Capital Bancorp Inc. Files 10-Q for Period Ending March 31, 2024

TL;DR

<b>Capital Bancorp Inc. has filed its Q1 2024 10-Q report, detailing financial performance and operations for the period ending March 31, 2024.</b>

AI Summary

Capital Bancorp Inc (CBNK) filed a Quarterly Report (10-Q) with the SEC on May 10, 2024. Capital Bancorp Inc. filed a 10-Q report for the period ending March 31, 2024. The filing covers the first quarter of 2024. The company's fiscal year ends on December 31. Capital Bancorp Inc. is incorporated in Maryland. The company's business and mailing address is One Church Street, Suite 300, Rockville, MD 20850.

Why It Matters

For investors and stakeholders tracking Capital Bancorp Inc, this filing contains several important signals. This 10-Q filing provides investors with the latest quarterly financial data, crucial for assessing the company's performance and making informed investment decisions. Understanding the details within this report allows for a timely evaluation of Capital Bancorp's financial health, operational efficiency, and strategic direction in the current market environment.

Risk Assessment

Risk Level: low — Capital Bancorp Inc shows low risk based on this filing. The filing is a standard quarterly report (10-Q) and does not contain any immediate red flags or significant deviations from typical disclosures for a company of this nature.

Analyst Insight

Review the detailed financial statements and management's discussion and analysis within the 10-Q to understand Capital Bancorp's Q1 2024 performance and outlook.

Key Numbers

• 2024-03-31 — Period End Date (Conformed Period of Report)
• 2024-05-10 — Filing Date (Date the report was filed)
• 2024 Q1 — Reporting Quarter (Indicates the report covers the first quarter of 2024)
• 12/31 — Fiscal Year End (Indicates the company's fiscal year ends on December 31)

Key Players & Entities

• Capital Bancorp Inc. (company) — Filer of the 10-Q report
• CBNK (company) — Ticker symbol for Capital Bancorp Inc.
• 2024-03-31 (date) — Conformed period of report
• 2024-05-10 (date) — Filing date
• Rockville, MD (location) — Business and mailing address city and state
• One Church Street, Suite 300 (location) — Business and mailing address

FAQ

Industry Context

Capital Bancorp Inc. operates within the National Commercial Banks industry (SIC code 6021).

Regulatory Implications

The filing is made under the Securities Exchange Act of 1934.

What Investors Should Do

1. Analyze the balance sheet for changes in assets, liabilities, and equity as of March 31, 2024.
2. Review the income statement for revenue and net income performance during Q1 2024.
3. Examine the cash flow statement to understand the company's cash generation and usage during the quarter.

Year-Over-Year Comparison

This is the initial filing analyzed, so no comparison to a previous filing is available.

Key Financial Figures

• $0.01 — ich registered Common Stock, par value $0.01 per share CBNK NASDAQ Stock Market In

Filing Documents

• cbnk-20240331.htm (10-Q) — 2720KB
• ex311certofceoq12024.htm (EX-31.1) — 8KB
• ex312certofcfoq12024.htm (EX-31.2) — 8KB
• ex32certofsoxq12024.htm (EX-32) — 6KB
• cbnk-20240331_g1.jpg (GRAPHIC) — 52KB
• 0001628280-24-022477.txt (&nbsp;) — 11327KB
• cbnk-20240331.xsd (EX-101.SCH) — 33KB
• cbnk-20240331_cal.xml (EX-101.CAL) — 92KB
• cbnk-20240331_def.xml (EX-101.DEF) — 268KB
• cbnk-20240331_lab.xml (EX-101.LAB) — 579KB
• cbnk-20240331_pre.xml (EX-101.PRE) — 440KB
• cbnk-20240331_htm.xml (XML) — 2534KB

- CONSOLIDATED FINANCIAL INFORMATION Page

PART I - CONSOLIDATED FINANCIAL INFORMATION Page

Consolidated Financial Statements (Unaudited)

Item 1. Consolidated Financial Statements (Unaudited) Consolidated Balance Sheets 2 Consolidated Statements of Income 3 Consolidated Statements of Comprehensive Income 4 Consolidated Statements of Changes in Stockholders' Equity 5 Consolidated Statements of Cash Flows 6 Notes to Unaudited Consolidated Financial Statements 8

Management's Discussion and Analysis of Financial Condition and Results of Operations 29

Item 2. Management's Discussion and Analysis of Financial Condition and Results of Operations 29

Quantitative and Qualitative Disclosures About Market Risk 60

Item 3. Quantitative and Qualitative Disclosures About Market Risk 60

Controls and Procedures 63

Item 4. Controls and Procedures 63

- OTHER INFORMATION

PART II - OTHER INFORMATION

Legal Proceedings 64

Item 1. Legal Proceedings 64

Risk Factors 64

Item 1A. Risk Factors 64

Unregistered Sales of Equity Securities and Use of Proceeds 66

Item 2. Unregistered Sales of Equity Securities and Use of Proceeds 66

Defaults Upon Senior Securities 67

Item 3. Defaults Upon Senior Securities 67

Mine Safety Disclosures 67

Item 4. Mine Safety Disclosures 67

Other Information 67

Item 5. Other Information 67

CONSOLIDATED FINANCIAL INFORMATION

PART I. CONSOLIDATED FINANCIAL INFORMATION

CONSOLIDATED FINANCIAL STATEMENTS

Item 1. CONSOLIDATED FINANCIAL STATEMENTS Capital Bancorp, Inc. and Subsidiaries Consolidated Balance Sheets (unaudited) (in thousands except share data) March 31, 2024 December 31, 2023 Assets Cash and due from banks $ 12,361 $ 14,513 Interest-bearing deposits at other financial institutions 72,787 39,044 Federal funds sold 56 407 Total cash and cash equivalents 85,204 53,964 Investment securities available for sale 202,254 208,329 Restricted investments 4,441 4,353 Loans held for sale 10,303 7,481 Portfolio loans receivable, net of deferred fees and costs 1,964,525 1,903,288 Less allowance for credit losses ( 29,350 ) ( 28,610 ) Total portfolio loans held for investment, net 1,935,175 1,874,678 Premises and equipment, net 4,500 5,069 Accrued interest receivable 12,258 11,494 Deferred tax asset 12,311 12,252 Bank owned life insurance 38,062 37,711 Accounts receivable 11,637 1,055 Other assets 8,093 9,790 Total assets $ 2,324,238 $ 2,226,176 Liabilities Deposits Noninterest-bearing $ 665,812 $ 617,373 Interest-bearing 1,339,883 1,278,623 Total deposits 2,005,695 1,895,996 Federal Home Loan Bank advances 22,000 22,000 Other borrowed funds 12,062 27,062 Accrued interest payable 6,009 5,583 Other liabilities 19,007 20,675 Total liabilities 2,064,773 1,971,316 Stockholders' equity Common stock, $ 0.01 par value; 49,000,000 shares authorized; 13,889,563 issued and outstanding at March 31, 2024; 13,922,532 issued and outstanding at December 31, 2023 139 139 Additional paid-in capital 54,229 54,473 Retained earnings 218,731 213,345 Accumulated other comprehensive loss ( 13,634 ) ( 13,097 ) Total stockholders' equity 259,465 254,860 Total liabilities and stockholders' equity $ 2,324,238 $ 2,226,176 See accompanying Notes to Unaudited Consolidated Financial Statements 2 Capital Bancorp, Inc. and Subsidiaries Consolidated Statements of Income (unaudited) Three Months Ended March 31, (dollars in thousands excep

Notes to Consolidated Financial Statements

Notes to Consolidated Financial Statements Note 5 - Portfolio Loans Receivable and Allowance for Credit Losses The following is a summary of the major categories of total loans outstanding: March 31, 2024 December 31, 2023 (in thousands) Amount Percent Amount Percent Real estate: Residential $ 577,112 29 % $ 573,104 30 % Commercial 736,316 37 % 684,229 35 % Construction 290,016 15 % 290,108 15 % Commercial and Industrial 254,577 13 % 239,208 13 % Credit card, net of reserve (1) 111,898 6 % 123,331 7 % Other consumer 738 — % 950 — % Portfolio loans receivable, gross 1,970,657 100 % 1,910,930 100 % Deferred origination fees, net ( 6,132 ) ( 7,642 ) Allowance for credit losses ( 29,350 ) ( 28,610 ) Portfolio loans receivable, net $ 1,935,175 $ 1,874,678 _____________ (1) Credit card loans are presented net of reserve for interest and fees. The following tables set forth the changes in the ACL and an allocation of the ACL by loan segment class for the three months ended March 31, 2024 and March 31, 2023. (in thousands) Beginning Balance Provision (Release of Provision) for Credit Losses Charge-Offs Recoveries Ending Balance Three Months Ended March 31, 2024 Real estate: Residential $ 5,518 $ 633 $ ( 225 ) $ — $ 5,926 Commercial 10,316 807 — — 11,123 Construction 2,271 28 — — 2,299 Commercial and Indus

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View this 10-Q filing on SEC EDGAR