) | (7,220) | (6,506) | |||||||||||||||||||||||||||
Portfolio loans receivable, net | $ | 1,648,001 | $ | 1,607,677 | $ | 1,526,256 | $ | 1,523,982 | $ | 1,445,126 | ||||||||||||||||||||||
Composition of Deposits: | ||||||||||||||||||||||||||||||||
Noninterest bearing | $ | 806,033 | $ | 842,363 | $ | 825,174 | $ | 787,650 | $ | 833,187 | ||||||||||||||||||||||
Interest-bearing demand | 252,135 | 305,377 | 279,591 | 330,924 | 369,812 | |||||||||||||||||||||||||||
Savings | 8,861 | 10,078 | 9,894 | 6,994 | 6,682 | |||||||||||||||||||||||||||
Money markets | 518,184 | 570,298 | 585,920 | 493,919 | 493,029 | |||||||||||||||||||||||||||
Time deposits | 152,378 | 160,804 | 162,143 | 177,650 | 218,528 | |||||||||||||||||||||||||||
Total Deposits | $ | 1,737,591 | $ | 1,888,920 | $ | 1,862,722 | $ | 1,797,137 | $ | 1,921,238 | ||||||||||||||||||||||
Capital Bank Home Loan Metrics: | ||||||||||||||||||||||||||||||||
Origination of loans held for sale | $ | 60,516 | $ | 84,417 | $ | 111,087 | $ | 158,051 | $ | 217,175 | ||||||||||||||||||||||
Mortgage loans sold | 65,349 | 89,745 | 110,039 | 178,068 | 229,111 | |||||||||||||||||||||||||||
Gain on sale of loans | 1,340 | 1,918 | 3,042 | 4,423 | 6,108 | |||||||||||||||||||||||||||
Purchase volume as a % of originations | 81.85 | % | 85.23 | % | 73.16 | % | 56.44 | % | 50.98 | % | ||||||||||||||||||||||
Gain on sale as a % of loans sold(3) | 2.05 | % | 2.14 | % | 2.77 | % | 2.48 | % | 2.67 | % | ||||||||||||||||||||||
Mortgage commissions | $ | 587 | $ | 772 | $ | 1,125 | $ | 1,462 | $ | 1,884 | ||||||||||||||||||||||
OpenSky® Portfolio Metrics: | ||||||||||||||||||||||||||||||||
Active customer accounts | 576,844 | 616,435 | 630,709 | 660,397 | 700,383 | |||||||||||||||||||||||||||
Secured credit card loans, gross | $ | 111,842 | $ | 118,938 | $ | 109,978 | $ | 125,898 | $ | 125,393 | ||||||||||||||||||||||
Unsecured credit card loans, gross | 27,335 | 25,641 | 16,233 | 17,682 | 12,037 | |||||||||||||||||||||||||||
Noninterest secured credit card deposits | 201,277 | 214,110 | 220,354 | 229,530 | 242,405 | |||||||||||||||||||||||||||
Return on Average Assets, as Adjusted | Quarters Ended | ||||||||||||||||
Dollars in thousands | September 30, 2022 | June 30, 2022 | March 31, 2022 | December 31, 2021 | September 30, 2021 | ||||||||||||
Net Income | $ | 11,095 | $ | 11,508 | $ | 10,211 | $ | 10,171 | $ | 11,177 | |||||||
Less: SBA-PPP loan income | 263 | 1,120 | 2,066 | 1,347 | 1,525 | ||||||||||||
Net Income, as Adjusted | $ | 10,832 | $ | 10,388 | $ | 8,145 | $ | 8,824 | $ | 9,652 | |||||||
Average Total Assets | 2,049,078 | 2,068,218 | 2,057,201 | 2,066,283 | 2,084,772 | ||||||||||||
Less: Average SBA-PPP Loans | 5,906 | 28,870 | 83,264 | 116,595 | 162,217 | ||||||||||||
Average Total Assets, as Adjusted | $ | 2,043,172 | $ | 2,039,348 | $ | 1,973,937 | $ | 1,949,688 | $ | 1,922,555 | |||||||
Return on Average Assets, as Adjusted | 2.10 | % | 2.04 | % | 1.67 | % | 1.80 | % | 1.99 | % | |||||||
Net Interest Margin, as Adjusted | Quarters Ended | ||||||||||||||||
Dollars in thousands | September 30, 2022 | June 30, 2022 | March 31, 2022 | December 31, 2021 | September 30, 2021 | ||||||||||||
Net Interest Income | $ | 36,677 | $ | 35,400 | $ | 33,331 | $ | 32,671 | $ | 32,059 | |||||||
Less Credit card loan income | 16,768 | 16,376 | 14,487 | 15,010 | 15,086 | ||||||||||||
Less SBA-PPP loan income | 263 | 1,120 | 2,066 | 1,347 | 1,525 | ||||||||||||
Net Interest Income, as Adjusted | $ | 19,646 | $ | 17,904 | $ | 16,778 | $ | 16,314 | $ | 15,448 | |||||||
Average Interest Earning Assets | 2,010,070 | 2,011,920 | 1,990,377 | 1,996,331 | 2,026,616 | ||||||||||||
Less Average credit card loans | 132,246 | 124,548 | 124,923 | 131,306 | 124,771 | ||||||||||||
Less Average SBA-PPP loans | 5,906 | 28,870 | 83,264 | 116,595 | 162,217 | ||||||||||||
Total Average Interest Earning Assets, as Adjusted | $ | 1,871,918 | $ | 1,858,502 | $ | 1,782,190 | $ | 1,748,430 | $ | 1,739,628 | |||||||
Net Interest Margin, as Adjusted | 4.16 | % | 3.86 | % | 3.82 | % | 3.70 | % | 3.52 | % |
Tangible Book Value per Share | Quarters Ended | ||||||||||||||||
Dollars in thousands, except per share amounts | September 30, 2022 | June 30, 2022 | March 31, 2022 | December 31, 2021 | September 30, 2021 | ||||||||||||
Total Stockholders' Equity | $ | 214,005 | $ | 207,316 | $ | 201,492 | $ | 197,903 | $ | 189,080 | |||||||
Less: Preferred equity | — | — | — | — | — | ||||||||||||
Less: Intangible assets | — | — | — | — | — | ||||||||||||
Tangible Common Equity | $ | 214,005 | $ | 207,316 | $ | 201,492 | $ | 197,903 | $ | 189,080 | |||||||
Period End Shares Outstanding | 14,038,599 | 14,010,158 | 14,000,520 | 13,962,334 | 13,801,936 | ||||||||||||
Tangible Book Value per Share | $ | 15.24 | $ | 14.80 | $ | 14.39 | $ | 14.17 | $ | 13.70 |
Allowance for Loan Losses to Total Portfolio Loans | Quarters Ended | ||||||||||||||||
Dollars in thousands | September 30, 2022 | June 30, 2022 | March 31, 2022 | December 31, 2021 | September 30, 2021 | ||||||||||||
Allowance for Loan Losses | $ | 26,091 | $ | 26,419 | $ | 25,252 | $ | 25,181 | $ | 24,753 | |||||||
Total Loans | 1,650,663 | 1,623,541 | 1,577,341 | 1,632,267 | 1,582,304 | ||||||||||||
Less: SBA-PPP loans | 2,662 | 15,864 | 51,085 | 108,285 | 137,178 | ||||||||||||
Total Portfolio Loans | $ | 1,648,001 | $ | 1,607,677 | $ | 1,526,256 | $ | 1,523,982 | $ | 1,445,126 | |||||||
Allowance for Loan Losses to Total Portfolio Loans | 1.58 | % | 1.64 | % | 1.65 | % | 1.65 | % | 1.71 | % | |||||||
Nonperforming Assets to Total Assets, net SBA-PPP Loans | Quarters Ended | ||||||||||||||||
Dollars in thousands | September 30, 2022 | June 30, 2022 | March 31, 2022 | December 31, 2021 | September 30, 2021 | ||||||||||||
Total Nonperforming Assets | $ | 8,589 | $ | 7,338 | $ | 5,975 | $ | 11,512 | $ | 16,801 | |||||||
Total Assets | 2,009,358 | 2,154,846 | 2,122,453 | 2,055,300 | 2,169,556 | ||||||||||||
Less: SBA-PPP loans | 2,662 | 15,864 | 51,085 | 108,285 | 137,178 | ||||||||||||
Total Assets, net SBA-PPP Loans | $ | 2,006,696 | $ | 2,138,982 | $ | 2,071,368 | $ | 1,947,015 | $ | 2,032,378 | |||||||
Nonperforming Assets to Total Assets, net SBA-PPP Loans | 0.43 | % | 0.34 | % | 0.29 | % | 0.59 | % | 0.83 | % | |||||||
Nonperforming Loans to Total Portfolio Loans | Quarters Ended | ||||||||||||||||
Dollars in thousands | September 30, 2022 | June 30, 2022 | March 31, 2022 | December 31, 2021 | September 30, 2021 | ||||||||||||
Total Nonperforming Loans | $ | 8,589 | $ | 7,338 | $ | 5,975 | $ | 11,425 | $ | 13,565 | |||||||
Total Loans | 1,650,663 | 1,623,541 | 1,577,341 | 1,632,267 | 1,582,304 | ||||||||||||
Less: SBA-PPP loans | 2,662 | 15,864 | 51,085 | 108,285 | 137,178 | ||||||||||||
Total Portfolio Loans | $ | 1,648,001 | $ | 1,607,677 | $ | 1,526,256 | $ | 1,523,982 | $ | 1,445,126 | |||||||
Nonperforming Loans to Total Portfolio Loans | 0.52 | % | 0.46 | % | 0.39 | % | 0.75 | % | 0.94 | % | |||||||
Net Charge-offs to Average Portfolio Loans | Quarters Ended | ||||||||||||||||
Dollars in thousands | September 30, 2022 | June 30, 2022 | March 31, 2022 | December 31, 2021 | September 30, 2021 | ||||||||||||
Total Net Charge-offs | $ | 1,588 | $ | 868 | $ | 881 | $ | 672 | $ | 301 | |||||||
Total Average Loans | 1,607,452 | 1,561,541 | 1,590,166 | 1,582,473 | 1,569,198 | ||||||||||||
Less: Average SBA-PPP loans | 5,906 | 28,870 | 83,264 | 116,595 | 162,217 | ||||||||||||
Total Average Portfolio Loans | $ | 1,601,546 | $ | 1,532,671 | $ | 1,506,902 | $ | 1,465,878 | $ | 1,406,981 | |||||||
Net Charge-offs to Average Portfolio Loans | 0.39 | % | 0.23 | % | 0.24 | % | 0.18 | % | 0.08 | % | |||||||
Pre-tax, Pre-Provision Net Revenue ("PPNR") | Quarters Ended | ||||||||||||||||
Dollars in thousands | September 30, 2022 | June 30, 2022 | March 31, 2022 | December 31, 2021 | September 30, 2021 | ||||||||||||
Net income | $ | 11,095 | $ | 11,508 | $ | 10,211 | $ | 10,171 | $ | 11,177 | |||||||
Add: Income Tax Expense | 3,336 | 3,089 | 3,354 | 3,522 | 3,877 | ||||||||||||
Add: Provision for Loan Losses | 1,260 | 2,035 | 952 | 1,100 | 975 | ||||||||||||
Pre-tax, Pre-Provision Net Revenue ("PPNR") | $ | 15,691 | $ | 16,632 | $ | 14,517 | $ | 14,793 | $ | 16,029 | |||||||
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Cover Page |
Oct. 20, 2022 |
---|---|
Cover [Abstract] | |
Document Type | 8-K |
Document Period End Date | Oct. 20, 2022 |
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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