ROCKVILLE, Md., July 27, 2023 (GLOBE NEWSWIRE)
-- Capital Bancorp, Inc. (the "Company") (NASDAQ: CBNK), the
holding company for Capital Bank, N.A. (the "Bank"), today reported
net income of $7.3 million, or $0.52 per diluted share, for the
second quarter 2023, compared to net income of $9.7 million, or
$0.68 per diluted share, for the first quarter 2023 and $11.5
million, or $0.80 per diluted share, for the second quarter 2022.
Total average deposits increased $110.4 million, or 25.0%
annualized, the average loan portfolio grew $50.3 million and the
net interest margin of 6.63% for the second quarter 2023 remained
stable when compared to 6.65% for the first quarter 2023. Adjusted
net interest margin (excluding credit card and SBA-PPP loans) of
4.06% for the second quarter 2023 grew on the back of steady loan
and deposit growth, excluding brokered time deposits, when compared
to adjusted net interest margin of 3.81% for the first quarter
2023.
The Company also declared a cash dividend on its
common stock of $0.08 per share. The dividend is payable on August
23, 2023 to shareholders of record on August 7, 2023. The dividend
declared of $0.08 is $0.02, or 33.3% higher than the prior quarter
dividend.
"We saw a significant number of positive signs
in our performance this quarter and are making investments in our
future,” said Ed Barry, Chief Executive Officer of the Company and
the Bank. “Core deposit growth remains a priority and we continue
to see traction on building our franchise and in particular our
noninterest-bearing deposits. Net interest margin was stable with
adjusted net interest margin increasing as we continued to price
loans based on the marginal cost of deposits to generate attractive
spreads. OpenSky® open customer accounts increased, with growth in
corresponding loan and deposit balances, as initiatives began to
deliver. Credit remained stable and we maintain a well positioned
balance sheet with a strong capital base in the current
environment."
“Despite some of the year-over-year declines,
the Board is pleased with Capital Bank’s performance during the
quarter.” said Steven J. Schwartz, Chairman of the Company. “Our
continued solid increases in tangible book value, average
non-interest-bearing deposits, loans, and cardholders are a direct
result of the Bank’s smart growth strategy. We are also pleased
with the results of our continuing focus on maintaining outstanding
capital and liquidity metrics, as reflected in our quarter-end
numbers. Declines in EPS and ROE resulted primarily from a decision
to invest more heavily in our credit card franchise, loan and
deposit growth personnel and branding, as well as the industry-wide
migration of our deposit book to more expensive products. We are
gratified nonetheless that our net interest margin remains largely
unaffected, and we believe the Bank continues to be well positioned
for any macroeconomic challenges that may lie ahead.”
Second Quarter 2023
Highlights
Capital Bancorp, Inc.
Earnings Summary - Net income
of $7.3 million, or $0.52 per diluted share, decreased $2.4
million compared to $9.7 million, or $0.68 per diluted share, for
the first quarter 2023.
- Net interest
income of $35.3 million increased $0.9 million compared to
$34.5 million for the first quarter 2023. Interest income of $45.1
million increased $1.7 million compared to $43.4 million for the
first quarter 2023 driven by loan growth, as average portfolio
loans increased $50.3 million compared to the first quarter
2023 in tandem with slightly higher rates in the second quarter
2023. Interest expense of $9.7 million increased $0.8 million
compared to $8.9 million for the first quarter 2023 driven by an
increase in the cost of funds. Interest expense from
interest-bearing deposits increased $1.7 million, as average
interest-bearing deposits increased $88.0 million while
interest expense from borrowed funds decreased $0.8 million, as
average borrowed funds decreased $75.2 million from the first
quarter 2023.
- The provision
for credit losses was $2.9 million, an increase of $1.2
million from the first quarter 2023 driven by moderate changes to
the economic forecast and loan growth.
- Noninterest
income of $6.7 million increased $0.7 million compared to $6.0
million for the first quarter of 2023. Credit card fees increased
$0.5 million as the number of open customer accounts increased
quarter over quarter, which resulted in higher interchange and
other income.
- Noninterest
expense of $29.6 million increased $3.4 million compared to
$26.2 million for the first quarter 2023. Within this category,
significant variances included the following:
- Advertising
expense of $2.6 million increased $2.1 million due to marketing
efforts related to OpenSky® customer acquisition.
- Other operating
expenses of $3.4 million increased $0.8 million including $0.2
million related to outside service provider expense, $0.2 million
related to FDIC assessment expense, with the remainder among other
categories.
- Occupancy and
equipment expense of $1.5 million increased $0.3 million related to
software licensing expenses.
- Loan processing
expense of $0.7 million increased $0.3 million in line with the
growth in the loan portfolio.
- Professional
fees of $2.6 million increased $0.2 million, attributable primarily
to increases in third party consulting and legal fees.
- Salaries and
employee benefits of $12.1 million decreased $0.4 million
reflecting a seasonal increase in payroll taxes and benefit expense
in the first quarter 2023.
Balance Sheet
– Total assets of $2.2 billion at June 30,
2023 decreased $17.4 million, or 0.8%, from March 31,
2023.
- Cash and cash
equivalents decreased $21.0 million.
- Net portfolio
loans of $1.8 billion increased $50.9 million, representing 11.4%
annualized growth.
- Total deposits
of $1.9 billion at June 30, 2023 decreased
$10.0 million, or 0.5%, from March 31, 2023, while total
average deposits increased $110.4 million, or 25.0%
annualized, quarter over quarter. Federal Home Loan Bank advances
decreased $10.0 million, or 31.3%, from March 31, 2023.
- The investment
securities portfolio continues to be classified as available for
sale and had a fair market value of $208.5 million, or 9.4% of
total assets, at June 30, 2023. The amortized cost of the
investment securities portfolio was $229.9 million, with an
effective duration of 3.48 years. U.S. Treasury securities
represent 74.6% of the overall investment portfolio. Investment
securities available for sale decreased $47.3 million,
primarily due to $44.0 million of maturing U.S. Treasuries in the
second quarter 2023. The accumulated other comprehensive loss
("AOCI Loss") on the investment securities portfolio increased $2.1
million during the quarter to $16.1 million as of June 30,
2023, which represents 6.8% of total stockholders' equity. The
Company does not have a held to maturity ("HTM") investment
securities portfolio.
Performance and Efficiency Ratios
– Annualized return on average assets ("ROAA") and
annualized return on average equity ("ROAE") were 1.34% and 12.30%,
respectively, for the three months ended June 30, 2023, compared to
1.84% and 16.98%, respectively, for the three months ended March
31, 2023.
- The efficiency
ratio was 70.4% for the three months ended June 30, 2023, compared
to 64.7% for the three months ended March 31, 2023. The change was
primarily attributable to an increase in noninterest
expense.
Stable Net Interest
Margin - Net interest margin was 6.63% for the three
months ended June 30, 2023, compared to 6.65% for the three months
ended March 31, 2023. Adjusted net interest margin (excluding
credit card and SBA-PPP loans), of 4.06%, increased 25 basis points
compared to 3.81% for the three months ended March 31, 2023.
- The average
yield on interest earning assets increased 9 basis points compared
to the first quarter 2023. The average yield on investment
securities available for sale decreased 4 basis points to 1.99%,
and the average yield on portfolio loans increased 1 basis
point.
- The average rate
on interest-bearing liabilities increased 20 basis points compared
to the first quarter 2023. Increases in average rates include money
market accounts increasing 39 basis points to 3.47% and time
deposits increasing 37 basis points to 4.30%, while average
balances increased $20.7 million and $47.0 million, respectively,
compared to the first quarter 2023. The average rate on borrowed
funds decreased 95 basis points to 3.07%, while average balances
decreased $75.2 million compared to the first quarter 2023.
Deposits and Cost of Funds
- Total deposits at June 30, 2023 decreased
by $10.0 million, or 0.5%, compared to March 31, 2023.
- Total brokered
time deposits of $128.7 million decreased $53.2 million, or 29.2%,
compared to March 31, 2023. Excluding the decline in brokered time
deposits during the quarter, total deposits increased $43.1
million, or 9.8% annualized.
- Average
noninterest-bearing deposits increased 3.4% compared to March 31,
2023, and represented 36.0% of total average deposits at
June 30, 2023.
- The elevated
interest rate environment has driven up the cost of
interest-bearing liabilities to 3.13% for the quarter ended
June 30, 2023, compared to 2.93% for the first quarter
2023.
Robust Capital Positions - As
of June 30, 2023, the Company reported a common equity tier 1
capital ratio of 14.96%, compared to 14.90% at March 31, 2023, and
an allowance for credit losses to total loans ratio of 1.50%,
compared to an allowance for credit losses to total loans ratio of
1.47% as March 31, 2023. Shares repurchased and retired during the
three months ended June 30, 2023, as part of the Company's stock
repurchase program totaled 138,407 shares at an average price of
$16.72, for a total cost of $2.3 million including commissions.
Tangible book value per common share grew 2.0% to $16.98 at
June 30, 2023 when compared to March 31, 2023.
Liquidity - Total sources of
available borrowings at June 30, 2023 totaled $665.8 million,
including available collateralized lines of credit of $531.4
million, unsecured lines of credit with other banks of $76.0
million and unpledged investment securities available as collateral
for potential additional borrowings of $58.5 million.
Commercial Bank
Continued Strong Portfolio Loan Growth
- Portfolio loans, excluding credit cards, increased by
$41.2 million, or 10.1% annualized, to $1.7 billion, gross, at
June 30, 2023 compared to March 31, 2023. The increase in
portfolio loans included $13.9 million from commercial real estate,
$12.3 million from commercial and industrial, $9.3 million from
residential real estate and $6.9 million from construction real
estate.
Credit Metrics - Nonperforming
assets ("NPAs") decreased 2 basis points to 0.71% of total assets
at June 30, 2023 compared to 0.73% at March 31, 2023 as a
result of a decrease in nonaccrual loans at June 30, 2023 to
$15.7 million compared to $16.3 million at March 31, 2023.
Included in nonperforming assets is a single $8.2 million,
well-collateralized multi-unit residential real estate loan that
was downgraded in the first quarter of 2023. At June 30, 2023
commercial real estate loans with office space exposure totaled
$55.8 million, or 3.0% of total portfolio loans.
OpenSky®
Revenues - Total revenue of
$19.9 million decreased $0.5 million from the first quarter 2023.
Interest income of $15.2 million decreased $1.0 million from the
first quarter 2023 as income from late charges decreased $0.7
million. Noninterest income of $4.7 million increased $0.5 million
due to credit card fees as compared to the first quarter 2023.
Noninterest
Expense - Total noninterest
expense of $12.1 million increased $2.6 million from the first
quarter 2023 due to marketing expense of $2.3 million related to
the Company’s strategy for OpenSky®
customer acquisition. During the second quarter 2023, the number of
OpenSky® credit card accounts increased
by 12,827 to 540,058.
Loan Balances -
OpenSky® loan balances, net of reserves, of $122.9
million increased by $10.1 million, or 8.9% compared to the first
quarter 2023. Corresponding deposit balances of $186.6 million
increased $1.8 million, or 1.0%, compared to the first quarter
2023. Gross unsecured loan balances stood at $25.3 million at June
30, 2023 and $25.8 million at March 31, 2023.
OpenSky®
Credit - Card delinquencies and utilization
remained stable in the second quarter 2023 when compared to the
first quarter 2023. The provision for credit losses increased $0.3
million compared to the first quarter 2023, driven primarily by
higher loan balances.
2023 Highlights
Capital Bancorp
Earnings Summary - Net income
of $17.1 million, or $1.20 per diluted share for the six
months ended June 30, 2023 decreased $4.7 million compared to
$21.7 million, or $1.52 per diluted share for the six months
ended June 30, 2022.
- Improved
interest income was offset by increased deposit costs that were a
result of the rising interest rate environment and a shift within
the portfolio from noninterest-bearing to interest-bearing deposits
and increased time deposits and FHLB balances. Further, SBA-PPP
income totaled $3.2 million for the six months ended June 30, 2022
with no comparable amount in 2023. A decline in card fees of $3.2
million resulted in lower total noninterest income of $12.7 million
for the six months ended June 30, 2023, as compared to $16.7
million for the same period in 2022.
Balance Sheet Growth - Total
assets of $2.2 billion at June 30, 2023 increased $73.0 million, or
3.4%, from June 30, 2022. Net portfolio loans increased $229.4
million, or 14.3% partially offset by a $131.5 million reduction in
cash and cash equivalents. Total deposits of $1.9 billion at June
30, 2023 increased $45.4 million, or 2.4%, from June 30, 2022.
Performance and Efficiency Ratios
- Annualized ROAA and ROAE were 1.59% and 14.60%,
respectively, for the six months ended June 30, 2023 compared to
2.12% and 21.25%, respectively, for the six months ended June 30,
2022.
- The efficiency
ratio was 67.60% for the six months ended June 30, 2023, compared
to 63.52% for the six months ended June 30, 2022.
Net Interest Margin
- Net interest margin was 6.64%, or 3.94%
excluding credit card and SBA-PPP loans, for the six months ended
June 30, 2023, compared to 6.93%, or 3.84% excluding credit card
and SBA-PPP loans, for the six months ended June 30, 2022. The
lower margin is a result of a 260 basis point increase in the cost
of interest-bearing liabilities despite a 127 basis point increase
in yield for portfolio loans as the average balances of portfolio
loans increased $256.0 million.
Robust Capital Positions - As
of June 30, 2023, the Company reported a common equity tier 1
capital ratio of 14.96%, compared to 15.55% at June 30, 2022, and
an allowance for loan losses to total loans ratio of 1.50%,
compared to 1.64% in 2022. Tangible book value per common share
grew 14.7% to $16.98 at June 30, 2023 as compared to $14.80 at June
30, 2022.
Commercial Bank
Strong Portfolio Loan Growth -
Portfolio loans, excluding credit cards, increased by $226.2
million, or 15.7% to $1.7 billion, gross, at June 30, 2023 compared
to June 30, 2022. The increase in portfolio loans included $123.0
million from residential real estate, $65.3 million from commercial
real estate and $40.3 million from commercial and industrial.
OpenSky®
Revenues -
Total revenue of $40.2 million for the six months ended June 30,
2023, decreased $3.6 million as compared to the six months ended
June 30, 2022. Interest income of $31.3 million in 2023 decreased
$0.4 million compared to 2022 while noninterest income of $8.9
million decreased $3.2 million due primarily to a decrease in
credit card fees resulting from a lower number of open customer
accounts and balances.
Noninterest Expense - Total
noninterest expense of $21.5 million for the six months ended June
30, 2023, decreased $3.3 million as compared to the six months
ended June 30, 2022 including decreases in data processing expense
of $2.4 million and outside service provider expense of $1.0
million.
COMPARATIVE FINANCIAL HIGHLIGHTS -
Unaudited |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Quarter Ended |
|
2Q23 vs 1Q23 |
|
2Q23 vs 2Q22 |
(in thousands except per
share data) |
June 30,
2023 |
|
March 31,
2023 |
|
June 30,
2022 |
|
$ Change |
|
%
Change |
|
$ Change |
|
%
Change |
Earnings
Summary |
|
|
|
|
|
|
|
|
|
|
|
|
|
Interest income |
$ |
45,080 |
|
|
$ |
43,416 |
|
|
$ |
36,556 |
|
|
$ |
1,664 |
|
|
3.8 |
% |
|
$ |
8,524 |
|
|
23.3 |
% |
Interest expense |
|
9,740 |
|
|
|
8,929 |
|
|
|
1,156 |
|
|
|
811 |
|
|
9.1 |
% |
|
|
8,584 |
|
|
742.6 |
% |
Net interest income |
|
35,340 |
|
|
|
34,487 |
|
|
|
35,400 |
|
|
|
853 |
|
|
2.5 |
% |
|
|
(60 |
) |
|
(0.2 |
)% |
Provision for credit
losses |
|
2,862 |
|
|
|
1,660 |
|
|
|
2,035 |
|
|
|
1,202 |
|
|
72.4 |
% |
|
|
827 |
|
|
40.6 |
% |
Noninterest income |
|
6,687 |
|
|
|
6,026 |
|
|
|
8,362 |
|
|
|
661 |
|
|
11.0 |
% |
|
|
(1,675 |
) |
|
(20.0 |
)% |
Noninterest expense |
|
29,592 |
|
|
|
26,203 |
|
|
|
27,130 |
|
|
|
3,389 |
|
|
12.9 |
% |
|
|
2,462 |
|
|
9.1 |
% |
Income before income taxes |
|
9,573 |
|
|
|
12,650 |
|
|
|
14,597 |
|
|
|
(3,077 |
) |
|
(24.3 |
)% |
|
|
(5,024 |
) |
|
(34.4 |
)% |
Income tax expense |
|
2,255 |
|
|
|
2,915 |
|
|
|
3,089 |
|
|
|
(660 |
) |
|
(22.6 |
)% |
|
|
(834 |
) |
|
(27.0 |
)% |
Net income |
$ |
7,318 |
|
|
$ |
9,735 |
|
|
$ |
11,508 |
|
|
$ |
(2,417 |
) |
|
(24.8 |
)% |
|
$ |
(4,190 |
) |
|
(36.4 |
)% |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Pre-tax pre-provision net
revenue ("PPNR") (1) |
$ |
12,435 |
|
|
$ |
14,310 |
|
|
$ |
16,632 |
|
|
$ |
(1,875 |
) |
|
(13.1 |
)% |
|
$ |
(4,197 |
) |
|
(25.2 |
)% |
Weighted average common shares
- Basic |
|
14,025 |
|
|
|
14,159 |
|
|
|
14,007 |
|
|
|
(134 |
) |
|
(0.9 |
)% |
|
|
18 |
|
|
0.1 |
% |
Weighted average common shares
- Diluted |
|
14,059 |
|
|
|
14,272 |
|
|
|
14,313 |
|
|
|
(213 |
) |
|
(1.5 |
)% |
|
|
(254 |
) |
|
(1.8 |
)% |
Earnings per share -
Basic |
$ |
0.52 |
|
|
$ |
0.69 |
|
|
$ |
0.82 |
|
|
$ |
(0.17 |
) |
|
(24.6 |
)% |
|
$ |
(0.30 |
) |
|
(36.6 |
)% |
Earnings per share -
Diluted |
$ |
0.52 |
|
|
$ |
0.68 |
|
|
$ |
0.80 |
|
|
$ |
(0.16 |
) |
|
(23.5 |
)% |
|
$ |
(0.28 |
) |
|
(35.0 |
)% |
Return on average assets
(annualized) |
|
1.34 |
% |
|
|
1.84 |
% |
|
|
2.23 |
% |
|
(0.50 |
)% |
|
(27.2 |
)% |
|
(0.89 |
)% |
|
(39.9 |
)% |
Return on average assets,
excluding impact of SBA-PPP loans (annualized) (1) |
|
1.34 |
% |
|
|
1.84 |
% |
|
|
2.04 |
% |
|
(0.50 |
)% |
|
(27.2 |
)% |
|
(0.70 |
)% |
|
(34.3 |
)% |
Return on average equity
(annualized) |
|
12.30 |
% |
|
|
16.98 |
% |
|
|
22.16 |
% |
|
(4.68 |
)% |
|
(27.6 |
)% |
|
(9.86 |
)% |
|
(44.5 |
)% |
|
|
Six Months Ended |
|
|
|
|
|
|
|
|
June 30, |
|
|
|
|
|
|
(in thousands except per
share data) |
|
|
2023 |
|
|
|
2022 |
|
|
$ Change |
|
%
Change |
|
Earnings
Summary |
|
|
|
|
|
|
|
|
|
|
Interest income |
|
$ |
88,496 |
|
|
$ |
70,957 |
|
|
$ |
17,539 |
|
|
24.7 |
% |
|
Interest expense |
|
|
18,669 |
|
|
|
2,226 |
|
|
|
16,443 |
|
|
738.7 |
% |
|
Net interest income |
|
|
69,827 |
|
|
|
68,731 |
|
|
|
1,096 |
|
|
1.6 |
% |
|
Provision for credit
losses |
|
|
4,522 |
|
|
|
2,987 |
|
|
|
1,535 |
|
|
51.4 |
% |
|
Noninterest income |
|
|
12,713 |
|
|
|
16,650 |
|
|
|
(3,937 |
) |
|
(23.6 |
)% |
|
Noninterest expense |
|
|
55,795 |
|
|
|
54,232 |
|
|
|
1,563 |
|
|
2.9 |
% |
|
Income before income taxes |
|
|
22,223 |
|
|
|
28,162 |
|
|
|
(5,939 |
) |
|
(21.1 |
)% |
|
Income tax expense |
|
|
5,170 |
|
|
|
6,443 |
|
|
|
(1,273 |
) |
|
(19.8 |
)% |
|
Net income |
|
$ |
17,053 |
|
|
$ |
21,719 |
|
|
$ |
(4,666 |
) |
|
(21.5 |
)% |
|
|
|
|
|
|
|
|
|
|
|
|
Pre-tax pre-provision net
revenue ("PPNR") (1) |
|
$ |
26,745 |
|
|
$ |
31,149 |
|
|
$ |
(4,404 |
) |
|
(14.1 |
)% |
|
Weighted average common shares
- Basic |
|
|
14,092 |
|
|
|
13,998 |
|
|
|
94 |
|
|
0.7 |
% |
|
Weighted average common shares
- Diluted |
|
|
14,210 |
|
|
|
14,323 |
|
|
|
(113 |
) |
|
(0.8 |
)% |
|
Earnings per share -
Basic |
|
$ |
1.21 |
|
|
$ |
1.55 |
|
|
$ |
(0.34 |
) |
|
(21.9 |
)% |
|
Earnings per share -
Diluted |
|
$ |
1.20 |
|
|
$ |
1.52 |
|
|
$ |
(0.32 |
) |
|
(21.1 |
)% |
|
Return on average assets
(annualized) |
|
|
1.59 |
% |
|
|
2.12 |
% |
|
(0.53 |
)% |
|
(25.0 |
)% |
|
Return on average assets,
excluding impact of SBA-PPP loans (annualized) (1) |
|
|
1.59 |
% |
|
|
1.86 |
% |
|
(0.27 |
)% |
|
(14.5 |
)% |
|
Return on average equity
(annualized) |
|
|
14.60 |
% |
|
|
21.25 |
% |
|
(6.65 |
)% |
|
(31.3 |
)% |
|
|
Quarter Ended |
|
|
|
Quarter Ended |
|
June 30, |
|
|
March 31, |
|
December 31, |
|
September 30, |
(in thousands except per
share data) |
|
2023 |
|
|
2022 |
|
% Change |
|
|
2023 |
|
|
2022 |
|
|
2022 |
Balance Sheet
Highlights |
|
|
|
|
|
|
|
|
|
|
|
Assets |
$ |
2,227,866 |
|
$ |
2,154,846 |
|
3.4 |
% |
|
$ |
2,245,286 |
|
$ |
2,123,655 |
|
$ |
2,009,358 |
Investment securities
available for sale |
|
208,464 |
|
|
226,509 |
|
(8.0 |
)% |
|
|
255,762 |
|
|
252,481 |
|
|
269,620 |
Mortgage loans held for
sale |
|
10,146 |
|
|
11,708 |
|
(13.3 |
)% |
|
|
9,620 |
|
|
7,416 |
|
|
6,875 |
SBA-PPP loans, net of
fees |
|
1,090 |
|
|
15,864 |
|
(93.1 |
)% |
|
|
2,037 |
|
|
2,163 |
|
|
2,662 |
Portfolio loans receivable
(2) |
|
1,837,041 |
|
|
1,607,677 |
|
14.3 |
% |
|
|
1,786,109 |
|
|
1,728,592 |
|
|
1,648,001 |
Allowance for credit
losses |
|
27,495 |
|
|
26,419 |
|
4.1 |
% |
|
|
26,216 |
|
|
26,385 |
|
|
26,091 |
Deposits |
|
1,934,361 |
|
|
1,888,920 |
|
2.4 |
% |
|
|
1,944,374 |
|
|
1,758,072 |
|
|
1,737,591 |
FHLB borrowings |
|
22,000 |
|
|
22,000 |
|
— |
% |
|
|
32,000 |
|
|
107,000 |
|
|
22,000 |
Other borrowed funds |
|
12,062 |
|
|
12,062 |
|
— |
% |
|
|
12,062 |
|
|
12,062 |
|
|
12,062 |
Total stockholders'
equity |
|
237,435 |
|
|
207,316 |
|
14.5 |
% |
|
|
234,517 |
|
|
224,015 |
|
|
214,005 |
Tangible common equity
(1) |
|
237,435 |
|
|
207,316 |
|
14.5 |
% |
|
|
234,517 |
|
|
224,015 |
|
|
214,005 |
|
|
|
|
|
|
|
|
|
|
|
|
Common shares outstanding |
|
13,981 |
|
|
14,010 |
|
(0.2 |
)% |
|
|
14,083 |
|
|
14,139 |
|
|
14,039 |
Tangible book value per share
(1) |
$ |
16.98 |
|
$ |
14.80 |
|
14.7 |
% |
|
$ |
16.65 |
|
$ |
15.84 |
|
$ |
15.24 |
______________
(1) Refer to Appendix for reconciliation of non-GAAP
measures.
(2) Loans are reflected net of deferred fees and
costs.
Operating Results - Comparison of Three Months Ended
June 30, 2023 and 2022
For the three months ended June 30, 2023, net
interest income of $35.3 million decreased slightly from
$35.4 million in the same period in 2022, primarily due to
significant increases in the cost of funding partially offset by
increased average balances of $268.1 million in portfolio
loans combined with a 64 basis point increase in yield for
portfolio loans. The net interest margin decreased 43 basis points
to 6.63% for the three months ended June 30, 2023, from the same
period in 2022 as the increase in the costs of deposits, including
money market accounts and time deposits, outpaced the increase in
portfolio loan yields, including credit cards. Further SBA-PPP
income totaled $1.1 million for the three months ended June 30,
2022 with no comparable amount in 2023. Net interest margin,
excluding credit card and SBA-PPP loans, increased to 4.06% for the
three months ended June 30, 2023, compared to 3.86% for the same
period in 2022.
For the three months ended June 30, 2023,
average interest earning assets increased $125.0 million, or 6.2%,
to $2.1 billion as compared to the same period in 2022, and
the average yield on interest earning assets increased 117 basis
points. Compared to the same period in the prior year, average
interest-bearing liabilities increased $218.5 million, or 21.2%,
and the average cost of interest-bearing liabilities increased to
3.13%, a 268 basis point increase from 0.45%.
For the three months ended June 30, 2023, the
provision for credit losses was $2.9 million, an increase of
$0.8 million from the same period in 2022. Contributors to the
increase in the provision were loan portfolio growth and change in
credit card mix from fully secured to partially or fully unsecured.
Net charge-offs for the three months ended June 30, 2023, were
$1.6 million, or 0.35% on an annualized basis of average
portfolio loans, compared to $0.9 million, or 0.23% on an
annualized basis of average loans for the same period in 2022. Of
the $1.6 million in net charge-offs during the quarter,
$1.5 million related to secured and partially secured cards in
the credit card portfolio and $0.1 million related to
unsecured cards.
For the three months ended June 30, 2023,
noninterest income of $6.7 million decreased
$1.7 million, or 20.0%, from the same period in 2022. Credit
card fees declined by $1.5 million as the number of open
customer accounts declined year over year, which resulted in lower
interchange and other fee income compared to the prior year
quarter.
Credit card loan balances, net of reserves,
decreased by $19.2 million to $122.9 million as of
June 30, 2023, from $142.2 million at June 30, 2022. The
related deposit account balances decreased 12.9% to
$186.6 million at June 30, 2023 when compared to
$214.1 million at June 30, 2022 reflecting the reduction in
the number of open customer accounts year over year.
The efficiency ratio for the three months ended
June 30, 2023, was 70.41% compared to 62.00% for the three months
ended June 30, 2022. The change was due primarily to a decline in
noninterest income from credit card fees and an increase in
noninterest expense from salaries and employee benefits.
For the three months ended June 30, 2023,
noninterest expense of $29.6 million increased
$2.5 million, or 9.1%, from the same period in 2022. The
increase was primarily driven by increased salaries and employee
benefits of $2.1 million.
Operating Results - Comparison of Six
Months Ended June 30, 2023 and 2022
For the six months ended June 30, 2023, net
interest income of $69.8 million increased $1.1 million,
or 1.6%, from the same period in 2022, primarily due to increased
average balances of $256.0 million in portfolio loans combined
with the 82 basis point increase in yield for portfolio loans
offset by significant increases in the cost of funding. The net
interest margin decreased 29 basis points to 6.64% for the six
months ended June 30, 2023, from the same period in 2022. Net
interest margin, excluding credit card and SBA-PPP loans, was 3.94%
for the six months ended June 30, 2023, compared to 3.84% for the
same period in 2022.
For the six months ended June 30, 2023, average
interest earning assets increased $119.3 million, or 6.0%, to
$2.1 billion as compared to the same period in 2022, and the
average yield on interest earning assets increased 127 basis
points. Compared to the same period in the prior year, average
interest-bearing liabilities increased $203.8 million, or
19.6%, while the cost of interest-bearing liabilities increased 260
basis points to 3.03% from 0.43%.
For the six months ended June 30, 2023, the
provision for credit losses was $4.5 million, an increase of $1.5
million from the prior year, attributable primarily to the credit
card portfolio. Net charge-offs for the six months ended June 30,
2023, were $4.2 million, or 0.48% annualized of average portfolio
loans, compared to $1.7 million, or 0.23% annualized of average
portfolio loans, for the same period in 2022. The $4.2 million in
net charge-offs during the six months ended June 30, 2023, was
comprised primarily of credit card portfolio net charge-offs with
$2.6 million related to secured and partially secured cards while
$0.7 million was related to unsecured cards.
For the six months ended June 30, 2023,
noninterest income of $12.7 million decreased $3.9 million, or
23.6%, from the same period in 2022. The decrease was primarily
driven by the decline in credit card fees of $3.2 million as the
number of open customer accounts declined to 540,058 at June 30,
2023 from 616,435 year over year, which resulted in lower
interchange and other fee income recognized compared to the prior
year. The elevated interest rate environment continues to put
pressure on the mortgage market, resulting in declines in home loan
sales and home loan refinances, which has resulted in a $0.8
million decrease in mortgage banking revenue compared to the prior
year.
The efficiency ratio for the six months ended
June 30, 2023, was 67.60% compared to 63.52% for the six months
ended June 30, 2022.
For the six months ended June 30, 2023,
noninterest expense of $55.8 million increased $1.6 million, or
2.9%, from the same period in 2022. The increase was primarily
driven by a $4.3 million, or 21.2%, increase in salaries and
benefits, partially offset by a $2.5 million, or 15.8%, decrease in
data processing expense. The decrease of $2.5 million in data
processing expense was the result of a contract renegotiation
entered into in the first quarter 2022 in the
OpenSky® Division as well as fewer
average open cards during the period.
Financial Condition
Total assets at June 30, 2023 were $2.2 billion,
a decrease of $17.4 million, or 0.8%, from the balance at
March 31, 2023 and an increase of $73.0 million, or 3.4%,
from the balance at June 30, 2022. Net portfolio loans, which
exclude mortgage loans held for sale and SBA-PPP loans, totaled
$1.8 billion at June 30, 2023, an increase of $50.9 million,
up 2.9% or 11.4% annualized, compared to March 31, 2023, and
an increase of $229.4 million, or 14.3%, compared to $1.6
billion at June 30, 2022.
The Company recorded a provision for credit
losses of $4.5 million during the six months ended June 30,
2023, which increased the allowance for credit losses to $27.5
million, or 1.5% of total loans at June 30, 2023, representing an
increase of $1.3 million or 4.9%, from the balance at
March 31, 2023. Nonperforming assets, which were comprised
solely of nonperforming loans as of June 30, 2023, were
$15.7 million, or 0.71% of total assets, down from
$16.3 million, or 0.73% of total assets at March 31, 2023
and up from $7.3 million, or 0.34% of total assets at June 30,
2022.
Deposits were $1.9 billion at June 30,
2023, a slight decrease of $10.0 million, or 0.5%, from the balance
at March 31, 2023 and an increase of $45.4 million, or 2.4%,
from the balance at June 30, 2022. Average deposits of $1.9 billion
for the three months ended June 30, 2023, increased $110.4 million,
or 6.2%, as compared to the three months ended March 31, 2023.
Rising interest rates have resulted in some customers moving
balances from noninterest-bearing deposit accounts to
interest-bearing deposit accounts. As a result of the migration,
average noninterest-bearing deposit balances decreased $131.2
million to $676.4 million for the three months ended June 30, 2023,
as compared to the three months ended June 30, 2022. These deposits
represented 35.8% of total deposits at June 30, 2023 compared to
44.6% at June 30, 2022. Uninsured deposits were approximately
$860.4 million as of June 30, 2023, representing 44.5% of the
Company's deposit portfolio, compared to $888.9 million, or
45.7%, at March 31, 2023, and $915.0 million, or 48.4%,
at June 30, 2022.
Stockholders’ equity increased to
$237.4 million as of June 30, 2023, compared to
$234.5 million at March 31, 2023 and $207.3 million at
June 30, 2022. Shares repurchased and retired through June 30, 2023
as part of the Company's stock repurchase program totaled 285,344
shares at an average price of $17.65, for a total cost of $5.0
million including commissions. As of June 30, 2023, the Bank's
capital ratios continued to exceed the regulatory requirements for
a “well-capitalized” institution.
Consolidated Statements of Income
(Unaudited) |
|
|
|
|
|
|
Three Months Ended |
Six Months Ended |
(in thousands) |
|
June 30,
2023 |
|
March 31,
2023 |
|
December 31,
2022 |
|
September 30,
2022 |
|
June 30,
2022 |
|
June 30,
2023 |
|
June 30,
2022 |
Interest
income |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Loans, including fees |
|
$ |
42,991 |
|
$ |
41,275 |
|
$ |
38,763 |
|
$ |
36,451 |
|
$ |
35,304 |
|
$ |
84,266 |
|
$ |
69,193 |
Investment securities available for sale |
|
|
1,266 |
|
|
1,377 |
|
|
1,402 |
|
|
1,362 |
|
|
779 |
|
|
2,643 |
|
|
1,149 |
Federal funds sold and other |
|
|
823 |
|
|
764 |
|
|
1,183 |
|
|
527 |
|
|
473 |
|
|
1,587 |
|
|
615 |
Total interest income |
|
|
45,080 |
|
|
43,416 |
|
|
41,348 |
|
|
38,340 |
|
|
36,556 |
|
|
88,496 |
|
|
70,957 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Interest
expense |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Deposits |
|
|
9,409 |
|
|
7,754 |
|
|
4,377 |
|
|
1,386 |
|
|
964 |
|
|
17,163 |
|
|
1,847 |
Borrowed funds |
|
|
331 |
|
|
1,175 |
|
|
1,772 |
|
|
277 |
|
|
192 |
|
|
1,506 |
|
|
379 |
Total interest expense |
|
|
9,740 |
|
|
8,929 |
|
|
6,149 |
|
|
1,663 |
|
|
1,156 |
|
|
18,669 |
|
|
2,226 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Net interest
income |
|
|
35,340 |
|
|
34,487 |
|
|
35,199 |
|
|
36,677 |
|
|
35,400 |
|
|
69,827 |
|
|
68,731 |
Provision for credit losses |
|
|
2,862 |
|
|
1,660 |
|
|
2,384 |
|
|
1,260 |
|
|
2,035 |
|
|
4,522 |
|
|
2,987 |
Net interest income
after provision for credit losses |
|
|
32,478 |
|
|
32,827 |
|
|
32,815 |
|
|
35,417 |
|
|
33,365 |
|
|
65,305 |
|
|
65,744 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Noninterest
income |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Service charges on deposits |
|
|
245 |
|
|
229 |
|
|
222 |
|
|
199 |
|
|
183 |
|
|
474 |
|
|
346 |
Credit card fees |
|
|
4,706 |
|
|
4,210 |
|
|
4,314 |
|
|
5,524 |
|
|
6,210 |
|
|
8,916 |
|
|
12,134 |
Mortgage banking revenue |
|
|
1,332 |
|
|
1,155 |
|
|
554 |
|
|
969 |
|
|
1,528 |
|
|
2,487 |
|
|
3,318 |
Other income |
|
|
404 |
|
|
432 |
|
|
471 |
|
|
416 |
|
|
441 |
|
|
836 |
|
|
852 |
Total noninterest income |
|
|
6,687 |
|
|
6,026 |
|
|
5,561 |
|
|
7,108 |
|
|
8,362 |
|
|
12,713 |
|
|
16,650 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Noninterest
expenses |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Salaries and employee benefits |
|
|
12,143 |
|
|
12,554 |
|
|
11,769 |
|
|
10,747 |
|
|
10,071 |
|
|
24,697 |
|
|
20,381 |
Occupancy and equipment |
|
|
1,536 |
|
|
1,213 |
|
|
1,388 |
|
|
1,138 |
|
|
1,313 |
|
|
2,749 |
|
|
2,339 |
Professional fees |
|
|
2,608 |
|
|
2,374 |
|
|
2,426 |
|
|
3,848 |
|
|
2,417 |
|
|
4,982 |
|
|
4,738 |
Data processing |
|
|
6,559 |
|
|
6,530 |
|
|
6,697 |
|
|
7,178 |
|
|
7,266 |
|
|
13,089 |
|
|
15,542 |
Advertising |
|
|
2,646 |
|
|
517 |
|
|
726 |
|
|
1,632 |
|
|
2,223 |
|
|
3,163 |
|
|
3,862 |
Loan processing |
|
|
660 |
|
|
349 |
|
|
350 |
|
|
625 |
|
|
335 |
|
|
1,009 |
|
|
727 |
Foreclosed real estate expenses, net |
|
|
— |
|
|
6 |
|
|
— |
|
|
— |
|
|
— |
|
|
6 |
|
|
— |
Other operating |
|
|
3,440 |
|
|
2,660 |
|
|
3,378 |
|
|
2,926 |
|
|
3,505 |
|
|
6,100 |
|
|
6,643 |
Total noninterest expenses |
|
|
29,592 |
|
|
26,203 |
|
|
26,734 |
|
|
28,094 |
|
|
27,130 |
|
|
55,795 |
|
|
54,232 |
Income before income
taxes |
|
|
9,573 |
|
|
12,650 |
|
|
11,642 |
|
|
14,431 |
|
|
14,597 |
|
|
22,223 |
|
|
28,162 |
Income tax expense |
|
|
2,255 |
|
|
2,915 |
|
|
2,651 |
|
|
3,336 |
|
|
3,089 |
|
|
5,170 |
|
|
6,443 |
Net
income |
|
$ |
7,318 |
|
$ |
9,735 |
|
$ |
8,991 |
|
$ |
11,095 |
|
$ |
11,508 |
|
$ |
17,053 |
|
$ |
21,719 |
Consolidated
Balance Sheets |
|
|
|
|
|
|
|
|
|
|
|
|
(unaudited) |
|
(unaudited) |
|
(audited) |
|
(unaudited) |
|
(unaudited) |
(in thousands except
share data) |
|
June 30,
2023 |
|
March 31,
2023 |
|
December 31,
2022 |
|
September 30,
2022 |
|
June 30,
2022 |
Assets |
|
|
|
|
|
|
|
|
|
|
Cash and due from banks |
|
$ |
18,619 |
|
|
$ |
14,477 |
|
|
$ |
19,963 |
|
|
$ |
14,774 |
|
|
$ |
14,776 |
|
Interest-bearing deposits at
other financial institutions |
|
|
100,343 |
|
|
|
125,448 |
|
|
|
39,764 |
|
|
|
20,867 |
|
|
|
234,823 |
|
Federal funds sold |
|
|
376 |
|
|
|
462 |
|
|
|
20,688 |
|
|
|
1,421 |
|
|
|
1,285 |
|
Total cash and cash equivalents |
|
|
119,338 |
|
|
|
140,387 |
|
|
|
80,415 |
|
|
|
37,062 |
|
|
|
250,884 |
|
Investment securities
available for sale |
|
|
208,464 |
|
|
|
255,762 |
|
|
|
252,481 |
|
|
|
269,620 |
|
|
|
226,509 |
|
Marketable equity
securities |
|
|
— |
|
|
|
— |
|
|
|
— |
|
|
|
232 |
|
|
|
245 |
|
Restricted investments |
|
|
3,803 |
|
|
|
4,215 |
|
|
|
7,362 |
|
|
|
3,627 |
|
|
|
3,615 |
|
Loans held for sale |
|
|
10,146 |
|
|
|
9,620 |
|
|
|
7,416 |
|
|
|
6,875 |
|
|
|
11,708 |
|
U.S. Small Business
Administration (“SBA”) Payroll Protection Program (“PPP”) loans
receivable, net of fees and costs |
|
|
1,090 |
|
|
|
2,037 |
|
|
|
2,163 |
|
|
|
2,662 |
|
|
|
15,864 |
|
Portfolio loans receivable,
net of deferred fees and costs |
|
|
1,837,041 |
|
|
|
1,786,109 |
|
|
|
1,728,592 |
|
|
|
1,648,001 |
|
|
|
1,607,677 |
|
Less allowance for credit losses |
|
|
(27,495 |
) |
|
|
(26,216 |
) |
|
|
(26,385 |
) |
|
|
(26,091 |
) |
|
|
(26,419 |
) |
Total portfolio loans held for investment, net |
|
|
1,809,546 |
|
|
|
1,759,893 |
|
|
|
1,702,207 |
|
|
|
1,621,910 |
|
|
|
1,581,258 |
|
Premises and equipment,
net |
|
|
5,494 |
|
|
|
5,367 |
|
|
|
3,386 |
|
|
|
3,212 |
|
|
|
3,315 |
|
Accrued interest
receivable |
|
|
10,155 |
|
|
|
9,985 |
|
|
|
9,489 |
|
|
|
7,890 |
|
|
|
7,276 |
|
Deferred tax asset |
|
|
13,616 |
|
|
|
12,898 |
|
|
|
13,777 |
|
|
|
14,047 |
|
|
|
12,929 |
|
Bank owned life insurance |
|
|
37,041 |
|
|
|
36,781 |
|
|
|
36,524 |
|
|
|
36,267 |
|
|
|
36,011 |
|
Other assets |
|
|
9,173 |
|
|
|
8,341 |
|
|
|
8,435 |
|
|
|
5,954 |
|
|
|
5,232 |
|
Total assets |
|
$ |
2,227,866 |
|
|
$ |
2,245,286 |
|
|
$ |
2,123,655 |
|
|
$ |
2,009,358 |
|
|
$ |
2,154,846 |
|
|
|
|
|
|
|
|
|
|
|
|
Liabilities |
|
|
|
|
|
|
|
|
|
|
Deposits |
|
|
|
|
|
|
|
|
|
|
Noninterest-bearing |
|
$ |
693,129 |
|
|
$ |
705,801 |
|
|
$ |
674,313 |
|
|
$ |
806,033 |
|
|
$ |
842,363 |
|
Interest-bearing |
|
|
1,241,232 |
|
|
|
1,238,573 |
|
|
|
1,083,759 |
|
|
|
931,558 |
|
|
|
1,046,557 |
|
Total deposits |
|
|
1,934,361 |
|
|
|
1,944,374 |
|
|
|
1,758,072 |
|
|
|
1,737,591 |
|
|
|
1,888,920 |
|
Federal Home Loan Bank
advances |
|
|
22,000 |
|
|
|
32,000 |
|
|
|
107,000 |
|
|
|
22,000 |
|
|
|
22,000 |
|
Other borrowed funds |
|
|
12,062 |
|
|
|
12,062 |
|
|
|
12,062 |
|
|
|
12,062 |
|
|
|
12,062 |
|
Accrued interest payable |
|
|
3,029 |
|
|
|
1,977 |
|
|
|
1,031 |
|
|
|
481 |
|
|
|
300 |
|
Other liabilities |
|
|
18,979 |
|
|
|
20,356 |
|
|
|
21,475 |
|
|
|
23,219 |
|
|
|
24,248 |
|
Total liabilities |
|
|
1,990,431 |
|
|
|
2,010,769 |
|
|
|
1,899,640 |
|
|
|
1,795,353 |
|
|
|
1,947,530 |
|
|
|
|
|
|
|
|
|
|
|
|
Stockholders'
equity |
|
|
|
|
|
|
|
|
|
|
Common stock |
|
|
140 |
|
|
|
141 |
|
|
|
141 |
|
|
|
140 |
|
|
|
140 |
|
Additional paid-in
capital |
|
|
55,856 |
|
|
|
57,277 |
|
|
|
58,190 |
|
|
|
56,532 |
|
|
|
55,762 |
|
Retained earnings |
|
|
197,490 |
|
|
|
191,058 |
|
|
|
182,435 |
|
|
|
174,916 |
|
|
|
164,750 |
|
Accumulated other
comprehensive loss |
|
|
(16,051 |
) |
|
|
(13,959 |
) |
|
|
(16,751 |
) |
|
|
(17,583 |
) |
|
|
(13,336 |
) |
Total stockholders' equity |
|
|
237,435 |
|
|
|
234,517 |
|
|
|
224,015 |
|
|
|
214,005 |
|
|
|
207,316 |
|
Total liabilities and stockholders' equity |
|
$ |
2,227,866 |
|
|
$ |
2,245,286 |
|
|
$ |
2,123,655 |
|
|
$ |
2,009,358 |
|
|
$ |
2,154,846 |
|
The following tables show the average
outstanding balance of each principal category of our assets,
liabilities and stockholders’ equity, together with the average
yields on our assets and the average costs of our liabilities for
the periods indicated. Such yields and costs are calculated by
dividing the annualized income or expense by the average daily
balances of the corresponding assets or liabilities for the same
period.
|
|
Three Months Ended
June 30, 2023 |
|
Three Months Ended
March 31, 2023 |
|
Three Months Ended
June 30, 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 |
|
$ |
66,401 |
|
$ |
733 |
|
4.43 |
% |
|
$ |
62,566 |
|
$ |
615 |
|
3.99 |
% |
|
$ |
218,251 |
|
$ |
429 |
|
0.79 |
% |
Federal funds sold |
|
|
1,638 |
|
|
20 |
|
4.90 |
|
|
|
2,054 |
|
|
18 |
|
3.62 |
|
|
|
1,655 |
|
|
2 |
|
0.48 |
|
Investment securities available for sale |
|
|
255,057 |
|
|
1,266 |
|
1.99 |
|
|
|
274,685 |
|
|
1,377 |
|
2.03 |
|
|
|
215,172 |
|
|
779 |
|
1.45 |
|
Restricted investments |
|
|
4,185 |
|
|
71 |
|
6.80 |
|
|
|
7,346 |
|
|
130 |
|
7.17 |
|
|
|
3,854 |
|
|
42 |
|
4.37 |
|
Loans held for sale |
|
|
7,047 |
|
|
111 |
|
6.32 |
|
|
|
4,695 |
|
|
77 |
|
6.65 |
|
|
|
11,447 |
|
|
134 |
|
4.70 |
|
SBA-PPP loans receivable |
|
|
1,808 |
|
|
7 |
|
1.55 |
|
|
|
2,099 |
|
|
8 |
|
1.50 |
|
|
|
28,870 |
|
|
1,120 |
|
15.56 |
|
Portfolio loans receivable(2) |
|
|
1,800,800 |
|
|
42,872 |
|
9.55 |
|
|
|
1,750,539 |
|
|
41,191 |
|
9.54 |
|
|
|
1,532,671 |
|
|
34,050 |
|
8.91 |
|
Total interest earning assets |
|
|
2,136,936 |
|
|
45,080 |
|
8.46 |
|
|
|
2,103,984 |
|
|
43,416 |
|
8.37 |
|
|
|
2,011,920 |
|
|
36,556 |
|
7.29 |
|
Noninterest earning
assets |
|
|
47,415 |
|
|
|
|
|
|
40,265 |
|
|
|
|
|
|
56,298 |
|
|
|
|
Total assets |
|
$ |
2,184,351 |
|
|
|
|
|
$ |
2,144,249 |
|
|
|
|
|
$ |
2,068,218 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Liabilities and
Stockholders’ Equity |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Interest-bearing
liabilities: |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Interest-bearing demand accounts |
|
$ |
207,264 |
|
|
67 |
|
0.13 |
|
|
$ |
186,184 |
|
|
70 |
|
0.15 |
|
|
$ |
259,192 |
|
|
38 |
|
0.06 |
|
Savings |
|
|
5,822 |
|
|
2 |
|
0.14 |
|
|
|
6,502 |
|
|
1 |
|
0.05 |
|
|
|
9,913 |
|
|
1 |
|
0.04 |
|
Money market accounts |
|
|
625,515 |
|
|
5,411 |
|
3.47 |
|
|
|
604,864 |
|
|
4,587 |
|
3.08 |
|
|
|
566,303 |
|
|
396 |
|
0.28 |
|
Time deposits |
|
|
366,421 |
|
|
3,929 |
|
4.30 |
|
|
|
319,449 |
|
|
3,096 |
|
3.93 |
|
|
|
160,279 |
|
|
529 |
|
1.32 |
|
Borrowed funds |
|
|
43,183 |
|
|
331 |
|
3.07 |
|
|
|
118,379 |
|
|
1,175 |
|
4.02 |
|
|
|
34,062 |
|
|
192 |
|
2.27 |
|
Total interest-bearing liabilities |
|
|
1,248,205 |
|
|
9,740 |
|
3.13 |
|
|
|
1,235,378 |
|
|
8,929 |
|
2.93 |
|
|
|
1,029,749 |
|
|
1,156 |
|
0.45 |
|
Noninterest-bearing
liabilities: |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Noninterest-bearing liabilities |
|
|
21,104 |
|
|
|
|
|
|
22,355 |
|
|
|
|
|
|
22,647 |
|
|
|
|
Noninterest-bearing deposits |
|
|
676,358 |
|
|
|
|
|
|
654,025 |
|
|
|
|
|
|
807,558 |
|
|
|
|
Stockholders’ equity |
|
|
238,684 |
|
|
|
|
|
|
232,491 |
|
|
|
|
|
|
208,264 |
|
|
|
|
Total liabilities and stockholders’ equity |
|
$ |
2,184,351 |
|
|
|
|
|
$ |
2,144,249 |
|
|
|
|
|
$ |
2,068,218 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Net interest spread |
|
|
|
|
|
5.33 |
% |
|
|
|
|
|
5.44 |
% |
|
|
|
|
|
6.84 |
% |
Net interest income |
|
|
|
$ |
35,340 |
|
|
|
|
|
$ |
34,487 |
|
|
|
|
|
$ |
35,400 |
|
|
Net interest
margin(3) |
|
|
|
|
|
6.63 |
% |
|
|
|
|
|
6.65 |
% |
|
|
|
|
|
7.06 |
% |
_______________
(1) Annualized.
(2) Includes nonaccrual loans.
(3) For the three months ended June 30,
2023, March 31, 2023, and June 30, 2022, collectively, SBA-PPP
loans and credit card loans accounted for 257, 283 and 320 basis
points of the reported net interest margin, respectively.
|
|
Six Months Ended June 30, |
|
|
|
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 |
|
$ |
64,494 |
|
$ |
1,348 |
|
4.21 |
% |
|
$ |
208,043 |
|
$ |
530 |
|
0.51 |
% |
Federal funds sold |
|
|
1,845 |
|
|
38 |
|
4.15 |
|
|
|
3,148 |
|
|
2 |
|
0.13 |
|
Investment securities available for sale |
|
|
264,817 |
|
|
2,643 |
|
2.01 |
|
|
|
197,965 |
|
|
1,149 |
|
1.17 |
|
Restricted investments |
|
|
5,757 |
|
|
201 |
|
7.04 |
|
|
|
3,810 |
|
|
83 |
|
4.39 |
|
Loans held for sale |
|
|
5,878 |
|
|
188 |
|
6.45 |
|
|
|
12,467 |
|
|
245 |
|
3.96 |
|
SBA-PPP loans receivable |
|
|
1,953 |
|
|
15 |
|
1.55 |
|
|
|
55,917 |
|
|
3,186 |
|
11.49 |
|
Portfolio loans receivable(2) |
|
|
1,775,809 |
|
|
84,063 |
|
9.55 |
|
|
|
1,519,857 |
|
|
65,762 |
|
8.73 |
|
Total interest earning assets |
|
|
2,120,553 |
|
|
88,496 |
|
8.42 |
|
|
|
2,001,207 |
|
|
70,957 |
|
7.15 |
|
Noninterest earning
assets |
|
|
43,858 |
|
|
|
|
|
|
61,533 |
|
|
|
|
Total assets |
|
$ |
2,164,411 |
|
|
|
|
|
$ |
2,062,740 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Liabilities and
Stockholders’ Equity |
|
|
|
|
|
|
|
|
|
|
|
|
Interest-bearing
liabilities: |
|
|
|
|
|
|
|
|
|
|
|
|
Interest-bearing demand accounts |
|
$ |
196,782 |
|
|
137 |
|
0.14 |
|
|
$ |
276,490 |
|
|
74 |
|
0.05 |
|
Savings |
|
|
6,160 |
|
|
3 |
|
0.10 |
|
|
|
9,098 |
|
|
3 |
|
0.07 |
|
Money market accounts |
|
|
615,247 |
|
|
9,998 |
|
3.28 |
|
|
|
552,858 |
|
|
697 |
|
0.25 |
|
Time deposits |
|
|
343,065 |
|
|
7,025 |
|
4.13 |
|
|
|
165,485 |
|
|
1,073 |
|
1.31 |
|
Borrowed funds |
|
|
80,573 |
|
|
1,506 |
|
3.77 |
|
|
|
34,062 |
|
|
379 |
|
2.24 |
|
Total interest-bearing liabilities |
|
|
1,241,827 |
|
|
18,669 |
|
3.03 |
|
|
|
1,037,993 |
|
|
2,226 |
|
0.43 |
|
Noninterest-bearing
liabilities: |
|
|
|
|
|
|
|
|
|
|
|
|
Noninterest-bearing liabilities |
|
|
21,726 |
|
|
|
|
|
|
23,397 |
|
|
|
|
Noninterest-bearing deposits |
|
|
665,253 |
|
|
|
|
|
|
795,221 |
|
|
|
|
Stockholders’ equity |
|
|
235,605 |
|
|
|
|
|
|
206,129 |
|
|
|
|
Total liabilities and stockholders’ equity |
|
$ |
2,164,411 |
|
|
|
|
|
$ |
2,062,740 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Net interest spread |
|
|
|
|
|
5.39 |
% |
|
|
|
|
|
6.72 |
% |
Net interest income |
|
|
|
$ |
69,827 |
|
|
|
|
|
$ |
68,731 |
|
|
Net interest
margin(3) |
|
|
|
|
|
6.64 |
% |
|
|
|
|
|
6.93 |
% |
_______________
(1) Annualized.
(2) Includes nonaccrual loans.
(3) For the six months ended June 30,
2023 and 2022, collectively, SBA-PPP loans and credit card loans
accounted for 270 and 309 basis points of the reported net interest
margin, respectively.
The Company’s reportable segments represent
business units with discrete financial information whose results
are regularly reviewed by management. The four segments include
Commercial Banking, Capital Bank Home Loans (the Company’s mortgage
loan division), OpenSky® (the Company’s credit card
division) and the Corporate Office. The following schedule presents
financial information for each reportable segment for the three and
six months ended June 30, 2023 and June 30, 2022.
Segments |
|
|
|
|
|
|
|
|
|
|
|
|
For the
three months ended June 30, 2023 |
|
|
|
|
|
|
|
|
|
|
(in thousands) |
|
Commercial
Bank |
|
CBHL |
|
OpenSky® |
|
Corporate(2) |
|
Eliminations |
|
Consolidated |
Interest income |
|
$ |
28,742 |
|
|
$ |
111 |
|
|
$ |
15,168 |
|
$ |
1,134 |
|
$ |
(75 |
) |
|
$ |
45,080 |
Interest expense |
|
|
9,537 |
|
|
|
42 |
|
|
|
— |
|
|
236 |
|
|
(75 |
) |
|
|
9,740 |
Net interest income |
|
|
19,205 |
|
|
|
69 |
|
|
|
15,168 |
|
|
898 |
|
|
— |
|
|
|
35,340 |
Provision for credit
losses |
|
|
735 |
|
|
|
— |
|
|
|
2,127 |
|
|
— |
|
|
— |
|
|
|
2,862 |
Net interest income after provision |
|
|
18,470 |
|
|
|
69 |
|
|
|
13,041 |
|
|
898 |
|
|
— |
|
|
|
32,478 |
Noninterest income |
|
|
810 |
|
|
|
1,161 |
|
|
|
4,714 |
|
|
2 |
|
|
— |
|
|
|
6,687 |
Noninterest
expense(1) |
|
|
15,918 |
|
|
|
1,481 |
|
|
|
12,059 |
|
|
134 |
|
|
— |
|
|
|
29,592 |
Net income (loss) before taxes |
|
$ |
3,362 |
|
|
$ |
(251 |
) |
|
$ |
5,696 |
|
$ |
766 |
|
$ |
— |
|
|
$ |
9,573 |
|
|
|
|
|
|
|
|
|
|
|
|
|
Total
assets |
|
$ |
2,047,400 |
|
|
$ |
10,605 |
|
|
$ |
116,123 |
|
$ |
260,309 |
|
$ |
(206,571 |
) |
|
$ |
2,227,866 |
|
|
|
|
|
|
|
|
|
|
|
|
|
For the
three months ended March 31, 2023 |
|
|
|
|
|
|
|
|
|
|
(in thousands) |
|
Commercial
Bank |
|
CBHL |
|
OpenSky® |
|
Corporate(2) |
|
Eliminations |
|
Consolidated |
Interest income |
|
$ |
26,300 |
|
|
$ |
77 |
|
|
$ |
16,130 |
|
$ |
978 |
|
$ |
(69 |
) |
|
$ |
43,416 |
Interest expense |
|
|
8,739 |
|
|
|
30 |
|
|
|
— |
|
|
229 |
|
|
(69 |
) |
|
|
8,929 |
Net interest income |
|
|
17,561 |
|
|
|
47 |
|
|
|
16,130 |
|
|
749 |
|
|
— |
|
|
|
34,487 |
Provision (release of
provision) for credit losses |
|
|
(161 |
) |
|
|
— |
|
|
|
1,821 |
|
|
— |
|
|
— |
|
|
|
1,660 |
Net interest income after provision |
|
|
17,722 |
|
|
|
47 |
|
|
|
14,309 |
|
|
749 |
|
|
— |
|
|
|
32,827 |
Noninterest income |
|
|
489 |
|
|
|
1,327 |
|
|
|
4,210 |
|
|
— |
|
|
— |
|
|
|
6,026 |
Noninterest
expense(1) |
|
|
14,980 |
|
|
|
1,581 |
|
|
|
9,450 |
|
|
192 |
|
|
— |
|
|
|
26,203 |
Net income (loss) before taxes |
|
$ |
3,231 |
|
|
$ |
(207 |
) |
|
$ |
9,069 |
|
$ |
557 |
|
$ |
— |
|
|
$ |
12,650 |
|
|
|
|
|
|
|
|
|
|
|
|
|
Total
assets |
|
$ |
2,074,634 |
|
|
$ |
10,193 |
|
|
$ |
106,761 |
|
$ |
257,048 |
|
$ |
(203,350 |
) |
|
$ |
2,245,286 |
|
|
|
|
|
|
|
|
|
|
|
|
|
For the
three months ended June 30, 2022 |
|
|
|
|
|
|
|
|
|
|
(in thousands) |
|
Commercial
Bank |
|
CBHL |
|
OpenSky® |
|
Corporate(2) |
|
Eliminations |
|
Consolidated |
Interest income |
|
$ |
18,912 |
|
|
$ |
134 |
|
|
$ |
16,780 |
|
$ |
758 |
|
$ |
(28 |
) |
|
$ |
36,556 |
Interest expense |
|
|
952 |
|
|
|
64 |
|
|
|
— |
|
|
168 |
|
|
(28 |
) |
|
|
1,156 |
Net interest income |
|
|
17,960 |
|
|
|
70 |
|
|
|
16,780 |
|
|
590 |
|
|
— |
|
|
|
35,400 |
Provision for loan losses |
|
|
— |
|
|
|
— |
|
|
|
2,035 |
|
|
— |
|
|
— |
|
|
|
2,035 |
Net interest income after provision |
|
|
17,960 |
|
|
|
70 |
|
|
|
14,745 |
|
|
590 |
|
|
— |
|
|
|
33,365 |
Noninterest income |
|
|
526 |
|
|
|
1,626 |
|
|
|
6,210 |
|
|
— |
|
|
— |
|
|
|
8,362 |
Noninterest
expense(1) |
|
|
12,859 |
|
|
|
2,217 |
|
|
|
11,940 |
|
|
114 |
|
|
— |
|
|
|
27,130 |
Net income (loss) before taxes |
|
$ |
5,627 |
|
|
$ |
(521 |
) |
|
$ |
9,015 |
|
$ |
476 |
|
$ |
— |
|
|
$ |
14,597 |
|
|
|
|
|
|
|
|
|
|
|
|
|
Total
assets |
|
$ |
1,958,893 |
|
|
$ |
12,257 |
|
|
$ |
137,180 |
|
$ |
226,950 |
|
$ |
(180,434 |
) |
|
$ |
2,154,846 |
_______________
(1) Noninterest expense includes $5.9
million, $5.9 million and $6.7 million in data processing expense
in OpenSky’s® segment for the three months ended June
30, 2023 March 31, 2023, and June 30, 2022, respectively.
(2) The Corporate segment invests idle cash
in revenue-producing assets including interest-bearing cash
accounts, loan participations and other appropriate investments for
the Company.
Segments |
|
|
|
|
|
|
|
|
|
|
|
|
For the
six months ended June 30, 2023 |
|
|
|
|
|
|
|
|
|
|
(in thousands) |
|
Commercial
Bank |
|
CBHL |
|
OpenSky® |
|
Corporate(2) |
|
Eliminations |
|
Consolidated |
Interest income |
|
$ |
55,042 |
|
|
$ |
188 |
|
|
$ |
31,298 |
|
$ |
2,112 |
|
$ |
(144 |
) |
|
$ |
88,496 |
Interest expense |
|
|
18,276 |
|
|
|
72 |
|
|
|
— |
|
|
465 |
|
|
(144 |
) |
|
|
18,669 |
Net interest income |
|
|
36,766 |
|
|
|
116 |
|
|
|
31,298 |
|
|
1,647 |
|
|
— |
|
|
|
69,827 |
Provision for credit
losses |
|
|
574 |
|
|
|
— |
|
|
|
3,948 |
|
|
— |
|
|
— |
|
|
|
4,522 |
Net interest income after provision |
|
|
36,192 |
|
|
|
116 |
|
|
|
27,350 |
|
|
1,647 |
|
|
— |
|
|
|
65,305 |
Noninterest income |
|
|
1,299 |
|
|
|
2,488 |
|
|
|
8,924 |
|
|
2 |
|
|
— |
|
|
|
12,713 |
Noninterest
expense(1) |
|
|
30,898 |
|
|
|
3,062 |
|
|
|
21,509 |
|
|
326 |
|
|
— |
|
|
|
55,795 |
Net income (loss) before taxes |
|
$ |
6,593 |
|
|
$ |
(458 |
) |
|
$ |
14,765 |
|
$ |
1,323 |
|
$ |
— |
|
|
$ |
22,223 |
|
|
|
|
|
|
|
|
|
|
|
|
|
Total
assets |
|
$ |
2,047,400 |
|
|
$ |
10,605 |
|
|
$ |
116,123 |
|
$ |
260,309 |
|
$ |
(206,571 |
) |
|
$ |
2,227,866 |
|
|
|
|
|
|
|
|
|
|
|
|
|
For the
six months ended June 30, 2022 |
|
|
|
|
|
|
|
|
|
|
(in thousands) |
|
Commercial
Bank |
|
CBHL |
|
OpenSky® |
|
Corporate(2) |
|
Eliminations |
|
Consolidated |
Interest income |
|
$ |
37,412 |
|
|
$ |
245 |
|
|
$ |
31,720 |
|
$ |
1,645 |
|
$ |
(65 |
) |
|
$ |
70,957 |
Interest expense |
|
|
1,805 |
|
|
|
145 |
|
|
|
— |
|
|
341 |
|
|
(65 |
) |
|
|
2,226 |
Net interest income |
|
|
35,607 |
|
|
|
100 |
|
|
|
31,720 |
|
|
1,304 |
|
|
— |
|
|
|
68,731 |
Provision for loan losses |
|
|
— |
|
|
|
— |
|
|
|
2,987 |
|
|
— |
|
|
— |
|
|
|
2,987 |
Net interest income after provision |
|
|
35,607 |
|
|
|
100 |
|
|
|
28,733 |
|
|
1,304 |
|
|
— |
|
|
|
65,744 |
Noninterest income |
|
|
1,083 |
|
|
|
3,433 |
|
|
|
12,134 |
|
|
— |
|
|
— |
|
|
|
16,650 |
Noninterest
expense(1) |
|
|
24,922 |
|
|
|
4,316 |
|
|
|
24,822 |
|
|
172 |
|
|
— |
|
|
|
54,232 |
Net income (loss) before taxes |
|
$ |
11,768 |
|
|
$ |
(783 |
) |
|
$ |
16,045 |
|
$ |
1,132 |
|
$ |
— |
|
|
$ |
28,162 |
|
|
|
|
|
|
|
|
|
|
|
|
|
Total
assets |
|
$ |
1,958,893 |
|
|
$ |
12,257 |
|
|
$ |
137,180 |
|
$ |
226,950 |
|
$ |
(180,434 |
) |
|
$ |
2,154,846 |
_______________
(1) Noninterest expense includes $11.9
million and $14.3 million in data processing expense in
OpenSky’s® segment for the six months ended June 30,
2023 and 2022, respectively.
(2) The Corporate segment invests idle cash
in revenue-producing assets including interest-bearing cash
accounts, loan participations and other appropriate investments for
the Company.
HISTORICAL FINANCIAL HIGHLIGHTS -
Unaudited |
|
|
Quarter Ended |
(in thousands except per
share data) |
|
June 30,
2023 |
|
March 31,
2023 |
|
December 31,
2022 |
|
September 30, 2022 |
|
June 30, 2022 |
Earnings: |
|
|
|
|
|
|
|
|
|
|
Net income |
|
$ |
7,318 |
|
|
$ |
9,735 |
|
|
$ |
8,991 |
|
|
$ |
11,095 |
|
|
$ |
11,508 |
|
Earnings per common share,
diluted |
|
|
0.52 |
|
|
|
0.68 |
|
|
|
0.62 |
|
|
|
0.77 |
|
|
|
0.80 |
|
Net interest margin |
|
|
6.63 |
% |
|
|
6.65 |
% |
|
|
6.64 |
% |
|
|
7.24 |
% |
|
|
7.06 |
% |
Net interest margin, excluding
credit cards & SBA-PPP loans (1) |
|
|
4.06 |
% |
|
|
3.81 |
% |
|
|
3.91 |
% |
|
|
4.16 |
% |
|
|
3.86 |
% |
Return on average
assets(2) |
|
|
1.34 |
% |
|
|
1.84 |
% |
|
|
1.67 |
% |
|
|
2.15 |
% |
|
|
2.23 |
% |
Return on average assets,
excluding impact of SBA-PPP loans (1)(2) |
|
|
1.34 |
% |
|
|
1.84 |
% |
|
|
1.67 |
% |
|
|
2.10 |
% |
|
|
2.04 |
% |
Return on average
equity(2) |
|
|
12.30 |
% |
|
|
16.98 |
% |
|
|
16.18 |
% |
|
|
20.32 |
% |
|
|
22.16 |
% |
Efficiency ratio |
|
|
70.41 |
% |
|
|
64.68 |
% |
|
|
65.59 |
% |
|
|
64.16 |
% |
|
|
62.00 |
% |
|
|
|
|
|
|
|
|
|
|
|
Balance
Sheet: |
|
|
|
|
|
|
|
|
|
|
Total portfolio loans
receivable, net deferred fees |
|
$ |
1,837,041 |
|
|
$ |
1,786,109 |
|
|
$ |
1,728,592 |
|
|
$ |
1,648,001 |
|
|
$ |
1,607,677 |
|
Total deposits |
|
|
1,934,361 |
|
|
|
1,944,374 |
|
|
|
1,758,072 |
|
|
|
1,737,591 |
|
|
|
1,888,920 |
|
Total assets |
|
|
2,227,866 |
|
|
|
2,245,286 |
|
|
|
2,123,655 |
|
|
|
2,009,358 |
|
|
|
2,154,846 |
|
Total stockholders'
equity |
|
|
237,435 |
|
|
|
234,517 |
|
|
|
224,015 |
|
|
|
214,005 |
|
|
|
207,316 |
|
|
|
|
|
|
|
|
|
|
|
|
Asset Quality
Ratios: |
|
|
|
|
|
|
|
|
|
|
Nonperforming assets to total
assets |
|
|
0.71 |
% |
|
|
0.73 |
% |
|
|
0.46 |
% |
|
|
0.43 |
% |
|
|
0.34 |
% |
Nonperforming assets to total
assets, excluding the SBA-PPP loans (1) |
|
|
0.71 |
% |
|
|
0.73 |
% |
|
|
0.46 |
% |
|
|
0.43 |
% |
|
|
0.34 |
% |
Nonperforming loans to total
loans |
|
|
0.85 |
% |
|
|
0.91 |
% |
|
|
0.56 |
% |
|
|
0.52 |
% |
|
|
0.45 |
% |
Nonperforming loans to
portfolio loans (1) |
|
|
0.86 |
% |
|
|
0.91 |
% |
|
|
0.56 |
% |
|
|
0.52 |
% |
|
|
0.46 |
% |
Net charge-offs to average
portfolio loans (1)(2) |
|
|
0.35 |
% |
|
|
0.61 |
% |
|
|
0.49 |
% |
|
|
0.39 |
% |
|
|
0.23 |
% |
Allowance for credit losses to
total loans |
|
|
1.50 |
% |
|
|
1.47 |
% |
|
|
1.52 |
% |
|
|
1.58 |
% |
|
|
1.64 |
% |
Allowance for credit losses to
portfolio loans (1) |
|
|
1.50 |
% |
|
|
1.47 |
% |
|
|
1.53 |
% |
|
|
1.58 |
% |
|
|
1.64 |
% |
Allowance for credit losses to
non-performing loans |
|
|
175.03 |
% |
|
|
160.91 |
% |
|
|
270.46 |
% |
|
|
303.76 |
% |
|
|
360.06 |
% |
|
|
|
|
|
|
|
|
|
|
|
Bank Capital
Ratios: |
|
|
|
|
|
|
|
|
|
|
Total risk based capital
ratio |
|
|
14.08 |
% |
|
|
14.09 |
% |
|
|
14.21 |
% |
|
|
14.65 |
% |
|
|
14.34 |
% |
Tier 1 risk based capital
ratio |
|
|
12.82 |
% |
|
|
12.84 |
% |
|
|
12.95 |
% |
|
|
13.39 |
% |
|
|
13.09 |
% |
Leverage ratio |
|
|
9.77 |
% |
|
|
9.78 |
% |
|
|
9.47 |
% |
|
|
9.60 |
% |
|
|
9.11 |
% |
Common equity Tier 1 capital
ratio |
|
|
12.82 |
% |
|
|
12.84 |
% |
|
|
12.95 |
% |
|
|
13.39 |
% |
|
|
13.09 |
% |
Tangible common equity |
|
|
8.93 |
% |
|
|
8.79 |
% |
|
|
8.85 |
% |
|
|
9.00 |
% |
|
|
8.17 |
% |
Holding Company
Capital Ratios: |
|
|
|
|
|
|
|
|
|
|
Total risk based capital
ratio |
|
|
16.81 |
% |
|
|
16.75 |
% |
|
|
16.33 |
% |
|
|
17.41 |
% |
|
|
17.66 |
% |
Tier 1 risk based capital
ratio |
|
|
14.96 |
% |
|
|
14.90 |
% |
|
|
15.13 |
% |
|
|
15.49 |
% |
|
|
15.70 |
% |
Leverage ratio |
|
|
11.50 |
% |
|
|
11.47 |
% |
|
|
11.24 |
% |
|
|
11.31 |
% |
|
|
10.93 |
% |
Common equity Tier 1 capital
ratio |
|
|
14.96 |
% |
|
|
14.90 |
% |
|
|
15.00 |
% |
|
|
15.36 |
% |
|
|
15.55 |
% |
Tangible common equity |
|
|
10.66 |
% |
|
|
10.44 |
% |
|
|
10.55 |
% |
|
|
10.65 |
% |
|
|
9.62 |
% |
Composition of
Loans: |
|
|
|
|
|
|
|
|
|
|
SBA-PPP loans, net |
|
$ |
1,090 |
|
|
$ |
2,037 |
|
|
$ |
2,163 |
|
|
$ |
2,662 |
|
|
$ |
15,864 |
|
Commercial real estate |
|
|
674,141 |
|
|
|
660,218 |
|
|
|
664,551 |
|
|
|
626,030 |
|
|
|
608,646 |
|
Residential real estate |
|
$ |
555,133 |
|
|
$ |
545,899 |
|
|
$ |
484,735 |
|
|
$ |
466,849 |
|
|
$ |
430,244 |
|
Construction real estate |
|
|
258,400 |
|
|
|
251,494 |
|
|
|
238,099 |
|
|
|
235,045 |
|
|
|
241,249 |
|
Commercial and industrial |
|
|
233,598 |
|
|
|
221,258 |
|
|
|
220,221 |
|
|
|
192,207 |
|
|
|
193,262 |
|
Credit card, net of
reserve(3) |
|
|
122,925 |
|
|
|
112,860 |
|
|
|
128,434 |
|
|
|
136,658 |
|
|
|
142,166 |
|
Other consumer loans |
|
|
1,187 |
|
|
|
1,578 |
|
|
|
1,179 |
|
|
|
1,055 |
|
|
|
856 |
|
Portfolio loans receivable |
|
$ |
1,845,384 |
|
|
$ |
1,793,307 |
|
|
$ |
1,737,219 |
|
|
$ |
1,657,844 |
|
|
$ |
1,616,423 |
|
Deferred origination fees,
net |
|
|
(8,343 |
) |
|
|
(7,198 |
) |
|
|
(8,627 |
) |
|
|
(9,843 |
) |
|
|
(8,746 |
) |
Portfolio loans receivable, net |
|
$ |
1,837,041 |
|
|
$ |
1,786,109 |
|
|
$ |
1,728,592 |
|
|
$ |
1,648,001 |
|
|
$ |
1,607,677 |
|
|
|
|
|
|
|
|
|
|
|
|
Composition of
Deposits: |
|
|
|
|
|
|
|
|
|
|
Noninterest-bearing |
|
$ |
693,129 |
|
|
$ |
705,801 |
|
|
$ |
674,313 |
|
|
$ |
806,033 |
|
|
$ |
842,363 |
|
Interest-bearing demand |
|
|
243,095 |
|
|
|
219,685 |
|
|
|
207,836 |
|
|
|
252,135 |
|
|
|
305,377 |
|
Savings |
|
|
5,816 |
|
|
|
5,835 |
|
|
|
7,530 |
|
|
|
8,861 |
|
|
|
10,078 |
|
Money markets |
|
|
631,148 |
|
|
|
632,087 |
|
|
|
574,978 |
|
|
|
518,184 |
|
|
|
570,298 |
|
Brokered time deposits |
|
|
128,665 |
|
|
|
181,820 |
|
|
|
131,819 |
|
|
|
— |
|
|
|
— |
|
Other time deposits |
|
|
232,508 |
|
|
|
199,146 |
|
|
|
161,596 |
|
|
|
152,378 |
|
|
|
160,804 |
|
Total deposits |
|
$ |
1,934,361 |
|
|
$ |
1,944,374 |
|
|
$ |
1,758,072 |
|
|
$ |
1,737,591 |
|
|
$ |
1,888,920 |
|
|
|
|
|
|
|
|
|
|
|
|
Capital Bank Home Loan Metrics: |
|
|
|
|
Origination of loans held for
sale |
|
$ |
61,480 |
|
|
$ |
44,448 |
|
|
$ |
43,956 |
|
|
$ |
60,516 |
|
|
$ |
84,417 |
|
Mortgage loans sold |
|
|
49,231 |
|
|
|
40,483 |
|
|
|
43,415 |
|
|
|
65,349 |
|
|
|
89,745 |
|
Gain on sale of loans |
|
|
1,262 |
|
|
|
1,223 |
|
|
|
912 |
|
|
|
1,340 |
|
|
|
1,918 |
|
Purchase volume as a % of
originations |
|
|
93.12 |
% |
|
|
90.72 |
% |
|
|
88.94 |
% |
|
|
81.85 |
% |
|
|
85.23 |
% |
Gain on sale as a % of loans
sold(4) |
|
|
2.56 |
% |
|
|
3.02 |
% |
|
|
2.10 |
% |
|
|
2.05 |
% |
|
|
2.14 |
% |
Mortgage commissions |
|
$ |
621 |
|
|
$ |
378 |
|
|
$ |
451 |
|
|
$ |
587 |
|
|
$ |
772 |
|
|
|
|
|
|
|
|
|
|
|
|
OpenSky®
Portfolio Metrics: |
|
|
|
|
Open customer accounts |
|
|
540,058 |
|
|
|
527,231 |
|
|
|
533,855 |
|
|
|
576,844 |
|
|
|
616,435 |
|
Secured credit card loans,
gross |
|
$ |
100,218 |
|
|
$ |
89,078 |
|
|
$ |
104,157 |
|
|
$ |
111,842 |
|
|
$ |
118,938 |
|
Unsecured credit card loans,
gross |
|
|
25,254 |
|
|
|
25,782 |
|
|
|
26,795 |
|
|
|
27,335 |
|
|
|
25,641 |
|
Noninterest secured credit
card deposits |
|
|
186,566 |
|
|
|
184,809 |
|
|
|
187,412 |
|
|
|
201,277 |
|
|
|
214,110 |
|
_______________
(1) Refer to Appendix for
reconciliation of non-GAAP measures.
(2) Annualized.
(3) Credit card loans are presented net
of reserve for interest and fees.
(4) Gain on sale percentage is
calculated as gain on sale of loans divided by mortgage loans
sold.
Appendix
Reconciliation of Non-GAAP
Measures
Return on Average
Assets, as Adjusted |
|
Quarters Ended |
(in thousands) |
|
June 30,
2023 |
|
March 31,
2023 |
|
December 31,
2022 |
|
September 30,
2022 |
|
June 30,
2022 |
|
|
|
|
|
|
|
|
|
|
|
Net Income |
|
$ |
7,318 |
|
|
$ |
9,735 |
|
|
$ |
8,991 |
|
|
$ |
11,095 |
|
|
$ |
11,508 |
|
Less: SBA-PPP loan income |
|
|
7 |
|
|
|
8 |
|
|
|
28 |
|
|
|
263 |
|
|
|
1,120 |
|
Net Income, as
Adjusted |
|
$ |
7,311 |
|
|
$ |
9,727 |
|
|
$ |
8,963 |
|
|
$ |
10,832 |
|
|
$ |
10,388 |
|
Average Total Assets |
|
|
2,184,351 |
|
|
|
2,144,249 |
|
|
|
2,136,156 |
|
|
|
2,049,078 |
|
|
|
2,068,218 |
|
Less: Average SBA-PPP Loans |
|
|
1,808 |
|
|
|
2,099 |
|
|
|
2,435 |
|
|
|
5,906 |
|
|
|
28,870 |
|
Average Total Assets,
as Adjusted |
|
$ |
2,182,543 |
|
|
$ |
2,142,150 |
|
|
$ |
2,133,721 |
|
|
$ |
2,043,172 |
|
|
$ |
2,039,348 |
|
Return on Average
Assets, as Adjusted |
|
|
1.34% |
|
|
|
1.84% |
|
|
|
1.67% |
|
|
|
2.10% |
|
|
|
2.04% |
|
Return on Average
Assets, as Adjusted |
|
Six Months Ended
|
|
(in thousands) |
|
June 30,
2023 |
|
June 30,
2022
|
|
|
|
|
|
|
|
|
|
Net Income |
|
$ |
17,053 |
|
|
$ |
21,719 |
|
|
Less: SBA-PPP loan income |
|
|
15 |
|
|
|
3,186 |
|
|
Net Income, as
Adjusted |
|
$ |
17,038 |
|
|
$ |
18,533 |
|
|
Average Total Assets |
|
|
2,164,411 |
|
|
|
2,062,740 |
|
|
Less: Average SBA-PPP Loans |
|
|
1,953 |
|
|
|
55,917 |
|
|
Average Total Assets,
as Adjusted |
|
$ |
2,162,458 |
|
|
$ |
2,006,823 |
|
|
Return on Average
Assets, as Adjusted |
|
|
1.59% |
|
|
|
1.81% |
|
|
Net Interest Margin,
as Adjusted |
|
Quarters Ended |
(in thousands) |
|
June 30,
2023 |
|
March 31,
2023 |
|
December 31,
2022 |
|
September 30,
2022 |
|
June 30,
2022 |
|
|
|
|
|
|
|
|
|
|
|
Net Interest Income |
|
$ |
35,340 |
|
|
$ |
34,487 |
|
|
$ |
35,199 |
|
|
$ |
36,677 |
|
|
$ |
35,400 |
|
Less Credit card loan income |
|
|
14,818 |
|
|
|
15,809 |
|
|
|
15,717 |
|
|
|
16,768 |
|
|
|
16,376 |
|
Less SBA-PPP loan income |
|
|
7 |
|
|
|
8 |
|
|
|
28 |
|
|
|
263 |
|
|
|
1,120 |
|
Net Interest Income,
as Adjusted |
|
$ |
20,515 |
|
|
$ |
18,670 |
|
|
$ |
19,454 |
|
|
$ |
19,646 |
|
|
$ |
17,904 |
|
Average Interest Earning
Assets |
|
|
2,136,936 |
|
|
|
2,103,984 |
|
|
|
2,101,617 |
|
|
|
2,010,070 |
|
|
|
2,011,920 |
|
Less Average credit card loans |
|
|
110,574 |
|
|
|
115,850 |
|
|
|
124,120 |
|
|
|
132,246 |
|
|
|
124,548 |
|
Less Average SBA-PPP loans |
|
|
1,808 |
|
|
|
2,099 |
|
|
|
2,435 |
|
|
|
5,906 |
|
|
|
28,870 |
|
Total Average Interest
Earning Assets, as Adjusted |
|
$ |
2,024,554 |
|
|
$ |
1,986,035 |
|
|
$ |
1,975,062 |
|
|
$ |
1,871,918 |
|
|
$ |
1,858,502 |
|
Net Interest Margin,
as Adjusted |
|
|
4.06% |
|
|
|
3.81% |
|
|
|
3.91% |
|
|
|
4.16% |
|
|
|
3.86% |
|
Net Interest Margin,
as Adjusted |
|
Six Months Ended
|
|
(in thousands) |
|
June 30,
2023 |
|
June 30,
2022
|
|
|
|
|
|
|
|
|
|
Net Interest Income |
|
$ |
69,827 |
|
|
$ |
68,731 |
|
|
Less Credit card loan income |
|
|
30,627 |
|
|
|
30,863 |
|
|
Less SBA-PPP loan income |
|
|
15 |
|
|
|
3,186 |
|
|
Net Interest Income,
as Adjusted |
|
$ |
39,185 |
|
|
$ |
34,682 |
|
|
Average Interest Earning
Assets |
|
|
2,120,553 |
|
|
|
2,001,207 |
|
|
Less Average credit card loans |
|
|
113,197 |
|
|
|
124,735 |
|
|
Less Average SBA-PPP loans |
|
|
1,953 |
|
|
|
55,917 |
|
|
Total Average Interest
Earning Assets, as Adjusted |
|
$ |
2,005,403 |
|
|
$ |
1,820,555 |
|
|
Net Interest Margin,
as Adjusted |
|
|
3.94% |
|
|
|
3.84% |
|
|
Pre-tax, Pre-Provision
Net Revenue ("PPNR") |
|
Quarters Ended |
(in thousands) |
|
June 30,
2023 |
|
March 31,
2023 |
|
December 31,
2022 |
|
September 30,
2022 |
|
June 30,
2022 |
|
|
|
|
|
|
|
|
|
|
|
Net income |
|
$ |
7,318 |
|
|
$ |
9,735 |
|
|
$ |
8,991 |
|
|
$ |
11,095 |
|
|
$ |
11,508 |
|
Add: Income Tax Expense |
|
|
2,255 |
|
|
|
2,915 |
|
|
|
2,651 |
|
|
|
3,336 |
|
|
|
3,089 |
|
Add: Provision for Credit Losses |
|
|
2,862 |
|
|
|
1,660 |
|
|
|
2,384 |
|
|
|
1,260 |
|
|
|
2,035 |
|
Pre-tax, Pre-Provision
Net Revenue ("PPNR") |
|
$ |
12,435 |
|
|
$ |
14,310 |
|
|
$ |
14,026 |
|
|
$ |
15,691 |
|
|
$ |
16,632 |
|
Pre-tax, Pre-Provision
Net Revenue ("PPNR") |
|
Six Months Ended
|
|
(in thousands) |
|
June 30,
2023 |
|
June 30,
2022
|
|
|
|
|
|
|
|
|
|
Net income |
|
$ |
17,053 |
|
|
$ |
21,719 |
|
|
Add: Income Tax Expense |
|
|
5,170 |
|
|
|
6,443 |
|
|
Add: Provision for Credit Losses |
|
|
4,522 |
|
|
|
2,987 |
|
|
Pre-tax, Pre-Provision
Net Revenue ("PPNR") |
|
$ |
26,745 |
|
|
$ |
31,149 |
|
|
Allowance for Credit
Losses to Total Portfolio Loans |
|
Quarters Ended |
(in thousands) |
|
June 30,
2023 |
|
March 31,
2023 |
|
December 31,
2022 |
|
September 30,
2022 |
|
June 30,
2022 |
|
|
|
|
|
|
|
|
|
|
|
Allowance for Credit Losses |
|
$ |
27,495 |
|
|
$ |
26,216 |
|
|
$ |
26,385 |
|
|
$ |
26,091 |
|
|
$ |
26,419 |
|
Total Loans |
|
|
1,838,131 |
|
|
|
1,788,146 |
|
|
|
1,730,755 |
|
|
|
1,650,663 |
|
|
|
1,623,541 |
|
Less: SBA-PPP loans |
|
|
1,090 |
|
|
|
2,037 |
|
|
|
2,163 |
|
|
|
2,662 |
|
|
|
15,864 |
|
Total Portfolio
Loans |
|
$ |
1,837,041 |
|
|
$ |
1,786,109 |
|
|
$ |
1,728,592 |
|
|
$ |
1,648,001 |
|
|
$ |
1,607,677 |
|
Allowance for Credit
Losses to Total Portfolio Loans |
|
|
1.50% |
|
|
|
1.47% |
|
|
|
1.53% |
|
|
|
1.58% |
|
|
|
1.64% |
|
|
|
|
|
|
|
|
|
|
|
|
Nonperforming Assets
to Total Assets, net SBA-PPP Loans |
|
Quarters Ended |
(in thousands) |
|
June 30,
2023 |
|
March 31,
2023 |
|
December 31,
2022 |
|
September 30,
2022 |
|
June 30,
2022 |
|
|
|
|
|
|
|
|
|
|
|
Total Nonperforming
Assets |
|
$ |
15,709 |
|
|
$ |
16,293 |
|
|
$ |
9,756 |
|
|
$ |
8,589 |
|
|
$ |
7,338 |
|
Total Assets |
|
|
2,227,866 |
|
|
|
2,245,286 |
|
|
|
2,123,655 |
|
|
|
2,009,358 |
|
|
|
2,154,846 |
|
Less: SBA-PPP loans |
|
|
1,090 |
|
|
|
2,037 |
|
|
|
2,163 |
|
|
|
2,662 |
|
|
|
15,864 |
|
Total Assets, net
SBA-PPP Loans |
|
$ |
2,226,776 |
|
|
$ |
2,243,249 |
|
|
$ |
2,121,492 |
|
|
$ |
2,006,696 |
|
|
$ |
2,138,982 |
|
Nonperforming Assets
to Total Assets, net SBA-PPP Loans |
|
|
0.71% |
|
|
|
0.73% |
|
|
|
0.46% |
|
|
|
0.43% |
|
|
|
0.34% |
|
|
|
|
|
|
|
|
|
|
|
|
Nonperforming Loans to
Total Portfolio Loans |
|
Quarters Ended |
(in thousands) |
|
June 30,
2023 |
|
March 31,
2023 |
|
December 31,
2022 |
|
September 30,
2022 |
|
June 30,
2022 |
|
|
|
|
|
|
|
|
|
|
|
Total Nonperforming
Loans |
|
$ |
15,709 |
|
|
$ |
16,293 |
|
|
$ |
9,756 |
|
|
$ |
8,589 |
|
|
$ |
7,338 |
|
Total Loans |
|
|
1,838,131 |
|
|
|
1,788,146 |
|
|
|
1,730,755 |
|
|
|
1,650,663 |
|
|
|
1,623,541 |
|
Less: SBA-PPP loans |
|
|
1,090 |
|
|
|
2,037 |
|
|
|
2,163 |
|
|
|
2,662 |
|
|
|
15,864 |
|
Total Portfolio Loans |
|
$ |
1,837,041 |
|
|
$ |
1,786,109 |
|
|
$ |
1,728,592 |
|
|
$ |
1,648,001 |
|
|
$ |
1,607,677 |
|
Nonperforming Loans to
Total Portfolio Loans |
|
|
0.86% |
|
|
|
0.91% |
|
|
|
0.56% |
|
|
|
0.52% |
|
|
|
0.46% |
|
|
|
|
|
|
|
|
|
|
|
|
Net Charge-offs to
Average Portfolio Loans |
|
Quarters Ended |
(in thousands) |
|
June 30,
2023 |
|
March 31,
2023 |
|
December 31,
2022 |
|
September 30,
2022 |
|
June 30,
2022 |
|
|
|
|
|
|
|
|
|
|
|
Total Net
Charge-offs |
|
$ |
1,583 |
|
|
$ |
2,633 |
|
|
$ |
2,090 |
|
|
$ |
1,588 |
|
|
$ |
868 |
|
Total Average Loans |
|
|
1,802,608 |
|
|
|
1,752,638 |
|
|
|
1,677,869 |
|
|
|
1,607,452 |
|
|
|
1,561,541 |
|
Less: Average SBA-PPP loans |
|
|
1,808 |
|
|
|
2,099 |
|
|
|
2,435 |
|
|
|
5,906 |
|
|
|
28,870 |
|
Total Average
Portfolio Loans |
|
$ |
1,800,800 |
|
|
$ |
1,750,539 |
|
|
$ |
1,675,434 |
|
|
$ |
1,601,546 |
|
|
$ |
1,532,671 |
|
Net Charge-offs to
Average Portfolio Loans |
|
|
0.35% |
|
|
|
0.61% |
|
|
|
0.49% |
|
|
|
0.39% |
|
|
|
0.23% |
|
|
|
|
|
|
|
|
|
|
|
|
Tangible Book Value
per Share |
|
Quarters Ended |
(in thousands, except per
share amounts) |
|
June 30,
2023 |
|
March 31,
2023 |
|
December 31,
2022 |
|
September 30,
2022 |
|
June 30,
2022 |
|
|
|
|
|
|
|
|
|
|
|
Total Stockholders'
Equity |
|
$ |
237,435 |
|
|
$ |
234,517 |
|
|
$ |
224,015 |
|
|
$ |
214,005 |
|
|
$ |
207,316 |
|
Less: Preferred equity |
|
|
— |
|
|
|
— |
|
|
|
— |
|
|
|
— |
|
|
|
— |
|
Less: Intangible assets |
|
|
— |
|
|
|
— |
|
|
|
— |
|
|
|
— |
|
|
|
— |
|
Tangible Common
Equity |
|
$ |
237,435 |
|
|
$ |
234,517 |
|
|
$ |
224,015 |
|
|
$ |
214,005 |
|
|
$ |
207,316 |
|
Period End Shares
Outstanding |
|
|
13,981,414 |
|
|
|
14,082,657 |
|
|
|
14,138,829 |
|
|
|
14,038,599 |
|
|
|
14,010,158 |
|
Tangible Book Value
per Share |
|
$ |
16.98 |
|
|
$ |
16.65 |
|
|
$ |
15.84 |
|
|
$ |
15.24 |
|
|
$ |
14.80 |
|
ABOUT CAPITAL BANCORP, INC.
Capital Bancorp, Inc., Rockville, Maryland is a
registered bank holding company incorporated under the laws of
Maryland. The Company’s wholly-owned subsidiary, Capital Bank,
N.A., is the fourth largest bank headquartered in Maryland at
June 30, 2023. Capital Bancorp has been providing financial
services since 1999 and now operates bank branches in four
locations in the greater Washington, D.C. and Baltimore, Maryland
markets. Capital Bancorp had assets of approximately $2.2 billion
at June 30, 2023 and its common stock is traded in the NASDAQ
Global Market under the symbol “CBNK.” More information can be
found at the Company's website www.CapitalBankMD.com under its
investor relations page.
FORWARD-LOOKING STATEMENTS
This earnings release contains forward-looking
statements. These forward-looking statements reflect our current
views with respect to, among other things, future events and our
financial performance. Any statements about our management’s
expectations, beliefs, plans, predictions, forecasts, objectives,
assumptions or future events or performance are not historical
facts and may be forward-looking. These statements are often, but
not always, made through the use of words or phrases such as
“anticipate,” “believes,” “can,” “could,” “may,” “predicts,”
“potential,” “should,” “will,” “estimate,” “plans,” “projects,”
“continuing,” “ongoing,” “expects,” "optimistic," “intends” and
similar words or phrases. Any or all of the forward-looking
statements in this earnings release may turn out to be inaccurate.
The inclusion of forward-looking information in this earnings
release should not be regarded as a representation by us or any
other person that the future plans, estimates or expectations
contemplated by us will be achieved. We have based these
forward-looking statements largely on our current expectations and
projections about future events and financial trends that we
believe may affect our financial condition, results of operations,
business strategy and financial needs. Our actual results could
differ materially from those anticipated in such forward-looking
statements. Accordingly, we caution you that any such
forward-looking statements are not a guarantee of future
performance and that actual results may prove to be materially
different from the results expressed or implied by the
forward-looking statements due to a number of factors. For details
on some of the factors that could affect these expectations, see
risk factors and other cautionary language included in the
Company's Annual Report on Form 10-K and other periodic and current
reports filed with the Securities and Exchange Commission.
While there is no assurance that any list of
risks and uncertainties or risk factors is complete, below are
certain factors which could cause actual results to differ
materially from those contained or implied in the forward-looking
statements: changes in general economic, political, or industry
conditions; geopolitical concerns, including the ongoing war in
Ukraine; the magnitude and duration of the COVID-19 pandemic and
related variants and mutations and their impact on the global
economy and financial market conditions and our business, results
of operations, and financial condition; uncertainty in U.S. fiscal
and monetary policy, including the interest rate policies of the
Board of Governors of the Federal Reserve System;
inflation/deflation, interest rate, market, and monetary
fluctuations; volatility and disruptions in global capital and
credit markets; the transition away from USD LIBOR and uncertainty
regarding potential alternative reference rates, including SOFR;
competitive pressures on product pricing and services; success,
impact, and timing of our business strategies, including market
acceptance of any new products or services; the impact of changes
in financial services policies, laws, and regulations, including
those concerning taxes, banking, securities, and insurance, and the
application thereof by regulatory bodies; cybersecurity threats and
the cost of defending against them, including the costs of
compliance with potential legislation to combat cybersecurity at a
state, national, or global level; and other factors that may affect
our future results.
These forward-looking statements are made as of
the date of this communication, and the Company does not intend,
and assumes no obligation, to update any forward-looking statement
to reflect events or circumstances after the date on which the
statement is made or to reflect the occurrence of unanticipated
events or circumstances, except as required by law.
FINANCIAL CONTACT: Jay Walker (301) 468-8848 x1223
MEDIA CONTACT: Ed Barry (240) 283-1912
WEB SITE: www.CapitalBankMD.com
Capital Bancorp (NASDAQ:CBNK)
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