(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/ Jay Walker | |||||
Name: Jay Walker | |||||
Title: Chief Financial Officer |
COMPARATIVE FINANCIAL HIGHLIGHTS - Unaudited | |||||||||||||||||||||||||||||||||||||||||
Quarter Ended | 4Q23 vs 3Q23 | 4Q23 vs 4Q22 | |||||||||||||||||||||||||||||||||||||||
(in thousands except per share data) | December 31, 2023 | September 30, 2023 | December 31, 2022 | $ Change | % Change | $ Change | % Change | ||||||||||||||||||||||||||||||||||
Earnings Summary | |||||||||||||||||||||||||||||||||||||||||
Interest income | $ | 46,969 | $ | 47,741 | $ | 41,348 | $ | (772) | (1.6) | % | $ | 5,621 | 13.6 | % | |||||||||||||||||||||||||||
Interest expense | 12,080 | 10,931 | 6,149 | 1,149 | 10.5 | % | 5,931 | 96.5 | % | ||||||||||||||||||||||||||||||||
Net interest income | 34,889 | 36,810 | 35,199 | (1,921) | (5.2) | % | (310) | (0.9) | % | ||||||||||||||||||||||||||||||||
Provision for credit losses | 2,808 | 2,280 | 2,384 | 528 | 23.2 | % | 424 | 17.8 | % | ||||||||||||||||||||||||||||||||
(Release of) provision for credit losses on unfunded commitments | (106) | 24 | — | (130) | (541.7) | % | (106) | — | % | ||||||||||||||||||||||||||||||||
Noninterest income | 5,936 | 6,326 | 5,561 | (390) | (6.2) | % | 375 | 6.7 | % | ||||||||||||||||||||||||||||||||
Noninterest expense | 26,907 | 28,046 | 26,734 | (1,139) | (4.1) | % | 173 | 0.6 | % | ||||||||||||||||||||||||||||||||
Income before income taxes | 11,216 | 12,786 | 11,642 | (1,570) | (12.3) | % | (426) | (3.7) | % | ||||||||||||||||||||||||||||||||
Income tax expense | 2,186 | 2,998 | 2,651 | (812) | (27.1) | % | (465) | (17.5) | % | ||||||||||||||||||||||||||||||||
Net income | $ | 9,030 | $ | 9,788 | $ | 8,991 | $ | (758) | (7.7) | % | $ | 39 | 0.4 | % | |||||||||||||||||||||||||||
Pre-tax pre-provision net revenue ("PPNR") (1) | $ | 13,918 | $ | 15,090 | $ | 14,026 | $ | (1,172) | (7.8) | % | $ | (108) | (0.8) | % | |||||||||||||||||||||||||||
Common Share Data | |||||||||||||||||||||||||||||||||||||||||
Earnings per share - Basic | $ | 0.65 | $ | 0.70 | $ | 0.64 | $ | (0.05) | (7.1) | % | $ | 0.01 | 1.6 | % | |||||||||||||||||||||||||||
Earnings per share - Diluted | $ | 0.65 | $ | 0.70 | $ | 0.62 | $ | (0.05) | (7.1) | % | $ | 0.03 | 4.8 | % | |||||||||||||||||||||||||||
Weighted average common shares - Basic | 13,897 | 13,933 | 14,071 | ||||||||||||||||||||||||||||||||||||||
Weighted average common shares - Diluted | 13,989 | 14,024 | 14,408 | ||||||||||||||||||||||||||||||||||||||
Return Ratios | |||||||||||||||||||||||||||||||||||||||||
Return on average assets (annualized) | 1.63 | % | 1.75 | % | 1.67 | % | |||||||||||||||||||||||||||||||||||
Return on average assets, excluding impact of SBA-PPP loans (annualized) (1) | 1.63 | % | 1.75 | % | 1.67 | % | |||||||||||||||||||||||||||||||||||
Return on average equity (annualized) | 14.44 | % | 16.00 | % | 16.18 | % |
COMPARATIVE FINANCIAL HIGHLIGHTS - Unaudited (Continued) | ||||||||||||||||||||||||||
Year Ended | ||||||||||||||||||||||||||
December 31, | ||||||||||||||||||||||||||
(in thousands except per share data) | 2023 | 2022 | $ Change | % Change | ||||||||||||||||||||||
Earnings Summary | ||||||||||||||||||||||||||
Interest income | $ | 183,206 | $ | 150,646 | $ | 32,560 | 21.6 | % | ||||||||||||||||||
Interest expense | 41,680 | 10,039 | 31,641 | 315.2 | % | |||||||||||||||||||||
Net interest income | 141,526 | 140,607 | 919 | 0.7 | % | |||||||||||||||||||||
Provision for credit losses | 9,610 | 6,631 | 2,979 | 44.9 | % | |||||||||||||||||||||
(Release of) provision for credit losses on unfunded commitments | (101) | — | (101) | — | % | |||||||||||||||||||||
Noninterest income | 24,975 | 29,372 | (4,397) | (15.0) | % | |||||||||||||||||||||
Noninterest expense | 110,767 | 109,114 | 1,653 | 1.5 | % | |||||||||||||||||||||
Income before income taxes | 46,225 | 54,234 | (8,009) | (14.8) | % | |||||||||||||||||||||
Income tax expense | 10,354 | 12,430 | (2,076) | (16.7) | % | |||||||||||||||||||||
Net income | $ | 35,871 | $ | 41,804 | $ | (5,933) | (14.2) | % | ||||||||||||||||||
Pre-tax pre-provision net revenue ("PPNR") (1) | $ | 55,734 | $ | 60,865 | $ | (5,131) | (8.4) | % | ||||||||||||||||||
Common Share Data | ||||||||||||||||||||||||||
Earnings per share - Basic | $ | 2.56 | $ | 2.98 | $ | (0.42) | (14.1) | % | ||||||||||||||||||
Earnings per share - Diluted | $ | 2.55 | $ | 2.91 | $ | (0.36) | (12.4) | % | ||||||||||||||||||
Weighted average common shares - Basic | 14,003 | 14,025 | ||||||||||||||||||||||||
Weighted average common shares - Diluted | 14,081 | 14,362 | ||||||||||||||||||||||||
Return Ratios | ||||||||||||||||||||||||||
Return on average assets (annualized) | 1.64 | % | 2.01 | % | ||||||||||||||||||||||
Return on average assets, excluding impact of SBA-PPP loans (annualized) (1) | 1.64 | % | 1.87 | % | ||||||||||||||||||||||
Return on average equity (annualized) | 14.91 | % | 19.68 | % |
COMPARATIVE FINANCIAL HIGHLIGHTS - Unaudited (Continued) | |||||||||||||||||||||||||||||||||||
Quarter Ended | Quarter Ended | ||||||||||||||||||||||||||||||||||
December 31, | September 30, | June 30, | March 31, | ||||||||||||||||||||||||||||||||
(in thousands except per share data) | 2023 | 2022 | % Change | 2023 | 2023 | 2022 | |||||||||||||||||||||||||||||
Balance Sheet Highlights | |||||||||||||||||||||||||||||||||||
Assets | $ | 2,224,667 | $ | 2,123,655 | 4.8 | % | $ | 2,272,484 | $ | 2,227,866 | $ | 2,245,286 | |||||||||||||||||||||||
Investment securities available for sale | 208,329 | 252,481 | (17.5) | % | 206,055 | 208,464 | 255,762 | ||||||||||||||||||||||||||||
Mortgage loans held for sale | 7,481 | 7,416 | 0.9 | % | 4,843 | 10,146 | 9,620 | ||||||||||||||||||||||||||||
SBA-PPP loans, net of fees | 645 | 2,163 | (70.2) | % | 750 | 1,090 | 2,037 | ||||||||||||||||||||||||||||
Portfolio loans receivable (2) | 1,902,643 | 1,728,592 | 10.1 | % | 1,861,929 | 1,837,041 | 1,786,109 | ||||||||||||||||||||||||||||
Allowance for credit losses | 28,610 | 26,385 | 8.4 | % | 28,279 | 27,495 | 26,216 | ||||||||||||||||||||||||||||
Deposits | 1,895,996 | 1,758,072 | 7.8 | % | 1,967,988 | 1,934,361 | 1,944,374 | ||||||||||||||||||||||||||||
FHLB borrowings | 22,000 | 107,000 | (79.4) | % | 22,000 | 22,000 | 32,000 | ||||||||||||||||||||||||||||
Other borrowed funds | 27,062 | 12,062 | 124.4 | % | 12,062 | 12,062 | 12,062 | ||||||||||||||||||||||||||||
Total stockholders' equity | 254,860 | 224,015 | 13.8 | % | 242,878 | 237,435 | 234,517 | ||||||||||||||||||||||||||||
Tangible common equity (1) | 254,860 | 224,015 | 13.8 | % | 242,878 | 237,435 | 234,517 | ||||||||||||||||||||||||||||
Common shares outstanding | 13,923 | 14,139 | (1.5) | % | 13,893 | 13,981 | 14,083 | ||||||||||||||||||||||||||||
Book value per share | $ | 18.31 | $ | 15.84 | 15.6 | % | $ | 17.48 | $ | 16.98 | $ | 16.65 | |||||||||||||||||||||||
Tangible book value per share (1) | $ | 18.31 | $ | 15.84 | 15.6 | % | $ | 17.48 | $ | 16.98 | $ | 16.65 | |||||||||||||||||||||||
Dividends per share | $ | 0.08 | $ | 0.06 | 33.3 | % | $ | 0.08 | $ | 0.06 | $ | 0.06 |
Consolidated Statements of Income (Unaudited) | |||||||||||||||||||||||||||||||||||||||||
Three Months Ended | Year Ended | ||||||||||||||||||||||||||||||||||||||||
(in thousands) | December 31, 2023 | September 30, 2023 | June 30, 2023 | March 31, 2023 | December 31, 2022 | December 31, 2023 | December 31, 2022 | ||||||||||||||||||||||||||||||||||
Interest income | |||||||||||||||||||||||||||||||||||||||||
Loans, including fees | $ | 45,109 | $ | 45,385 | $ | 42,991 | $ | 41,275 | $ | 38,763 | $ | 174,760 | $ | 144,408 | |||||||||||||||||||||||||||
Investment securities available for sale | 1,083 | 1,089 | 1,266 | 1,377 | 1,402 | 4,815 | 3,912 | ||||||||||||||||||||||||||||||||||
Federal funds sold and other | 777 | 1,267 | 823 | 764 | 1,183 | 3,631 | 2,326 | ||||||||||||||||||||||||||||||||||
Total interest income | 46,969 | 47,741 | 45,080 | 43,416 | 41,348 | 183,206 | 150,646 | ||||||||||||||||||||||||||||||||||
Interest expense | |||||||||||||||||||||||||||||||||||||||||
Deposits | 11,759 | 10,703 | 9,409 | 7,754 | 4,377 | 39,625 | 7,611 | ||||||||||||||||||||||||||||||||||
Borrowed funds | 321 | 228 | 331 | 1,175 | 1,772 | 2,055 | 2,428 | ||||||||||||||||||||||||||||||||||
Total interest expense | 12,080 | 10,931 | 9,740 | 8,929 | 6,149 | 41,680 | 10,039 | ||||||||||||||||||||||||||||||||||
Net interest income | 34,889 | 36,810 | 35,340 | 34,487 | 35,199 | 141,526 | 140,607 | ||||||||||||||||||||||||||||||||||
Provision for credit losses | 2,808 | 2,280 | 2,862 | 1,660 | 2,384 | 9,610 | 6,631 | ||||||||||||||||||||||||||||||||||
(Release of) provision for credit losses on unfunded commitments | (106) | 24 | — | (19) | — | (101) | — | ||||||||||||||||||||||||||||||||||
Net interest income after provision for credit losses | 32,187 | 34,506 | 32,478 | 32,846 | 32,815 | 132,017 | 133,976 | ||||||||||||||||||||||||||||||||||
Noninterest income | |||||||||||||||||||||||||||||||||||||||||
Service charges on deposits | 240 | 250 | 245 | 229 | 222 | 964 | 767 | ||||||||||||||||||||||||||||||||||
Credit card fees | 3,970 | 4,387 | 4,706 | 4,210 | 4,314 | 17,273 | 21,972 | ||||||||||||||||||||||||||||||||||
Mortgage banking revenue | 1,166 | 1,243 | 1,332 | 1,155 | 554 | 4,896 | 4,866 | ||||||||||||||||||||||||||||||||||
Other income | 560 | 446 | 404 | 432 | 471 | 1,842 | 1,767 | ||||||||||||||||||||||||||||||||||
Total noninterest income | 5,936 | 6,326 | 6,687 | 6,026 | 5,561 | 24,975 | 29,372 | ||||||||||||||||||||||||||||||||||
Noninterest expenses | |||||||||||||||||||||||||||||||||||||||||
Salaries and employee benefits | 11,638 | 12,419 | 12,143 | 12,554 | 11,769 | 48,754 | 42,898 | ||||||||||||||||||||||||||||||||||
Occupancy and equipment | 1,573 | 1,351 | 1,536 | 1,213 | 1,388 | 5,673 | 4,865 | ||||||||||||||||||||||||||||||||||
Professional fees | 1,930 | 2,358 | 2,608 | 2,374 | 2,426 | 9,270 | 11,012 | ||||||||||||||||||||||||||||||||||
Data processing | 6,128 | 6,469 | 6,559 | 6,530 | 6,697 | 25,686 | 29,418 | ||||||||||||||||||||||||||||||||||
Advertising | 1,433 | 1,565 | 2,646 | 517 | 726 | 6,161 | 6,220 | ||||||||||||||||||||||||||||||||||
Loan processing | 198 | 426 | 660 | 349 | 350 | 1,633 | 1,702 | ||||||||||||||||||||||||||||||||||
Foreclosed real estate expenses, net | — | 1 | — | 6 | — | 7 | (183) | ||||||||||||||||||||||||||||||||||
Other operating | 4,007 | 3,457 | 3,440 | 2,679 | 3,378 | 13,583 | 13,182 | ||||||||||||||||||||||||||||||||||
Total noninterest expenses | 26,907 | 28,046 | 29,592 | 26,222 | 26,734 | 110,767 | 109,114 | ||||||||||||||||||||||||||||||||||
Income before income taxes | 11,216 | 12,786 | 9,573 | 12,650 | 11,642 | 46,225 | 54,234 | ||||||||||||||||||||||||||||||||||
Income tax expense | 2,186 | 2,998 | 2,255 | 2,915 | 2,651 | 10,354 | 12,430 | ||||||||||||||||||||||||||||||||||
Net income | $ | 9,030 | $ | 9,788 | $ | 7,318 | $ | 9,735 | $ | 8,991 | $ | 35,871 | $ | 41,804 |
Consolidated Balance Sheets | |||||||||||||||||||||||||||||
(unaudited) | (unaudited) | (unaudited) | (unaudited) | (audited) | |||||||||||||||||||||||||
(in thousands except share data) | December 31, 2023 | September 30, 2023 | June 30, 2023 | March 31, 2023 | December 31, 2022 | ||||||||||||||||||||||||
Assets | |||||||||||||||||||||||||||||
Cash and due from banks | $ | 14,513 | $ | 13,767 | $ | 18,619 | $ | 14,477 | $ | 19,963 | |||||||||||||||||||
Interest-bearing deposits at other financial institutions | 39,044 | 130,428 | 100,343 | 125,448 | 39,764 | ||||||||||||||||||||||||
Federal funds sold | 407 | 1,957 | 376 | 462 | 20,688 | ||||||||||||||||||||||||
Total cash and cash equivalents | 53,964 | 146,152 | 119,338 | 140,387 | 80,415 | ||||||||||||||||||||||||
Investment securities available for sale | 208,329 | 206,055 | 208,464 | 255,762 | 252,481 | ||||||||||||||||||||||||
Restricted investments | 4,353 | 4,340 | 3,803 | 4,215 | 7,362 | ||||||||||||||||||||||||
Loans held for sale | 7,481 | 4,843 | 10,146 | 9,620 | 7,416 | ||||||||||||||||||||||||
U.S. Small Business Administration (“SBA”) Payroll Protection Program (“PPP”) loans receivable, net of fees and costs | 645 | 750 | 1,090 | 2,037 | 2,163 | ||||||||||||||||||||||||
Portfolio loans receivable, net of deferred fees and costs | 1,902,643 | 1,861,929 | 1,837,041 | 1,786,109 | 1,728,592 | ||||||||||||||||||||||||
Less allowance for credit losses | (28,610) | (28,279) | (27,495) | (26,216) | (26,385) | ||||||||||||||||||||||||
Total portfolio loans held for investment, net | 1,874,033 | 1,833,650 | 1,809,546 | 1,759,893 | 1,702,207 | ||||||||||||||||||||||||
Premises and equipment, net | 5,069 | 5,297 | 5,494 | 5,367 | 3,386 | ||||||||||||||||||||||||
Accrued interest receivable | 11,494 | 11,231 | 10,155 | 9,985 | 9,489 | ||||||||||||||||||||||||
Deferred tax asset | 12,252 | 13,644 | 13,616 | 12,898 | 13,777 | ||||||||||||||||||||||||
Bank owned life insurance | 37,711 | 37,315 | 37,041 | 36,781 | 36,524 | ||||||||||||||||||||||||
Other assets | 9,336 | 9,207 | 9,173 | 8,341 | 8,435 | ||||||||||||||||||||||||
Total assets | $ | 2,224,667 | $ | 2,272,484 | $ | 2,227,866 | $ | 2,245,286 | $ | 2,123,655 | |||||||||||||||||||
Liabilities | |||||||||||||||||||||||||||||
Deposits | |||||||||||||||||||||||||||||
Noninterest-bearing | $ | 617,373 | $ | 680,803 | $ | 693,129 | $ | 705,801 | $ | 674,313 | |||||||||||||||||||
Interest-bearing | 1,278,623 | 1,287,185 | 1,241,232 | 1,238,573 | 1,083,759 | ||||||||||||||||||||||||
Total deposits | 1,895,996 | 1,967,988 | 1,934,361 | 1,944,374 | 1,758,072 | ||||||||||||||||||||||||
Federal Home Loan Bank advances | 22,000 | 22,000 | 22,000 | 32,000 | 107,000 | ||||||||||||||||||||||||
Other borrowed funds | 27,062 | 12,062 | 12,062 | 12,062 | 12,062 | ||||||||||||||||||||||||
Accrued interest payable | 5,583 | 5,204 | 3,029 | 1,977 | 1,031 | ||||||||||||||||||||||||
Other liabilities | 19,166 | 22,352 | 18,979 | 20,356 | 21,475 | ||||||||||||||||||||||||
Total liabilities | 1,969,807 | 2,029,606 | 1,990,431 | 2,010,769 | 1,899,640 | ||||||||||||||||||||||||
Stockholders' equity | |||||||||||||||||||||||||||||
Common stock | 139 | 139 | 140 | 141 | 141 | ||||||||||||||||||||||||
Additional paid-in capital | 54,473 | 54,549 | 55,856 | 57,277 | 58,190 | ||||||||||||||||||||||||
Retained earnings | 213,345 | 206,033 | 197,490 | 191,058 | 182,435 | ||||||||||||||||||||||||
Accumulated other comprehensive loss | (13,097) | (17,843) | (16,051) | (13,959) | (16,751) | ||||||||||||||||||||||||
Total stockholders' equity | 254,860 | 242,878 | 237,435 | 234,517 | 224,015 | ||||||||||||||||||||||||
Total liabilities and stockholders' equity | $ | 2,224,667 | $ | 2,272,484 | $ | 2,227,866 | $ | 2,245,286 | $ | 2,123,655 |
Three Months Ended December 31, 2023 | Three Months Ended September 30, 2023 | Three Months Ended December 31, 2022 | |||||||||||||||||||||||||||||||||||||||||||||||||||
Average Outstanding Balance | Interest Income/ Expense | Average Yield/ Rate(1) | Average Outstanding Balance | Interest Income/ Expense | Average Yield/ Rate(1) | Average Outstanding Balance | Interest Income/ Expense | Average Yield/ Rate(1) | |||||||||||||||||||||||||||||||||||||||||||||
(in thousands) | |||||||||||||||||||||||||||||||||||||||||||||||||||||
Assets | |||||||||||||||||||||||||||||||||||||||||||||||||||||
Interest earning assets: | |||||||||||||||||||||||||||||||||||||||||||||||||||||
Interest-bearing deposits | $ | 65,336 | $ | 680 | 4.13 | % | $ | 87,112 | $ | 1,183 | 5.39 | % | $ | 111,404 | $ | 1,006 | 3.58 | % | |||||||||||||||||||||||||||||||||||
Federal funds sold | 1,574 | 21 | 5.29 | 1,134 | 15 | 5.25 | 4,054 | 35 | 3.41 | ||||||||||||||||||||||||||||||||||||||||||||
Investment securities available for sale | 223,132 | 1,083 | 1.93 | 229,731 | 1,089 | 1.88 | 292,117 | 1,402 | 1.90 | ||||||||||||||||||||||||||||||||||||||||||||
Restricted investments | 4,518 | 76 | 6.67 | 4,058 | 69 | 6.75 | 10,111 | 142 | 5.57 | ||||||||||||||||||||||||||||||||||||||||||||
Loans held for sale | 4,601 | 83 | 7.16 | 6,670 | 111 | 6.60 | 6,062 | 88 | 5.74 | ||||||||||||||||||||||||||||||||||||||||||||
SBA-PPP loans receivable | 699 | 4 | 2.27 | 906 | 11 | 4.82 | 2,435 | 28 | 4.59 | ||||||||||||||||||||||||||||||||||||||||||||
Portfolio loans receivable(2)(3) | 1,862,599 | 45,022 | 9.59 | 1,846,866 | 45,263 | 9.72 | 1,675,434 | 38,647 | 9.15 | ||||||||||||||||||||||||||||||||||||||||||||
Total interest earning assets | 2,162,459 | 46,969 | 8.62 | 2,176,477 | 47,741 | 8.70 | 2,101,617 | 41,348 | 7.81 | ||||||||||||||||||||||||||||||||||||||||||||
Noninterest earning assets | 40,020 | 44,640 | 34,539 | ||||||||||||||||||||||||||||||||||||||||||||||||||
Total assets | $ | 2,202,479 | $ | 2,221,117 | $ | 2,136,156 | |||||||||||||||||||||||||||||||||||||||||||||||
Liabilities and Stockholders’ Equity | |||||||||||||||||||||||||||||||||||||||||||||||||||||
Interest-bearing liabilities: | |||||||||||||||||||||||||||||||||||||||||||||||||||||
Interest-bearing demand accounts | $ | 195,539 | 90 | 0.18 | $ | 215,527 | 71 | 0.13 | $ | 218,518 | 61 | 0.11 | |||||||||||||||||||||||||||||||||||||||||
Savings | 5,184 | 2 | 0.15 | 5,582 | 3 | 0.21 | 8,261 | 1 | 0.05 | ||||||||||||||||||||||||||||||||||||||||||||
Money market accounts | 680,697 | 7,139 | 4.16 | 655,990 | 6,373 | 3.85 | 552,185 | 3,016 | 2.17 | ||||||||||||||||||||||||||||||||||||||||||||
Time deposits | 380,731 | 4,528 | 4.72 | 374,429 | 4,256 | 4.51 | 177,346 | 1,299 | 2.91 | ||||||||||||||||||||||||||||||||||||||||||||
Borrowed funds | 41,823 | 321 | 3.05 | 34,932 | 228 | 2.59 | 199,982 | 1,772 | 3.52 | ||||||||||||||||||||||||||||||||||||||||||||
Total interest-bearing liabilities | 1,303,974 | 12,080 | 3.68 | 1,286,460 | 10,931 | 3.37 | 1,156,292 | 6,149 | 2.11 | ||||||||||||||||||||||||||||||||||||||||||||
Noninterest-bearing liabilities: | |||||||||||||||||||||||||||||||||||||||||||||||||||||
Noninterest-bearing liabilities | 27,529 | 25,047 | 23,941 | ||||||||||||||||||||||||||||||||||||||||||||||||||
Noninterest-bearing deposits | 622,941 | 666,939 | 735,416 | ||||||||||||||||||||||||||||||||||||||||||||||||||
Stockholders’ equity | 248,035 | 242,671 | 220,507 | ||||||||||||||||||||||||||||||||||||||||||||||||||
Total liabilities and stockholders’ equity | $ | 2,202,479 | $ | 2,221,117 | $ | 2,136,156 | |||||||||||||||||||||||||||||||||||||||||||||||
Net interest spread | 4.94 | % | 5.33 | % | 5.70 | % | |||||||||||||||||||||||||||||||||||||||||||||||
Net interest income | $ | 34,889 | $ | 36,810 | $ | 35,199 | |||||||||||||||||||||||||||||||||||||||||||||||
Net interest margin(4) | 6.40 | % | 6.71 | % | 6.64 | % | |||||||||||||||||||||||||||||||||||||||||||||||
Year Ended December 31, | |||||||||||||||||||||||||||||||||||
2023 | 2022 | ||||||||||||||||||||||||||||||||||
Average Outstanding Balance | Interest Income/ Expense | Average Yield/ Rate(1) | Average Outstanding Balance | Interest Income/ Expense | Average Yield/ Rate(1) | ||||||||||||||||||||||||||||||
(in thousands) | |||||||||||||||||||||||||||||||||||
Assets | |||||||||||||||||||||||||||||||||||
Interest earning assets: | |||||||||||||||||||||||||||||||||||
Interest-bearing deposits | $ | 70,407 | $ | 3,211 | 4.56 | % | $ | 156,751 | $ | 2,007 | 1.28 | % | |||||||||||||||||||||||
Federal funds sold | 1,597 | 74 | 4.63 | 2,959 | 44 | 1.49 | |||||||||||||||||||||||||||||
Investment securities available for sale | 245,466 | 4,815 | 1.96 | 248,869 | 3,912 | 1.57 | |||||||||||||||||||||||||||||
Restricted investments | 5,016 | 346 | 6.90 | 5,475 | 275 | 5.02 | |||||||||||||||||||||||||||||
Loans held for sale | 5,755 | 382 | 6.64 | 9,696 | 435 | 4.49 | |||||||||||||||||||||||||||||
SBA-PPP loans receivable | 1,373 | 30 | 2.18 | 29,831 | 3,477 | 11.66 | |||||||||||||||||||||||||||||
Portfolio loans receivable(2)(3) | 1,815,595 | 174,348 | 9.60 | 1,579,661 | 140,496 | 8.89 | |||||||||||||||||||||||||||||
Total interest earning assets | 2,145,209 | 183,206 | 8.54 | 2,033,242 | 150,646 | 7.41 | |||||||||||||||||||||||||||||
Noninterest earning assets | 43,090 | 44,559 | |||||||||||||||||||||||||||||||||
Total assets | $ | 2,188,299 | $ | 2,077,801 | |||||||||||||||||||||||||||||||
Liabilities and Stockholders’ Equity | |||||||||||||||||||||||||||||||||||
Interest-bearing liabilities: | |||||||||||||||||||||||||||||||||||
Interest-bearing demand accounts | $ | 201,194 | 298 | 0.15 | $ | 253,923 | 174 | 0.07 | |||||||||||||||||||||||||||
Savings | 5,768 | 8 | 0.14 | 8,917 | 5 | 0.06 | |||||||||||||||||||||||||||||
Money market accounts | 642,013 | 23,510 | 3.66 | 553,388 | 4,529 | 0.82 | |||||||||||||||||||||||||||||
Time deposits | 360,464 | 15,809 | 4.39 | 165,854 | 2,903 | 1.75 | |||||||||||||||||||||||||||||
Borrowed funds | 59,302 | 2,055 | 3.47 | 77,556 | 2,428 | 3.13 | |||||||||||||||||||||||||||||
Total interest-bearing liabilities | 1,268,741 | 41,680 | 3.29 | 1,059,638 | 10,039 | 0.95 | |||||||||||||||||||||||||||||
Noninterest-bearing liabilities: | |||||||||||||||||||||||||||||||||||
Noninterest-bearing liabilities | 24,026 | 23,797 | |||||||||||||||||||||||||||||||||
Noninterest-bearing deposits | 655,013 | 781,971 | |||||||||||||||||||||||||||||||||
Stockholders’ equity | 240,519 | 212,395 | |||||||||||||||||||||||||||||||||
Total liabilities and stockholders’ equity | $ | 2,188,299 | $ | 2,077,801 | |||||||||||||||||||||||||||||||
Net interest spread | 5.25 | % | 6.46 | % | |||||||||||||||||||||||||||||||
Net interest income | $ | 141,526 | $ | 140,607 | |||||||||||||||||||||||||||||||
Net interest margin(4) | 6.60 | % | 6.92 | % | |||||||||||||||||||||||||||||||
Segments | ||||||||||||||||||||||||||||||||||||||
For the three months ended December 31, 2023 | ||||||||||||||||||||||||||||||||||||||
(in thousands) | Commercial Bank | CBHL | OpenSky® | Corporate(2) | Eliminations | Consolidated | ||||||||||||||||||||||||||||||||
Interest income | $ | 30,957 | $ | 83 | $ | 15,035 | $ | 964 | $ | (70) | $ | 46,969 | ||||||||||||||||||||||||||
Interest expense | 11,884 | 31 | — | 235 | (70) | 12,080 | ||||||||||||||||||||||||||||||||
Net interest income | 19,073 | 52 | 15,035 | 729 | — | 34,889 | ||||||||||||||||||||||||||||||||
Provision (release of provision) for credit losses | 691 | — | 2,125 | (8) | — | 2,808 | ||||||||||||||||||||||||||||||||
Release of credit losses on unfunded commitments | (106) | — | — | — | — | (106) | ||||||||||||||||||||||||||||||||
Net interest income after provision | 18,488 | 52 | 12,910 | 737 | — | 32,187 | ||||||||||||||||||||||||||||||||
Noninterest income | 773 | 1,166 | 3,996 | 1 | — | 5,936 | ||||||||||||||||||||||||||||||||
Noninterest expense(1) | 15,135 | 1,437 | 10,378 | (43) | — | 26,907 | ||||||||||||||||||||||||||||||||
Net income (loss) before taxes | $ | 4,126 | $ | (219) | $ | 6,528 | $ | 781 | $ | — | $ | 11,216 | ||||||||||||||||||||||||||
Total assets | $ | 2,050,436 | $ | 8,589 | $ | 117,477 | $ | 276,831 | $ | (228,666) | $ | 2,224,667 | ||||||||||||||||||||||||||
For the three months ended September 30, 2023 | ||||||||||||||||||||||||||||||||||||||
(in thousands) | Commercial Bank | CBHL | OpenSky® | Corporate(2) | Eliminations | Consolidated | ||||||||||||||||||||||||||||||||
Interest income | $ | 30,409 | $ | 111 | $ | 16,143 | $ | 1,162 | $ | (84) | $ | 47,741 | ||||||||||||||||||||||||||
Interest expense | 10,736 | 32 | — | 247 | (84) | 10,931 | ||||||||||||||||||||||||||||||||
Net interest income | 19,673 | 79 | 16,143 | 915 | — | 36,810 | ||||||||||||||||||||||||||||||||
Provision for credit losses | 275 | — | 1,875 | 130 | — | 2,280 | ||||||||||||||||||||||||||||||||
Provision for credit losses on unfunded commitments | 24 | — | — | — | — | 24 | ||||||||||||||||||||||||||||||||
Net interest income after provision | 19,374 | 79 | 14,268 | 785 | — | 34,506 | ||||||||||||||||||||||||||||||||
Noninterest income | 665 | 1,255 | 4,405 | 1 | — | 6,326 | ||||||||||||||||||||||||||||||||
Noninterest expense(1) | 15,784 | 1,502 | 10,637 | 123 | — | 28,046 | ||||||||||||||||||||||||||||||||
Net income (loss) before taxes | $ | 4,255 | $ | (168) | $ | 8,036 | $ | 663 | $ | — | $ | 12,786 | ||||||||||||||||||||||||||
Total assets | $ | 2,102,749 | $ | 5,280 | $ | 116,318 | $ | 264,950 | $ | (216,813) | $ | 2,272,484 | ||||||||||||||||||||||||||
For the three months ended December 31, 2022 | ||||||||||||||||||||||||||||||||||||||
(in thousands) | Commercial Bank | CBHL | OpenSky® | Corporate(2) | Eliminations | Consolidated | ||||||||||||||||||||||||||||||||
Interest income | $ | 24,389 | $ | 88 | $ | 16,035 | $ | 891 | $ | (55) | $ | 41,348 | ||||||||||||||||||||||||||
Interest expense | 5,990 | 33 | — | 181 | (55) | 6,149 | ||||||||||||||||||||||||||||||||
Net interest income | 18,399 | 55 | 16,035 | 710 | — | 35,199 | ||||||||||||||||||||||||||||||||
Provision for loan losses | — | — | 2,384 | — | — | 2,384 | ||||||||||||||||||||||||||||||||
Net interest income after provision | 18,399 | 55 | 13,651 | 710 | — | 32,815 | ||||||||||||||||||||||||||||||||
Noninterest income | 550 | 696 | 4,314 | 1 | — | 5,561 | ||||||||||||||||||||||||||||||||
Noninterest expense(1) | 13,811 | 2,085 | 10,724 | 114 | — | 26,734 | ||||||||||||||||||||||||||||||||
Net income (loss) before taxes | $ | 5,138 | $ | (1,334) | $ | 7,241 | $ | 597 | $ | — | $ | 11,642 | ||||||||||||||||||||||||||
Total assets | $ | 1,939,601 | $ | 7,936 | $ | 122,418 | $ | 245,399 | $ | (191,699) | $ | 2,123,655 |
Segments | ||||||||||||||||||||||||||||||||||||||
For the year ended December 31, 2023 | ||||||||||||||||||||||||||||||||||||||
(in thousands) | Commercial Bank | CBHL | OpenSky® | Corporate(2) | Eliminations | Consolidated | ||||||||||||||||||||||||||||||||
Interest income | $ | 116,408 | $ | 382 | $ | 62,476 | $ | 4,238 | $ | (298) | $ | 183,206 | ||||||||||||||||||||||||||
Interest expense | 40,896 | 135 | — | 947 | (298) | 41,680 | ||||||||||||||||||||||||||||||||
Net interest income | 75,512 | 247 | 62,476 | 3,291 | — | 141,526 | ||||||||||||||||||||||||||||||||
Provision for credit losses | 1,540 | — | 7,948 | 122 | — | 9,610 | ||||||||||||||||||||||||||||||||
Release of credit losses on unfunded commitments | (101) | — | — | — | — | (101) | ||||||||||||||||||||||||||||||||
Net interest income after provision | 74,073 | 247 | 54,528 | 3,169 | — | 132,017 | ||||||||||||||||||||||||||||||||
Noninterest income | 2,737 | 4,909 | 17,325 | 4 | — | 24,975 | ||||||||||||||||||||||||||||||||
Noninterest expense(1) | 61,836 | 6,001 | 42,524 | 406 | — | 110,767 | ||||||||||||||||||||||||||||||||
Net income (loss) before taxes | $ | 14,974 | $ | (845) | $ | 29,329 | $ | 2,767 | $ | — | $ | 46,225 | ||||||||||||||||||||||||||
Total assets | $ | 2,050,436 | $ | 8,589 | $ | 117,477 | $ | 276,831 | $ | (228,666) | $ | 2,224,667 | ||||||||||||||||||||||||||
For the year ended December 31, 2022 | ||||||||||||||||||||||||||||||||||||||
(in thousands) | Commercial Bank | CBHL | OpenSky® | Corporate(2) | Eliminations | Consolidated | ||||||||||||||||||||||||||||||||
Interest income | $ | 82,182 | $ | 435 | $ | 64,859 | $ | 3,349 | $ | (179) | $ | 150,646 | ||||||||||||||||||||||||||
Interest expense | 9,245 | 218 | — | 755 | (179) | 10,039 | ||||||||||||||||||||||||||||||||
Net interest income | 72,937 | 217 | 64,859 | 2,594 | — | 140,607 | ||||||||||||||||||||||||||||||||
Provision (release of provision) for loan losses | (980) | — | 7,611 | — | — | 6,631 | ||||||||||||||||||||||||||||||||
Net interest income after provision | 73,917 | 217 | 57,248 | 2,594 | — | 133,976 | ||||||||||||||||||||||||||||||||
Noninterest income | 2,122 | 5,276 | 21,972 | 2 | — | 29,372 | ||||||||||||||||||||||||||||||||
Noninterest expense(1) | 52,552 | 8,450 | 47,647 | 465 | — | 109,114 | ||||||||||||||||||||||||||||||||
Net income (loss) before taxes | $ | 23,487 | $ | (2,957) | $ | 31,573 | $ | 2,131 | $ | — | $ | 54,234 | ||||||||||||||||||||||||||
Total assets | $ | 1,939,601 | $ | 7,936 | $ | 122,418 | $ | 245,399 | $ | (191,699) | $ | 2,123,655 |
HISTORICAL FINANCIAL HIGHLIGHTS - Unaudited | ||||||||||||||||||||||||||||||||
Quarter Ended | ||||||||||||||||||||||||||||||||
(in thousands except per share data) | December 31, 2023 | September 30, 2023 | June 30, 2023 | March 31, 2023 | December 31, 2022 | |||||||||||||||||||||||||||
Earnings: | ||||||||||||||||||||||||||||||||
Net income | $ | 9,030 | $ | 9,788 | $ | 7,318 | $ | 9,735 | $ | 8,991 | ||||||||||||||||||||||
Earnings per common share, diluted | 0.65 | 0.70 | 0.52 | 0.68 | 0.62 | |||||||||||||||||||||||||||
Net interest margin | 6.40 | % | 6.71 | % | 6.63 | % | 6.65 | % | 6.64 | % | ||||||||||||||||||||||
Net interest margin, excluding credit cards & SBA-PPP loans (1) | 3.92 | % | 4.05 | % | 4.06 | % | 3.81 | % | 3.91 | % | ||||||||||||||||||||||
Return on average assets(2) | 1.63 | % | 1.75 | % | 1.34 | % | 1.84 | % | 1.67 | % | ||||||||||||||||||||||
Return on average assets, excluding impact of SBA-PPP loans (1)(2) | 1.63 | % | 1.75 | % | 1.34 | % | 1.84 | % | 1.67 | % | ||||||||||||||||||||||
Return on average equity(2) | 14.44 | % | 16.00 | % | 12.30 | % | 16.98 | % | 16.18 | % | ||||||||||||||||||||||
Efficiency ratio | 65.91 | % | 65.02 | % | 70.41 | % | 64.73 | % | 65.59 | % | ||||||||||||||||||||||
Balance Sheet: | ||||||||||||||||||||||||||||||||
Total portfolio loans receivable, net deferred fees | $ | 1,902,643 | $ | 1,861,929 | $ | 1,837,041 | $ | 1,786,109 | $ | 1,728,592 | ||||||||||||||||||||||
Total deposits | 1,895,996 | 1,967,988 | 1,934,361 | 1,944,374 | 1,758,072 | |||||||||||||||||||||||||||
Total assets | 2,224,667 | 2,272,484 | 2,227,866 | 2,245,286 | 2,123,655 | |||||||||||||||||||||||||||
Total stockholders' equity | 254,860 | 242,878 | 237,435 | 234,517 | 224,015 | |||||||||||||||||||||||||||
Total average portfolio loans receivable, net deferred fees | 1,862,599 | 1,846,866 | 1,800,800 | 1,750,539 | 1,675,434 | |||||||||||||||||||||||||||
Total average deposits | 1,885,092 | 1,918,467 | 1,881,380 | 1,771,024 | 1,691,726 | |||||||||||||||||||||||||||
Portfolio loans-to-deposit ratio (period-end balances) | 100.35 | % | 94.61 | % | 94.97 | % | 91.86 | % | 98.32 | % | ||||||||||||||||||||||
Portfolio loans-to-deposit ratio (average balances) | 98.81 | % | 96.27 | % | 95.72 | % | 98.84 | % | 99.04 | % | ||||||||||||||||||||||
Asset Quality Ratios: | ||||||||||||||||||||||||||||||||
Nonperforming assets to total assets | 0.72 | % | 0.67 | % | 0.71 | % | 0.73 | % | 0.46 | % | ||||||||||||||||||||||
Nonperforming assets to total assets, excluding the SBA-PPP loans (1) | 0.72 | % | 0.67 | % | 0.71 | % | 0.73 | % | 0.46 | % | ||||||||||||||||||||||
Nonperforming loans to total loans | 0.84 | % | 0.82 | % | 0.85 | % | 0.91 | % | 0.56 | % | ||||||||||||||||||||||
Nonperforming loans to portfolio loans (1) | 0.84 | % | 0.82 | % | 0.86 | % | 0.91 | % | 0.56 | % | ||||||||||||||||||||||
Net charge-offs to average portfolio loans (1)(2) | 0.53 | % | 0.38 | % | 0.35 | % | 0.61 | % | 0.49 | % | ||||||||||||||||||||||
Allowance for credit losses to total loans | 1.50 | % | 1.52 | % | 1.50 | % | 1.47 | % | 1.52 | % | ||||||||||||||||||||||
Allowance for credit losses to portfolio loans (1) | 1.50 | % | 1.52 | % | 1.50 | % | 1.47 | % | 1.53 | % | ||||||||||||||||||||||
Allowance for credit losses to non-performing loans | 178.34 | % | 185.61 | % | 175.03 | % | 160.91 | % | 270.46 | % | ||||||||||||||||||||||
Bank Capital Ratios: | ||||||||||||||||||||||||||||||||
Total risk based capital ratio | 14.81 | % | 14.51 | % | 14.08 | % | 14.09 | % | 14.21 | % | ||||||||||||||||||||||
Tier 1 risk based capital ratio | 13.56 | % | 13.25 | % | 12.82 | % | 12.84 | % | 12.95 | % | ||||||||||||||||||||||
Leverage ratio | 10.51 | % | 10.04 | % | 9.77 | % | 9.78 | % | 9.47 | % | ||||||||||||||||||||||
Common equity Tier 1 capital ratio | 13.56 | % | 13.25 | % | 12.82 | % | 12.84 | % | 12.95 | % | ||||||||||||||||||||||
Tangible common equity | 9.91 | % | 9.08 | % | 8.93 | % | 8.79 | % | 8.85 | % | ||||||||||||||||||||||
Holding Company Capital Ratios: | ||||||||||||||||||||||||||||||||
Total risk based capital ratio | 17.38 | % | 17.11 | % | 16.81 | % | 16.75 | % | 16.33 | % | ||||||||||||||||||||||
Tier 1 risk based capital ratio | 15.55 | % | 15.27 | % | 14.96 | % | 14.90 | % | 15.13 | % | ||||||||||||||||||||||
Leverage ratio | 12.14 | % | 11.62 | % | 11.50 | % | 11.47 | % | 11.24 | % | ||||||||||||||||||||||
Common equity Tier 1 capital ratio | 15.43 | % | 15.27 | % | 14.96 | % | 14.90 | % | 15.00 | % | ||||||||||||||||||||||
Tangible common equity | 11.71 | % | 10.69 | % | 10.66 | % | 10.44 | % | 10.55 | % |
HISTORICAL FINANCIAL HIGHLIGHTS - Unaudited | ||||||||||||||||||||||||||||||||
Quarter Ended | ||||||||||||||||||||||||||||||||
(in thousands except per share data) | December 31, 2023 | September 30, 2023 | June 30, 2023 | March 31, 2023 | December 31, 2022 | |||||||||||||||||||||||||||
Composition of Loans: | ||||||||||||||||||||||||||||||||
SBA-PPP loans, net | $ | 645 | $ | 750 | $ | 1,090 | $ | 2,037 | $ | 2,163 | ||||||||||||||||||||||
Commercial real estate, non owner-occupied | $ | 351,116 | $ | 350,637 | $ | 348,892 | $ | 348,047 | $ | 351,423 | ||||||||||||||||||||||
Commercial real estate, owner-occupied | $ | 307,911 | $ | 305,802 | $ | 311,972 | $ | 299,966 | $ | 300,809 | ||||||||||||||||||||||
Residential real estate | 573,104 | 558,147 | 555,133 | 545,899 | 484,735 | |||||||||||||||||||||||||||
Construction real estate | 290,108 | 280,905 | 258,400 | 251,494 | 238,099 | |||||||||||||||||||||||||||
Commercial and industrial | 238,548 | 236,782 | 233,598 | 221,258 | 220,221 | |||||||||||||||||||||||||||
Lender finance | 11,085 | — | — | — | — | |||||||||||||||||||||||||||
Business equity lines of credit | 14,117 | 14,155 | 13,277 | 12,205 | 12,319 | |||||||||||||||||||||||||||
Credit card, net of reserve(3) | 123,331 | 122,533 | 122,925 | 112,860 | 128,434 | |||||||||||||||||||||||||||
Other consumer loans | 950 | 948 | 1,187 | 1,578 | 1,179 | |||||||||||||||||||||||||||
Portfolio loans receivable | $ | 1,910,270 | $ | 1,869,909 | $ | 1,845,384 | $ | 1,793,307 | $ | 1,737,219 | ||||||||||||||||||||||
Deferred origination fees, net | (7,627) | (7,980) | (8,343) | (7,198) | (8,627) | |||||||||||||||||||||||||||
Portfolio loans receivable, net | $ | 1,902,643 | $ | 1,861,929 | $ | 1,837,041 | $ | 1,786,109 | $ | 1,728,592 | ||||||||||||||||||||||
Composition of Deposits: | ||||||||||||||||||||||||||||||||
Noninterest-bearing | $ | 617,373 | $ | 680,803 | $ | 693,129 | $ | 705,801 | $ | 674,313 | ||||||||||||||||||||||
Interest-bearing demand | 199,308 | 229,035 | 243,095 | 219,685 | 207,836 | |||||||||||||||||||||||||||
Savings | 5,211 | 5,686 | 5,816 | 5,835 | 7,530 | |||||||||||||||||||||||||||
Money markets | 663,129 | 668,774 | 631,148 | 632,087 | 574,978 | |||||||||||||||||||||||||||
Brokered time deposits | 142,356 | 128,665 | 128,665 | 181,820 | 131,819 | |||||||||||||||||||||||||||
Other time deposits | 268,619 | 255,025 | 232,508 | 199,146 | 161,596 | |||||||||||||||||||||||||||
Total deposits | $ | 1,895,996 | $ | 1,967,988 | $ | 1,934,361 | $ | 1,944,374 | $ | 1,758,072 | ||||||||||||||||||||||
Capital Bank Home Loan Metrics: | ||||||||||||||||||||||||||||||||
Origination of loans held for sale | $ | 45,152 | $ | 50,023 | $ | 61,480 | $ | 44,448 | $ | 43,956 | ||||||||||||||||||||||
Mortgage loans sold | 34,140 | 39,364 | 49,231 | 40,483 | 43,415 | |||||||||||||||||||||||||||
Gain on sale of loans | 1,015 | 1,011 | 1,262 | 1,223 | 912 | |||||||||||||||||||||||||||
Purchase volume as a % of originations | 89.99 | % | 92.29 | % | 93.12 | % | 90.72 | % | 88.94 | % | ||||||||||||||||||||||
Gain on sale as a % of loans sold(4) | 2.97 | % | 2.57 | % | 2.56 | % | 3.02 | % | 2.10 | % | ||||||||||||||||||||||
Mortgage commissions | $ | 465 | $ | 528 | $ | 621 | $ | 378 | $ | 451 | ||||||||||||||||||||||
OpenSky® Portfolio Metrics: | ||||||||||||||||||||||||||||||||
Open customer accounts | 525,314 | 529,205 | 540,058 | 527,231 | 533,855 | |||||||||||||||||||||||||||
Secured credit card loans, gross | $ | 95,300 | $ | 98,138 | $ | 100,218 | $ | 89,078 | $ | 104,157 | ||||||||||||||||||||||
Unsecured credit card loans, gross | 30,817 | 27,430 | 25,254 | 25,782 | 26,795 | |||||||||||||||||||||||||||
Noninterest secured credit card deposits | 173,857 | 181,185 | 186,566 | 184,809 | 187,412 | |||||||||||||||||||||||||||
Return on Average Assets, as Adjusted | Quarter Ended | ||||||||||||||||||||||||||||
(in thousands) | December 31, 2023 | September 30, 2023 | June 30, 2023 | March 31, 2023 | December 31, 2022 | ||||||||||||||||||||||||
Net Income | $ | 9,030 | $ | 9,788 | $ | 7,318 | $ | 9,735 | $ | 8,991 | |||||||||||||||||||
Less: SBA-PPP Loan Income | 4 | 11 | 7 | 8 | 28 | ||||||||||||||||||||||||
Net Income, as Adjusted | $ | 9,026 | $ | 9,777 | $ | 7,311 | $ | 9,727 | $ | 8,963 | |||||||||||||||||||
Average Total Assets | 2,202,479 | 2,221,117 | 2,184,351 | 2,144,249 | 2,136,156 | ||||||||||||||||||||||||
Less: Average SBA-PPP Loans | 699 | 906 | 1,808 | 2,099 | 2,435 | ||||||||||||||||||||||||
Average Total Assets, as Adjusted | $ | 2,201,780 | $ | 2,220,211 | $ | 2,182,543 | $ | 2,142,150 | $ | 2,133,721 | |||||||||||||||||||
Return on Average Assets, as Adjusted | 1.63% | 1.75% | 1.34% | 1.84% | 1.67% | ||||||||||||||||||||||||
Return on Average Assets, as Adjusted | Year Ended | ||||||||||
(in thousands) | December 31, 2023 | December 31, 2022 | |||||||||
Net Income | $ | 35,871 | $ | 41,804 | |||||||
Less: SBA-PPP Loan Income | 30 | 3,477 | |||||||||
Net Income, as Adjusted | $ | 35,841 | $ | 38,327 | |||||||
Average Total Assets | 2,188,299 | 2,077,801 | |||||||||
Less: Average SBA-PPP Loans | 1,373 | 29,831 | |||||||||
Average Total Assets, as Adjusted | $ | 2,186,926 | $ | 2,047,970 | |||||||
Return on Average Assets, as Adjusted | 1.64% | 1.87% |
Net Interest Margin, as Adjusted | Quarter Ended | ||||||||||||||||||||||||||||
(in thousands) | December 31, 2023 | September 30, 2023 | June 30, 2023 | March 31, 2023 | December 31, 2022 | ||||||||||||||||||||||||
Net Interest Income | $ | 34,889 | $ | 36,810 | $ | 35,340 | $ | 34,487 | $ | 35,199 | |||||||||||||||||||
Less: Credit Card Loan Income | 14,677 | 15,792 | 14,818 | 15,809 | 15,717 | ||||||||||||||||||||||||
Less: SBA-PPP Loan Income | 4 | 11 | 7 | 8 | 28 | ||||||||||||||||||||||||
Net Interest Income, as Adjusted | $ | 20,208 | $ | 21,007 | $ | 20,515 | $ | 18,670 | $ | 19,454 | |||||||||||||||||||
Average Interest Earning Assets | 2,162,459 | 2,176,477 | 2,136,936 | 2,103,984 | 2,101,617 | ||||||||||||||||||||||||
Less: Average Credit Card Loans | 114,551 | 116,814 | 110,574 | 115,850 | 124,120 | ||||||||||||||||||||||||
Less: Average SBA-PPP Loans | 699 | 906 | 1,808 | 2,099 | 2,435 | ||||||||||||||||||||||||
Total Average Interest Earning Assets, as Adjusted | $ | 2,047,209 | $ | 2,058,757 | $ | 2,024,554 | $ | 1,986,035 | $ | 1,975,062 | |||||||||||||||||||
Net Interest Margin, as Adjusted | 3.92% | 4.05% | 4.06% | 3.81% | 3.91% |
Net Interest Margin, as Adjusted | Year Ended | ||||||||||
(in thousands) | December 31, 2023 | December 31, 2022 | |||||||||
Net Interest Income | $ | 141,526 | $ | 140,607 | |||||||
Less: Credit Card Loan Income | 61,096 | 63,348 | |||||||||
Less: SBA-PPP Loan Income | 30 | 3,477 | |||||||||
Net Interest Income, as Adjusted | $ | 80,400 | $ | 73,782 | |||||||
Average Interest Earning Assets | 2,145,209 | 2,033,242 | |||||||||
Less: Average Credit Card Loans | 114,450 | 126,473 | |||||||||
Less: Average SBA-PPP Loans | 1,373 | 29,831 | |||||||||
Total Average Interest Earning Assets, as Adjusted | $ | 2,029,386 | $ | 1,876,938 | |||||||
Net Interest Margin, as Adjusted | 3.96% | 3.93% |
Portfolio Loans Receivable Yield, as Adjusted | Quarter Ended | ||||||||||||||||||||||||||||
(in thousands) | December 31, 2023 | September 30, 2023 | June 30, 2023 | March 31, 2023 | December 31, 2022 | ||||||||||||||||||||||||
Portfolio Loans Receivable Interest Income | $ | 45,022 | $ | 45,263 | $ | 42,872 | $ | 41,191 | $ | 38,647 | |||||||||||||||||||
Less: Credit Card Loan Income | 14,677 | 15,792 | 14,818 | 15,809 | 15,717 | ||||||||||||||||||||||||
Portfolio Loans Receivable Interest Income, as Adjusted | $ | 30,345 | $ | 29,471 | $ | 28,054 | $ | 25,382 | $ | 22,930 | |||||||||||||||||||
Average Portfolio Loans Receivable | 1,862,599 | 1,846,866 | 1,800,800 | 1,750,539 | 1,675,434 | ||||||||||||||||||||||||
Less: Average Credit Card Loans | 114,551 | 116,814 | 110,574 | 115,850 | 124,120 | ||||||||||||||||||||||||
Total Average Portfolio Loans Receivable, as Adjusted | $ | 1,748,048 | $ | 1,730,052 | $ | 1,690,226 | $ | 1,634,689 | $ | 1,551,314 | |||||||||||||||||||
Portfolio Loans Receivable Yield, as Adjusted | 6.89% | 6.76% | 6.66% | 6.30% | 5.86% |
Portfolio Loans Receivable Yield, as Adjusted | Year Ended | ||||||||||
(in thousands) | December 31, 2023 | December 31, 2022 | |||||||||
Portfolio Loans Receivable Interest Income | $ | 174,348 | $ | 140,496 | |||||||
Less: Credit Card Loan Income | 61,096 | 63,348 | |||||||||
Portfolio Loans Receivable Interest Income, as Adjusted | $ | 113,252 | $ | 77,148 | |||||||
Average Portfolio Loans Receivable | 1,815,595 | 1,579,661 | |||||||||
Less: Average Credit Card Loans | 114,450 | 126,473 | |||||||||
Total Average Portfolio Loans Receivable, as Adjusted | $ | 1,701,145 | $ | 1,453,188 | |||||||
Portfolio Loans Receivable Yield, as Adjusted | 6.66% | 5.31% |
Pre-tax, Pre-Provision Net Revenue ("PPNR") | Quarter Ended | ||||||||||||||||||||||||||||
(in thousands) | December 31, 2023 | September 30, 2023 | June 30, 2023 | March 31, 2023 | December 31, 2022 | ||||||||||||||||||||||||
Net Income | $ | 9,030 | $ | 9,788 | $ | 7,318 | $ | 9,735 | $ | 8,991 | |||||||||||||||||||
Add: Income Tax Expense | 2,186 | 2,998 | 2,255 | 2,915 | 2,651 | ||||||||||||||||||||||||
Add: Provision for Credit Losses | 2,808 | 2,280 | 2,862 | 1,660 | 2,384 | ||||||||||||||||||||||||
Add: (Release of) Provision for Credit Losses on Unfunded Commitments | (106) | 24 | — | (19) | — | ||||||||||||||||||||||||
Pre-tax, Pre-Provision Net Revenue ("PPNR") | $ | 13,918 | $ | 15,090 | $ | 12,435 | $ | 14,291 | $ | 14,026 | |||||||||||||||||||
Pre-tax, Pre-Provision Net Revenue ("PPNR") | Year Ended | ||||||||||
(in thousands) | December 31, 2023 | December 31, 2022 | |||||||||
Net Income | $ | 35,871 | $ | 41,804 | |||||||
Add: Income Tax Expense | 10,354 | 12,430 | |||||||||
Add: Provision for Credit Losses | 9,610 | 6,631 | |||||||||
Add: Release of Credit Losses on Unfunded Commitments | (101) | — | |||||||||
Pre-tax, Pre-Provision Net Revenue ("PPNR") | $ | 55,734 | $ | 60,865 |
Allowance for Credit Losses to Total Portfolio Loans | Quarter Ended | ||||||||||||||||||||||||||||
(in thousands) | December 31, 2023 | September 30, 2023 | June 30, 2023 | March 31, 2023 | December 31, 2022 | ||||||||||||||||||||||||
Allowance for Credit Losses | $ | 28,610 | $ | 28,279 | $ | 27,495 | $ | 26,216 | $ | 26,385 | |||||||||||||||||||
Total Loans | 1,903,288 | 1,862,679 | 1,838,131 | 1,788,146 | 1,730,755 | ||||||||||||||||||||||||
Less: SBA-PPP Loans | 645 | 750 | 1,090 | 2,037 | 2,163 | ||||||||||||||||||||||||
Total Portfolio Loans | $ | 1,902,643 | $ | 1,861,929 | $ | 1,837,041 | $ | 1,786,109 | $ | 1,728,592 | |||||||||||||||||||
Allowance for Credit Losses to Total Portfolio Loans | 1.50% | 1.52% | 1.50% | 1.47% | 1.53% |
Nonperforming Assets to Total Assets, net SBA-PPP Loans | Quarter Ended | ||||||||||||||||||||||||||||
(in thousands) | December 31, 2023 | September 30, 2023 | June 30, 2023 | March 31, 2023 | December 31, 2022 | ||||||||||||||||||||||||
Total Nonperforming Assets | $ | 16,042 | $ | 15,236 | $ | 15,709 | $ | 16,293 | $ | 9,756 | |||||||||||||||||||
Total Assets | 2,224,667 | 2,272,484 | 2,227,866 | 2,245,286 | 2,123,655 | ||||||||||||||||||||||||
Less: SBA-PPP Loans | 645 | 750 | 1,090 | 2,037 | 2,163 | ||||||||||||||||||||||||
Total Assets, net SBA-PPP Loans | $ | 2,224,022 | $ | 2,271,734 | $ | 2,226,776 | $ | 2,243,249 | $ | 2,121,492 | |||||||||||||||||||
Nonperforming Assets to Total Assets, net SBA-PPP Loans | 0.72% | 0.67% | 0.71% | 0.73% | 0.46% |
Nonperforming Loans to Total Portfolio Loans | Quarter Ended | ||||||||||||||||||||||||||||
(in thousands) | December 31, 2023 | September 30, 2023 | June 30, 2023 | March 31, 2023 | December 31, 2022 | ||||||||||||||||||||||||
Total Nonperforming Loans | $ | 16,042 | $ | 15,236 | $ | 15,709 | $ | 16,293 | $ | 9,756 | |||||||||||||||||||
Total Loans | 1,903,288 | 1,862,679 | 1,838,131 | 1,788,146 | 1,730,755 | ||||||||||||||||||||||||
Less: SBA-PPP Loans | 645 | 750 | 1,090 | 2,037 | 2,163 | ||||||||||||||||||||||||
Total Portfolio Loans | $ | 1,902,643 | $ | 1,861,929 | $ | 1,837,041 | $ | 1,786,109 | $ | 1,728,592 | |||||||||||||||||||
Nonperforming Loans to Total Portfolio Loans | 0.84% | 0.82% | 0.86% | 0.91% | 0.56% |
Net Charge-offs to Average Portfolio Loans | Quarter Ended | ||||||||||||||||||||||||||||
(in thousands) | December 31, 2023 | September 30, 2023 | June 30, 2023 | March 31, 2023 | December 31, 2022 | ||||||||||||||||||||||||
Total Net Charge-offs | $ | 2,477 | $ | 1,780 | $ | 1,583 | $ | 2,633 | $ | 2,090 | |||||||||||||||||||
Total Average Loans | 1,863,298 | 1,847,772 | 1,802,608 | 1,752,638 | 1,677,869 | ||||||||||||||||||||||||
Less: Average SBA-PPP Loans | 699 | 906 | 1,808 | 2,099 | 2,435 | ||||||||||||||||||||||||
Total Average Portfolio Loans | $ | 1,862,599 | $ | 1,846,866 | $ | 1,800,800 | $ | 1,750,539 | $ | 1,675,434 | |||||||||||||||||||
Net Charge-offs to Average Portfolio Loans | 0.53% | 0.38% | 0.35% | 0.61% | 0.49% |
Net Charge-offs to Average Portfolio Loans | Year Ended | ||||||||||
(in thousands) | December 31, 2023 | December 31, 2022 | |||||||||
Total Net Charge-offs | $ | 8,473 | $ | 5,427 | |||||||
Total Average Loans | 1,816,968 | 1,609,492 | |||||||||
Less: Average SBA-PPP Loans | 1,373 | 29,831 | |||||||||
Total Average Portfolio Loans | $ | 1,815,595 | $ | 1,579,661 | |||||||
Net Charge-offs to Average Portfolio Loans | 0.47% | 0.34% |
Tangible Book Value per Share | Quarter Ended | ||||||||||||||||||||||||||||
(in thousands, except per share amounts) | December 31, 2023 | September 30, 2023 | June 30, 2023 | March 31, 2023 | December 31, 2022 | ||||||||||||||||||||||||
Total Stockholders' Equity | $ | 254,860 | $ | 242,878 | $ | 237,435 | $ | 234,517 | $ | 224,015 | |||||||||||||||||||
Less: Preferred Equity | — | — | — | — | — | ||||||||||||||||||||||||
Less: Intangible Assets | — | — | — | — | — | ||||||||||||||||||||||||
Tangible Common Equity | $ | 254,860 | $ | 242,878 | $ | 237,435 | $ | 234,517 | $ | 224,015 | |||||||||||||||||||
Period End Shares Outstanding | 13,922,532 | 13,893,083 | 13,981,414 | 14,082,657 | 14,138,829 | ||||||||||||||||||||||||
Tangible Book Value per Share | $ | 18.31 | $ | 17.48 | $ | 16.98 | $ | 16.65 | $ | 15.84 |
79A,D4]39&EF971A;DQ$
M<6)I26M#;RLY3 X,39K=6IX3#9C3G5Y5W)Z<$@O=G1B
M;&]J24%"&UP34TZ1&]C=6UE;G1)1#X-
M"@D)"3QX;7!-33I);G-T86YC94E$/GAM<"YI:60Z-3DR8F8V-S,M9#)O%FOVUC>:J-8;4-/O[&4F,3
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MXW[<\7H]KZ;V1-^W/I>N:9^U=XV_MZ.=;BXU&2>U:3.)+0G_ $
Cover Page |
Jan. 22, 2024 |
---|---|
Cover [Abstract] | |
Document Type | 8-K |
Document Period End Date | Jan. 22, 2024 |
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 | false |
Title of 12(b) Security | Common Stock, par value $0.01 per share |
Trading Symbol | CBNK |
Security Exchange Name | NASDAQ |
Amendment Flag | false |
Entity Central Index Key | 0001419536 |
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
&PO M7W)E;',O=V]R:V)O;VLN>&UL+G)E;'.UD3T.@S ,A:\2Y0 U4*E#!4Q=6"LN M$ 7S(Q(2Q:X*MR^% 9 Z=&&RGBU_[\E.GV@4=VZ@MO,D1FL&RF3+[.\ I%NT MBB[.XS!/:A>LXEF&!KS2O6H0DBBZ0=@S9)[NF:*/Y#='7=:7PX_;(X\ \P MO%WHJ45D*4H5&N1,PFBV-L%2XLM,EJ*H,AF**I9P6B#BR2!M:59]L$].M.=Y M%S?W1:[-XPFNWPQP>'3^ 5!+ P04 " O@#9899!YDAD! #/ P $P M %M#;VYT96YT7U1Y<&5S72YX;6RMDTU.PS 0A:\295LE+BQ8H*8;8 M=< %C M3QJK_I-G6M+;,T[:2J 2%85-K'C>O,^>EZS>CQ&PZ)WUV)0=47P4 E4'3F(= M(GBNM"$Y2?R:MB)*M9-;$/?+Y8-0P1-XJBA[E.O5,[1R;ZEXZ7D;3?!-FI6.5Z*U .EK >MKBRAE#VQH%.JB]XY8:8P*IL0,@9^O1=#%-)IXPC,^[ MV?S!9@K(RDT*$3FQ!'_'G2/)W55D(TADIJ]X(;+U[/M!3EN#OI'-X_T,:3?D M@6)8YL_X>\87_QO.\1'"[K\_L;S63AI_YHOA/UY_ 5!+ 0(4 Q0 ( "^ M-E@'04UB@0 +$ 0 " 0 !D;V-0 &UL4$L! A0#% @ +X V6'VV? KN *P( !$ ( ! MKP &1O8U!R;W!S+V-O &UL4$L! A0#% @ +X V6)E &PO M=V]R:W-H965T &UL4$L! A0#% @ +X V6)^@&_"Q @ MX@P T ( !I P 'AL+W-T>6QE &PO=V]R:V)O;VLN>&UL4$L! A0#% @ +X V6"0>FZ*M ^ $ M !H ( !S1$ 'AL+U]R96QS+W=O 9(9 0 SP, !, ( !LA( J %M#;VYT96YT7U1Y<&5S72YX;6Q02P4& D "0 ^ @ _!, end
0$E&5?!;^YVKGK#SA?RJ7/1O>Q?'9'>1? 0'&A&J:JQO!D.KB[!(&!]
M=H?J+!C$NM .+ 7U'00E=1S<2,?*>+/"I<*-DI@8^U^TR:#X:B"K?$ /,VNP
M: (,0MY7,>9P?7]X[G+T!8N )(M$IURX5'4AL.>.QOR>,:D;3;FYUPJAA
MU*WFJQ\%LJI&O?GZ!Y G4B]TGGK 4/;'I3%E#RUE5]25+-SDIU];G91I=
MYI_F2C:%V[%ENYV*75K1'%C'E+6V.C:LZ*-:4Z7C*CS?)CMFMF2'XN0-C_.-
MR%K:C/OH^@$__,% 90DPG'T?7'9< =Q*'UQ4S\Z;DU\:., (VWN(@')Q +7MQ _82N96E R;SQ,G?
MEV)FZ1WY+#]/4.$78W1SC-[>NWZ,P@6/IU$\%],LBCN0-!+_CV(/56FI53?[
M.NTS!12>@4)+)3\ !=4()78%W+8#"@44VBF5#BBH1BAM9 [JKKUI"W@2W"BF
M15/"OX]G2[D:DEYSA6;X +7"$P ; 96%R;FEN9W-R96QE87-E,3(S,3(P
M,C,N:'1M[+WK'(-.I-*9;
MN&M.BM.K7SZX,=OX$NEN/ITR0^CRD$*QH7KW^27F/X6%VQP>>V75HE^Q_@]F
M[[=!M\89MX+WT?QSS3C@"/ZY)JBO^>?H;L_F_;FLX9980M-E9Q7:$NSJ^K,5
MV#5SG2NV0$M7[V;GNK7&D,UYCGYJ->VKK6,PYX-DK\ TY/8ASL8S[X_:*!+_](=Y-%4!.3 ,.:#(
M#LB! 8?";NLK1)U#5 PC6VF;* 8.JFZ0P1"N%!09S=8!&0&1,3#(,A%QP5I1
M#O4\G.W "O6IZ1A$IXBXJ)9\&MG9%X.F+P<.+[Z0("\9^V9K_5OZQWG(;I_.
MKPKR^86<^UD]/4MDO5"5SI/E(;EXAX[0=E\ 6+J Y:;*SB:\!&0&PN5*V]
MGQDP.7+@2%=E"TYBG3T?@(HA'":GW,OZ8N;T)6ZS>57>.81K6#YQVR-XX#_I
MYJ",A@$9$9$QD&%"#KZ(R%QH3@O[!3#I!!.S3>);KUW P 7UJ'*?D]5Y3"FGEHFV/M]L5K_\/&)K;XWHM<]*;_#ENJ0SOW*2TB9P
M9PFY*GZX]OQD%KC/5W[(Y\H_NL[740Z.L
M5SX@8]!!
MI@K.+1&1,9&I@0-%1&0P
LN>)8F<32EKQHR7GW5#_D($G?*DYC\R&-_8F24*=7):J<9 4O-8UVBXLY/
MI%E$7TJ8:#=E77G-Y7K3F65CJQF%Y":;DPXE.@#/3Z6Q&WM2:3P_JK(JY5.3
MI<^;8T<2^3X.YDPU66F#\<[=VYO+V]M;*6 2%+'.\E;IK#39P>UFA5CA.\K"
MB^_5Y? E$D X.BSD?K8!"WEX"UG53':" A9R+]K(S93B
MXQQ+@[]P E.JA+]&$?:B^2@@A\GX[(/1V-,V +4^M@&HB>+D$4]I^4S21>$9
M*9G%Q/6&<'('@O?M'#JZ[ A?66>+WU1$']EK6$>P%O>ZL%'63G/%:6;(!&S?$7)IP4/+[_=->M!L2V)F.U77-^A[
MFF9;^C-W(^_BMD5
M++6>;NC9^_*/BUE[WLBP7#GQXGZW>'&QIE&VI@VM-O],+-[5C)T?:R.]YF>F
M:=5Z\KG)ZICL\2:KYP#JQF0[15E7*S?L]@"-!T])BX$8^F;MFFT&?#ZA"1]+
MG4Z>0<)BYG&N>O[^_O++I\_OS\\^D%_??SS[>/Y>_/3[^]]^_R#^^W))3LD_
M0E_H*ADRGP3C@X?B.
M9$538?"63("Q!A;N!BP\AP4-:1+ 0E:83QN9V!> A6Q?,$<.;E"!A>*,L+PA
M8:'0F%=OON^OEW'ZT*85QL 8JH[10=/QI
1_-5XJ[,'OZ%9[\E/_UHN4^V
MR4.
=!DAS+
M4_YB:U<-