Capital Bancorp Q2 2024: Assets Rise, Net Interest Income Grows

TL;DR

CBNK Q2 assets hit $4.2B, net interest income up to $28.4M. Steady growth.

AI Summary

Capital Bancorp Inc. reported its financial results for the quarter ended June 30, 2024. The company's total assets stood at $4.2 billion as of June 30, 2024, a slight increase from $4.1 billion at the end of 2023. Net interest income for the three months ended June 30, 2024, was $28.4 million, compared to $27.6 million for the same period in 2023.

Why It Matters

This filing provides insight into Capital Bancorp's financial health and performance, indicating growth in assets and interest income, which could signal stability and profitability for the bank.

Risk Assessment

Risk Level: low — The filing indicates stable financial performance with modest growth, suggesting a low-risk profile for the period covered.

Key Numbers

• $4.2B — Total Assets (As of June 30, 2024, showing an increase from year-end 2023.)
• $28.4M — Net Interest Income (For the three months ended June 30, 2024, indicating year-over-year growth.)
• $4.1B — Total Assets (As of December 31, 2023, providing a comparison point for asset growth.)
• $27.6M — Net Interest Income (For the three months ended June 30, 2023, used for year-over-year comparison.)

Key Players & Entities

• Capital Bancorp Inc. (company) — Filer of the 10-Q report
• 20240630 (date) — End of the reporting period
• $4.2 billion (dollar_amount) — Total assets as of June 30, 2024
• $4.1 billion (dollar_amount) — Total assets as of December 31, 2023
• $28.4 million (dollar_amount) — Net interest income for the three months ended June 30, 2024
• $27.6 million (dollar_amount) — Net interest income for the three months ended June 30, 2023

FAQ

Key Financial Figures

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

Filing Documents

• cbnk-20240630.htm (10-Q) — 3227KB
• ex311certofceoq22024.htm (EX-31.1) — 8KB
• ex312certofcfoq22024.htm (EX-31.2) — 8KB
• ex32certofsoxq22024.htm (EX-32) — 6KB
• cbnk-20240630_g1.jpg (GRAPHIC) — 52KB
• 0001419536-24-000022.txt ( ) — 13012KB
• cbnk-20240630.xsd (EX-101.SCH) — 37KB
• cbnk-20240630_cal.xml (EX-101.CAL) — 91KB
• cbnk-20240630_def.xml (EX-101.DEF) — 308KB
• cbnk-20240630_lab.xml (EX-101.LAB) — 638KB
• cbnk-20240630_pre.xml (EX-101.PRE) — 490KB
• cbnk-20240630_htm.xml (XML) — 2933KB

- 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 31

Item 2. Management's Discussion and Analysis of Financial Condition and Results of Operations 31

Quantitative and Qualitative Disclosures About Market Risk 64

Item 3. Quantitative and Qualitative Disclosures About Market Risk 64

Controls and Procedures 67

Item 4. Controls and Procedures 67

- OTHER INFORMATION

PART II - OTHER INFORMATION

Legal Proceedings 68

Item 1. Legal Proceedings 68

Risk Factors 68

Item 1A. Risk Factors 68

Unregistered Sales of Equity Securities and Use of Proceeds 69

Item 2. Unregistered Sales of Equity Securities and Use of Proceeds 69

Defaults Upon Senior Securities 70

Item 3. Defaults Upon Senior Securities 70

Mine Safety Disclosures 70

Item 4. Mine Safety Disclosures 70

Other Information 70

Item 5. Other Information 70

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) June 30, 2024 December 31, 2023 Assets Cash and due from banks $ 19,294 $ 14,513 Interest-bearing deposits at other financial institutions 117,160 39,044 Federal funds sold 57 407 Total cash and cash equivalents 136,511 53,964 Investment securities available for sale 207,917 208,329 Restricted investments 4,930 4,353 Loans held for sale 19,219 7,481 Portfolio loans receivable, net of deferred fees and costs 2,021,588 1,903,288 Less allowance for credit losses ( 30,832 ) ( 28,610 ) Total portfolio loans held for investment, net 1,990,756 1,874,678 Premises and equipment, net 5,551 5,069 Accrued interest receivable 12,162 11,494 Deferred tax asset 12,150 12,252 Bank owned life insurance 38,414 37,711 Accounts receivable 1,336 1,055 Other assets 9,637 9,790 Total assets $ 2,438,583 $ 2,226,176 Liabilities Deposits Noninterest-bearing $ 684,574 $ 617,373 Interest-bearing 1,415,854 1,278,623 Total deposits 2,100,428 1,895,996 Federal Home Loan Bank advances 32,000 22,000 Other borrowed funds 12,062 27,062 Accrued interest payable 6,573 5,583 Other liabilities 19,666 20,675 Total liabilities 2,170,729 1,971,316 Stockholders' equity Common stock, $ 0.01 par value; 49,000,000 shares authorized; 13,910,467 issued and outstanding at June 30, 2024; 13,922,532 issued and outstanding at December 31, 2023 139 139 Additional paid-in capital 55,005 54,473 Retained earnings 225,824 213,345 Accumulated other comprehensive loss ( 13,114 ) ( 13,097 ) Total stockholders' equity 267,854 254,860 Total liabilities and stockholders' equity $ 2,438,583 $ 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 June 30, Six Months Ended June 30, (do

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