Capital Bancorp Reports Record Quarter and Year to Date Earnings
Capital Bancorp, Inc. (CBNK) reported a record net income of $9.7 million or $0.71 per diluted share for Q4 2020, up from $5.1 million or $0.36 per diluted share in Q4 2019. The Company achieved a 90.9% increase in net income year-over-year and an impressive return on average assets of 2.08%. Key drivers included loan growth, decreased deposit costs, and strong performances in credit cards and mortgage banking. For 2020, net income rose 52.8% to $25.8 million, with a significant increase in total assets and deposits.
- Q4 2020 net income increased by 90.9% to $9.7 million.
- Record earnings per share of $0.71 for Q4 2020, up from $0.36 the previous year.
- Return on average assets rose to 2.08%, significantly higher than 1.48% in Q4 2019.
- Total assets increased by 31.5% year-over-year to $1.88 billion.
- Portfolio loans grew by 12.5% year-over-year, reaching $1.32 billion.
- Net interest margin declined to 5.14%, 46 basis points lower than the previous year.
- Provision for loan losses surged 302.8% year-over-year to $11.2 million due to COVID-19 impacts.
ROCKVILLE, Md., Jan. 27, 2021 (GLOBE NEWSWIRE) -- Capital Bancorp, Inc. (the "Company") (NASDAQ: CBNK), the holding company for Capital Bank, N.A. (the "Bank"), today reported net income of
“Capital Bancorp finished 2020 with excellent fourth quarter results, bringing to a close a year in which we navigated a challenging environment while delivering record results,” said Steven Schwartz, Chairman of the Board of Capital Bancorp. “For the full year, net income increased by more than
“We are pleased to have generated record earnings with our diversified revenue model despite the disruption caused by COVID-19. Our differentiated strategy of leveraging next-generation capabilities continues to build momentum and be a source of strength,” said Ed Barry, CEO of Capital Bancorp. “We were encouraged to see the return of commercial loan growth driven by our participation in the first round of the Small Business Administration Payroll Protection Program and anticipate similar success in the recently-launched second round. Additionally, our customers' financial health continues to show signs of improvement as we saw a sharp reduction in classified and non-performing loans. While significant uncertainty remains, we remain focused on executing and expanding on our technology-based strategy to drive profitable growth.”
Fourth Quarter 2020 Highlights
Capital Bancorp
- Record Net Income - Continued strong performance by the Commercial Bank, Capital Bank Home Loans and OpenSky® secured credit cards contributed to another quarter of record results. In the fourth quarter of 2020, net income increased 90.9 percent to a record
$9.7 million from$5.1 million in the fourth quarter of 2019. On a per share basis, earnings were$0.71 per basic and diluted share for the three months ended December 31, 2020 compared to$0.37 per basic and$0.36 per diluted share for the same period last year. - Record Performance Ratios - Strong earnings performance by Capital Bank Home Loans and OpenSky® boosted return on average assets ("ROAA") and return on average equity ("ROAE"). ROAA and ROAE were
2.08% and25.26% , respectively, for the three months ended December 31, 2020 compared to1.48% and15.32% , respectively, for the three months ended December 31, 2019. - Net Interest Margin Improvement - Net interest margin ("NIM") increased by 56 basis points to
5.57% from the prior quarter. The improvement in NIM was driven by active investment portfolio management, a lower cost of funds, and increased yields on OpenSky® assets. - Balance Sheet Supported By Robust Capital Levels, Elevated Reserves, and Surplus Liquidity - As of December 31, 2020, the Company reported a common equity tier 1 capital ratio of
12.94% and an allowance for loan and lease losses ("ALLL") to total loans ratio of1.54% , or1.78% excluding Small Business Administration Payroll Protection Program ("SBA-PPP") loans. The Bank is well-capitalized and has taken measures to navigate COVID-19 related disruptions, including taking additional loan loss provisions and maintaining higher than normal levels of liquidity on its balance sheet. - Subordinated Debt Cost Reduced - In December, the Company issued
$10.0 million in subordinated notes due in 2030 to replace the outstanding higher yielding$13.5 million , reducing quarterly interest expense by approximately$110 thousand .
Commercial Bank
- Focus on PPP Borrowers Delivers Results - Of the 1,220 SBA-PPP customers for whom we granted a total of
$236.3 million in loans in 2020, during the quarter, we expanded relationships with more than 100 of those SBA-PPP borrowers who had no previous relationship with the Bank. As of December 31, 2020, 120 SBA-PPP loans totaling$33.6 million have been paid and forgiven. - Continued Portfolio Loan Growth - Portfolio loans, which excludes SBA-PPP loans, increased by
$53.6 million , or 4.62 percent, for the quarter ended December 31, 2020 to$1.21 billion compared to$1.16 billion at September 30, 2020. The quarter over quarter growth was broad-based with commercial real estate loans increasing by 5.2 percent, and commercial and industrial loans increasing by 16.5 percent. - Growth in Core Deposits and Reduced Cost of Funds - Noninterest bearing deposits increased by
$12.3 million , or 2.1 percent, during the quarter ended December 31, 2020 and now represent36.8% of total deposits. Overall, the cost of interest bearing liabilities was reduced from1.18% for the quarter ending September 30, 2020 to0.95% for the quarter ending December 31, 2020 primarily due to the Bank's ongoing strategic initiative to improve its funding mix by decreasing reliance on non-core time deposits. - Continued Proactive Management of Elevated Risk Loans - Non-performing assets ("NPAs") decreased to
0.67% of total assets, or$12.6 million , in the fourth quarter of 2020 compared to0.79% in the prior quarter. The net$2.2 million improvement resulted primarily from the resolution of$4.9 million of non-performing assets, partially offset by the inclusion of$3.1 million of well collateralized loans being downgraded to substandard.
Capital Bank Home Loans
- Strong Mortgage Performance Supported by
30% Purchase Volume - In the fourth quarter of 2020, Capital Bank Home Loans continued to produce strong mortgage loan originations of$382 million and generated mortgage banking revenue of$12.2 million compared to$431 million in originations and$14.4 million in revenue for the previous quarter.
OpenSky®
- Continued Robust Growth in OpenSky® Credit Card Accounts - Despite seasonally slower fourth quarter activity, OpenSky® Credit Card accounts grew by 7.4 percent to 568 thousand accounts since last quarter.
- Account Growth Translates to Financial Performance - Consumer behavior, which had modified due to the pandemic, continued to normalize in the fourth quarter. This normalizing behavior, along with card growth, resulted in secured credit card loan balances increasing 22.7 percent to
$104.3 million during the three months ended December 31, 2020. The normalizing behavior and higher loan balances drove record credit card revenue of$15.2 million for the quarter and resulted in a$15.8 million increase in noninterest bearing secured credit card deposits.
Full Year Highlights
Capital Bancorp
- Diversified Businesses Drive Record Net Income - Net income for 2020 increased 52.8 percent to
$25.8 million , or$1.87 per diluted share, from$16.9 million , or$1.21 per diluted share for the year ended 2019. Our continued strong operating results demonstrate the advantages of the Bank's diversified business lines that are complementary across economic cycles. - Improved Performance Ratios - Superior earnings provided ROAA and ROAE of
1.56% and18.00% , respectively, for the year ended December 31, 2020 compared to1.38% and13.66% for the year ended December 31, 2019. - Net Interest Margin Above Peers - For the year ended December 31, 2020, net interest margin declined to
5.14% , 46 basis points below prior year levels. The year over year decline was driven by historically low interest rates which reduced the yield on earning assets at a higher pace than deposits. Other factors leading to the decline were lower yielding SBA-PPP loans and additional liquidity. - Improved Efficiency Ratio - Higher levels of revenue and controlled expense growth improved the efficiency ratio to
68.0% , despite higher levels of mortgage commissions, for the year ended December 31, 2020 compared to72.3% for the prior year. - Asset Growth - Total assets increased
$450.2 million , or 31.5 percent, during year ended December 31, 2020 primarily due to increases in SBA-PPP loans of$201.0 million , portfolio loans of$146.4 million and credit card loans of$57.8 million . - Stock repurchases - During the twelve months ended December 31, 2020, 304,114 shares were repurchased at an average price of
$10.81 per share.
Commercial Bank
- Strong Portfolio Loan Growth - Portfolio loans, which exclude SBA-PPP loans, increased by
$87.0 million , or 7.72 percent to$1.21 billion for the year ended December 31, 2020 compared to$1.13 billion at December 31, 2019. Contributing to this growth were commercial and industrial loans which increased 4.0 percent, commercial real estate loans which increased 12.8 percent, and construction real estate loans which increased by 13.2 percent. - Improved Deposit Franchise and Lower Cost of Funding - Noninterest bearing deposits increased by
$316.8 million , or 108.6 percent, December 31, 2020 and now represent36.8% of total deposits. During the year ended, the cost of interest bearing liabilities declined to1.29% from1.93% in the prior year, in line with our market rates. - COVID-19 Related Deferrals - Outstanding loans deferred due to COVID-19 decreased by 78.9 percent from June 30, 2020 to December 31, 2020 as shown in the table below.
| Loan Modifications (1) | ||||||||||||||||||||
| (dollars in millions) | ||||||||||||||||||||
| December 31, 2020 | September 30, 2020 | June 30, 2020 | ||||||||||||||||||
| Deferred Loans | Deferred Loans | Deferred Loans | ||||||||||||||||||
| Sector | Total Loans Outstanding | Balance | # of Loans Deferred | Balance | # of Loans Deferred | Balance | # of Loans Deferred | |||||||||||||
| Accommodation & Food Services | $ | 89.1 | $ | 14.7 | 16 | $ | 11.2 | 14 | $ | 42.6 | 36 | |||||||||
| Real Estate and Rental Leasing | 508.7 | 5.5 | 10 | 9.3 | 16 | 45.6 | 67 | |||||||||||||
| Other Services Including Private Households | 278.5 | 1.1 | 3 | 5.6 | 11 | 17.3 | 36 | |||||||||||||
| Educational Services | 20.9 | — | — | — | — | 9.8 | 6 | |||||||||||||
| Construction | 264.5 | — | — | 0.3 | 1 | 4.2 | 6 | |||||||||||||
| Professional, Scientific, and Technical Services | 86.3 | 1.4 | 3 | 1.1 | 2 | 5.0 | 11 | |||||||||||||
| Arts, Entertainment & Recreation | 39 | 0.7 | 2 | 1.4 | 2 | 5.0 | 9 | |||||||||||||
| Retail Trade | 24.6 | 0.3 | 1 | — | — | 3.0 | 8 | |||||||||||||
| Healthcare & Social Assistance | 88.5 | 0.9 | 1 | 0.9 | 1 | 4.7 | 11 | |||||||||||||
| Wholesale Trade | 13.6 | — | — | — | — | 0.9 | 1 | |||||||||||||
| All other (1) | 81.4 | 5.9 | 7 | 0.5 | 2 | 5.9 | 13 | |||||||||||||
| Total | $ | 1,495.1 | $ | 30.5 | 43 | $ | 30.3 | 49 | $ | 144.0 | 204 | |||||||||
_______________
(1) Excludes modifications and deferrals made for OpenSky® secured card customers.
Capital Bank Home Loans
- Record Mortgage Originations and Revenues - Capital Bank Home Loans benefited from favorable industry trends, strategic hires and our ability to originate purchase volume (as distinct from refinance volume) equal to
31.9% of our$1.3 billion of mortgage originations in 2020, which compares to mortgage originations of$592 million in 2019. Mortgage revenues increased to$40.6 million in 2020 compared to$16 million in 2019. Efforts to optimize product pricing and mix improved the average gain on sale to3.02% compared to2.43% in the prior year.
OpenSky®
155% Annual Growth in OpenSky® Credit Card Accounts - Improved marketing and favorable market conditions resulted in the origination of 345 thousand new OpenSky® credit card accounts in 2020, increasing the number of accounts to 568 thousand at December 31, 2020.- Account Growth Contributing to Bank Performance - Annual account growth resulted in a
$114.3 million increase in noninterest bearing secured credit card deposits that totaled$192.5 million at year end. Corresponding credit card loans increased by$57.8 million , or 124.6 percent, and totaled$104.3 million at December 31, 2020, driving a$9.4 million increase in credit card fees to$17.0 million for the year.
| COMPARATIVE FINANCIAL HIGHLIGHTS - Unaudited | |||||||||||||||||||||
| Quarter Ended | Twelve Months Ended | ||||||||||||||||||||
| December 31, | December 31, | ||||||||||||||||||||
| (amounts in thousands except per share data) | 2020 | 2019 | % Change | 2020 | 2019 | % Change | |||||||||||||||
| Earnings Summary | |||||||||||||||||||||
| Interest income | $ | 28,318 | $ | 22,393 | 26.5 | % | $ | 97,251 | $ | 83,354 | 16.7 | % | |||||||||
| Interest expense | 2,599 | 4,339 | (40.1 | )% | 13,182 | 15,842 | (16.8 | )% | |||||||||||||
| Net interest income | 25,719 | 18,054 | 42.5 | % | 84,069 | 67,512 | 24.5 | % | |||||||||||||
| Provision for loan losses | 2,033 | 921 | 120.7 | % | 11,242 | 2,791 | 302.8 | % | |||||||||||||
| Noninterest income | 19,435 | 7,278 | 167.0 | % | 61,061 | 24,518 | 149.0 | % | |||||||||||||
| Noninterest expense | 30,085 | 17,757 | 69.4 | % | 98,751 | 66,525 | 48.4 | % | |||||||||||||
| Income before income taxes | 13,036 | 6,654 | 95.9 | % | 35,137 | 22,714 | 54.7 | % | |||||||||||||
| Income tax expense | 3,347 | 1,581 | 111.7 | % | 9,314 | 5,819 | 60.1 | % | |||||||||||||
| Net income | $ | 9,689 | $ | 5,073 | 91.0 | % | $ | 25,823 | $ | 16,895 | 52.8 | % | |||||||||
| Weighted average common shares - Basic | 13,686 | 13,790 | (0.8 | )% | 13,793 | 13,733 | 0.4 | % | |||||||||||||
| Weighted average common shares - Diluted | 13,707 | 14,091 | (2.7 | )% | 13,800 | 13,969 | (1.2 | )% | |||||||||||||
| Earnings per share - Basic | $ | 0.71 | $ | 0.37 | 92.4 | % | $ | 1.87 | $ | 1.23 | 52.0 | % | |||||||||
| Earnings per share - Diluted | $ | 0.71 | $ | 0.36 | 96.3 | % | $ | 1.87 | $ | 1.21 | 54.5 | % | |||||||||
| Return on average assets (1) | 2.08 | % | 1.48 | % | 40.5 | % | 1.56 | % | 1.38 | % | 13.0 | % | |||||||||
| Return on average assets, excluding impact of SBA-PPP loans(1) (2) | 1.88 | % | 1.48 | % | 27.0 | % | 1.42 | % | 1.38 | % | 2.9 | % | |||||||||
| Return on average equity | 25.26 | % | 15.32 | % | 64.9 | % | 18.00 | % | 13.66 | % | 31.8 | % | |||||||||
| Quarter Ended | Quarter Ended | ||||||||||||||||||||||
| December 31, | 4Q20 vs. 4Q19 | September 30, | June 30, | March 31, | |||||||||||||||||||
| (in thousands except per share data) | 2020 | 2019 | % Change | 2020 | 2020 | 2020 | |||||||||||||||||
| Balance Sheet Highlights | |||||||||||||||||||||||
| Assets | $ | 1,878,659 | $ | 1,428,495 | 31.5 | % | $ | 1,879,029 | $ | 1,822,365 | $ | 1,507,847 | |||||||||||
| Investment securities available for sale | 99,787 | 60,828 | 64.0 | % | 53,992 | 56,796 | 59,524 | ||||||||||||||||
| Mortgage loans held for sale | 107,154 | 71,030 | 50.9 | % | 137,717 | 116,969 | 73,955 | ||||||||||||||||
| SBA-PPP loans, net of fees (3) | 201,018 | — | 100.0 | % | 233,349 | 229,646 | — | ||||||||||||||||
| Portfolio loans receivable (3) | 1,317,568 | 1,171,121 | 12.5 | % | 1,244,613 | 1,211,477 | 1,187,798 | ||||||||||||||||
| Allowance for loan losses | 23,434 | 13,301 | 76.2 | % | 22,016 | 18,680 | 15,513 | ||||||||||||||||
| Deposits | 1,652,128 | 1,225,421 | 34.8 | % | 1,662,211 | 1,608,726 | 1,302,913 | ||||||||||||||||
| FHLB borrowings | 22,000 | 32,222 | (31.7 | )% | 22,222 | 25,556 | 28,889 | ||||||||||||||||
| Other borrowed funds | 14,016 | 15,423 | (9.1 | )% | 17,516 | 17,392 | 15,430 | ||||||||||||||||
| Total stockholders' equity | 159,311 | 133,331 | 19.5 | % | 149,377 | 142,108 | 136,080 | ||||||||||||||||
| Tangible common equity(2) | 159,311 | 133,331 | 19.5 | % | 149,377 | 142,108 | 136,080 | ||||||||||||||||
| Common shares outstanding | 13,754 | 13,895 | (1.0 | )% | 13,682 | 13,818 | 13,817 | ||||||||||||||||
| Tangible book value per share (2) | $ | 11.58 | $ | 9.60 | 20.7 | % | $ | 10.92 | $ | 10.28 | $ | 9.85 | |||||||||||
______________
(1) Annualized.
(2) Refer to Appendix for reconciliation of non-GAAP measures.
(3) Loans are reflected net of deferred fees and costs.
Operating Results - Comparison of Three Months Ended December 31, 2020 and 2019
For the three months ended December 31, 2020, net interest income increased
The provision for loan losses of
For the quarter ended December 31, 2020, noninterest income was
For the three months ended December 31, 2020, OpenSky® originated 82 thousand new secured credit card accounts, increasing the total number of open accounts to 568 thousand. This compares to 24 thousand new originations for the same period last year, which increased total open accounts to 223 thousand. Since December 31, 2019, credit card loan balances increased to
The efficiency ratio for the three months ended December 31, 2020 decreased to
Noninterest expense was
Operating Results - Comparison of Twelve Months Ended December 31, 2020 and 2019
For the twelve months ended December 31, 2020, net interest income increased
Due primarily to the deterioration in the macro-economic environment as a result of the impact of COVID-19 in addition to organic loan growth, the Company recorded a provision for loan losses of
For the twelve months ended December 31, 2020, noninterest income was
For the twelve months ended December 31, 2020, the Bank originated 345 thousand new OpenSky® secured credit card accounts, increasing the total number of open accounts to 568 thousand. This compares to 72 thousand new originations for 2019, which increased total open accounts to 223 thousand. The record growth in open accounts was primarily driven by enhanced marketing and economic conditions that led consumers to recognize the value and convenience of OpenSky's secured credit card product.
The efficiency ratio for the year ended December 31, 2020 improved to
Noninterest expense was
During the year ended December 31, 2020, results of operations were impacted by the COVID-19 pandemic and the resulting issuance of SBA-PPP loans. At December 31, 2020, SBA-PPP loans had remaining deferred origination fees of
Financial Condition
Total assets at December 31, 2020 were
Deposits at December 31, 2020 were
Due primarily to the deterioration in the macro-economic environment as a result of the impact of COVID-19, the Company recorded a provision for loan losses of
Stockholders’ equity increased to
| Consolidated Statements of Income (Unaudited) | |||||||||||||||
| Three Months Ended December 31, | Twelve Months Ended December 31, | ||||||||||||||
| (in thousands) | 2020 | 2019 | 2020 | 2019 | |||||||||||
| Interest income | |||||||||||||||
| Loans, including fees | $ | 27,848 | $ | 21,758 | $ | 95,367 | $ | 81,305 | |||||||
| Investment securities available for sale | 363 | 217 | 1,292 | 924 | |||||||||||
| Federal funds sold and other | 107 | 418 | 592 | 1,125 | |||||||||||
| Total interest income | 28,318 | 22,393 | 97,251 | 83,354 | |||||||||||
| Interest expense | |||||||||||||||
| Deposits | 2,323 | 3,801 | 11,524 | 13,689 | |||||||||||
| Borrowed funds | 276 | 538 | 1,658 | 2,153 | |||||||||||
| Total interest expense | 2,599 | 4,339 | 13,182 | 15,842 | |||||||||||
| Net interest income | 25,719 | 18,054 | 84,069 | 67,512 | |||||||||||
| Provision for loan losses | 2,033 | 921 | 11,242 | 2,791 | |||||||||||
| Net interest income after provision for loan losses | 23,686 | 17,133 | 72,827 | 64,721 | |||||||||||
| Noninterest income | |||||||||||||||
| Service charges on deposits | 143 | 159 | 520 | 542 | |||||||||||
| Credit card fees | 6,272 | 2,082 | 16,966 | 7,602 | |||||||||||
| Mortgage banking revenue | 12,153 | 4,964 | 40,649 | 15,955 | |||||||||||
| Gain on sale of investment securities available for sale, net | 20 | — | 20 | 26 | |||||||||||
| Other fees and charges | 847 | 73 | 2,906 | 393 | |||||||||||
| Total noninterest income | 19,435 | 7,278 | 61,061 | 24,518 | |||||||||||
| Noninterest expenses | |||||||||||||||
| Salaries and employee benefits | 11,997 | 8,450 | 44,359 | 32,586 | |||||||||||
| Occupancy and equipment | 1,512 | 1,053 | 5,170 | 4,360 | |||||||||||
| Professional fees | 1,928 | 918 | 4,899 | 2,871 | |||||||||||
| Data processing | 9,253 | 4,290 | 26,917 | 15,512 | |||||||||||
| Advertising | 655 | 509 | 2,530 | 2,066 | |||||||||||
| Loan processing | 1,360 | 615 | 3,811 | 1,894 | |||||||||||
| Other real estate expenses (income), net | (68 | ) | 66 | 69 | 122 | ||||||||||
| Other operating | 3,448 | 1,856 | 10,995 | 7,114 | |||||||||||
| Total noninterest expenses | 30,085 | 17,757 | 98,751 | 66,525 | |||||||||||
| Income before income taxes | 13,036 | 6,654 | 35,137 | 22,714 | |||||||||||
| Income tax expense | 3,347 | 1,581 | 9,314 | 5,819 | |||||||||||
| Net income | $ | 9,689 | $ | 5,073 | $ | 25,823 | $ | 16,895 | |||||||
| Consolidated Balance Sheets | |||||||
| (in thousands except share data) | (unaudited) December 31, 2020 | December 31, 2019 | |||||
| Assets | |||||||
| Cash and due from banks | $ | 18,456 | $ | 10,530 | |||
| Interest bearing deposits at other financial institutions | 126,081 | 102,447 | |||||
| Federal funds sold | 2,373 | 1,847 | |||||
| Total cash and cash equivalents | 146,910 | 114,824 | |||||
| Investment securities available for sale | 99,787 | 60,828 | |||||
| Restricted investments | 3,958 | 3,966 | |||||
| Loans held for sale | 107,154 | 71,030 | |||||
| U.S. Small Business Administration Payroll Protection Program ("SBA-PPP") loans receivable, net of fees | 201,018 | — | |||||
| Portfolio loans receivable, net of deferred fees and costs and net of allowance for loan losses of | 1,294,134 | 1,157,820 | |||||
| Premises and equipment, net | 4,464 | 6,092 | |||||
| Accrued interest receivable | 8,134 | 4,770 | |||||
| Deferred income taxes, net | 6,818 | 4,263 | |||||
| Other real estate owned | 3,326 | 2,384 | |||||
| Other assets | 2,956 | 2,518 | |||||
| Total assets | $ | 1,878,659 | $ | 1,428,495 | |||
| Liabilities | |||||||
| Deposits | |||||||
| Noninterest bearing | $ | 608,559 | $ | 291,777 | |||
| Interest bearing | 1,043,569 | 933,644 | |||||
| Total deposits | 1,652,128 | 1,225,421 | |||||
| Federal Home Loan Bank advances | 22,000 | 32,222 | |||||
| Other borrowed funds | 14,016 | 15,423 | |||||
| Accrued interest payable | 1,134 | 1,801 | |||||
| Other liabilities | 30,070 | 20,297 | |||||
| Total liabilities | 1,719,348 | 1,295,164 | |||||
| Stockholders' equity | |||||||
| Preferred stock, $.01 par value; 1,000,000 shares authorized; no shares issued or outstanding | — | — | |||||
| Common stock, $.01 par value; 49,000,000 shares authorized; 13,753,529 and 13,894,842 issued and outstanding | 138 | 139 | |||||
| Additional paid-in capital | 50,602 | 51,561 | |||||
| Retained earnings | 106,854 | 81,618 | |||||
| Accumulated other comprehensive income | 1,717 | 13 | |||||
| Total stockholders' equity | 159,311 | 133,331 | |||||
| Total liabilities and stockholders' equity | $ | 1,878,659 | $ | 1,428,495 | |||
The following table shows 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 December 31, | |||||||||||||||||||||
| 2020 | 2019 | ||||||||||||||||||||
| Average Outstanding Balance | Interest Income/ Expense | Average Yield/ Rate(1) | Average Outstanding Balance | Interest Income/ Expense | Average Yield/ Rate(1) | ||||||||||||||||
| (Dollars in thousands) | |||||||||||||||||||||
| Assets | |||||||||||||||||||||
| Interest earning assets: | |||||||||||||||||||||
| Interest bearing deposits | $ | 152,720 | $ | 37 | 0.10 | % | $ | 85,148 | $ | 311 | 1.45 | % | |||||||||
| Federal funds sold | 5,537 | — | 0.01 | 5,841 | 22 | 1.49 | |||||||||||||||
| Investment securities available for sale | 73,931 | 363 | 1.95 | 37,716 | 216 | 2.27 | |||||||||||||||
| Restricted stock | 3,947 | 70 | 7.08 | 4,505 | 84 | 7.42 | |||||||||||||||
| Loans held for sale | 105,922 | 701 | 2.63 | 71,941 | 972 | 5.36 | |||||||||||||||
| SBA-PPP loans receivable | 227,617 | 1,998 | 3.49 | — | — | — | |||||||||||||||
| Portfolio loans receivable(2) | 1,266,662 | 25,149 | 7.90 | 1,139,646 | 20,788 | 7.24 | |||||||||||||||
| Total interest earning assets | 1,836,336 | 28,318 | 6.13 | 1,344,797 | 22,393 | 6.61 | |||||||||||||||
| Noninterest earning assets | 18,509 | 15,043 | |||||||||||||||||||
| Total assets | $ | 1,854,845 | $ | 1,359,840 | |||||||||||||||||
| Liabilities and Stockholders’ Equity | |||||||||||||||||||||
| Interest bearing liabilities: | |||||||||||||||||||||
| Interest bearing demand accounts | $ | 238,078 | 102 | 0.17 | $ | 147,521 | 284 | 0.77 | |||||||||||||
| Savings | 4,828 | 1 | 0.05 | 3,552 | 3 | 0.33 | |||||||||||||||
| Money market accounts | 467,727 | 633 | 0.54 | 386,367 | 1,620 | 1.66 | |||||||||||||||
| Time deposits | 337,170 | 1,586 | 1.87 | 324,272 | 1,894 | 2.32 | |||||||||||||||
| Borrowed funds | 38,447 | 277 | 2.86 | 61,963 | 538 | 3.44 | |||||||||||||||
| Total interest bearing liabilities | 1,086,250 | 2,599 | 0.95 | 923,675 | 4,339 | 1.86 | |||||||||||||||
| Noninterest bearing liabilities: | |||||||||||||||||||||
| Noninterest bearing liabilities | 23,810 | 19,137 | |||||||||||||||||||
| Noninterest bearing deposits | 592,193 | 285,619 | |||||||||||||||||||
| Stockholders’ equity | 152,592 | 131,409 | |||||||||||||||||||
| Total liabilities and stockholders’ equity | $ | 1,854,845 | $ | 1,359,840 | |||||||||||||||||
| Net interest spread | 5.18 | % | 4.75 | % | |||||||||||||||||
| Net interest income | $ | 25,719 | $ | 18,054 | |||||||||||||||||
| Net interest margin(3) | 5.57 | % | 5.33 | % | |||||||||||||||||
_______________
(1) Annualized.
(2) Includes nonaccrual loans.
(3) For the three months ended December 31, 2020 and December 31, 2019, collectively, SBA-PPP loans and credit card loans accounted for 177 and 131 basis points of the reported net interest margin, respectively.
| Twelve Months Ended December 31, | |||||||||||||||||||||
| 2020 | 2019 | ||||||||||||||||||||
| Average Outstanding Balance | Interest Income/ Expense | Average Yield/ Rate | Average Outstanding Balance | Interest Income/ Expense | Average Yield/ Rate | ||||||||||||||||
| (Dollars in thousands) | |||||||||||||||||||||
| Assets | |||||||||||||||||||||
| Interest earning assets: | |||||||||||||||||||||
| Interest bearing deposits | $ | 112,249 | $ | 343 | 0.31 | % | $ | 47,762 | $ | 832 | 1.74 | % | |||||||||
| Federal funds sold | 3,128 | 4 | 0.12 | 2,733 | 50 | 1.83 | % | ||||||||||||||
| Investment securities available for sale | 58,071 | 1,292 | 2.22 | 41,130 | 924 | 2.25 | % | ||||||||||||||
| Restricted stock | 4,025 | 244 | 6.07 | 4,334 | 243 | 5.61 | % | ||||||||||||||
| Loans held for sale | 84,928 | 2,610 | 3.07 | 44,483 | 2,899 | 6.52 | % | ||||||||||||||
| SBA-PPP loans receivable | 157,630 | 4,479 | 2.84 | — | — | — | % | ||||||||||||||
| Portfolio loans receivable(1) | 1,215,049 | 88,279 | 7.27 | 1,064,421 | 78,406 | 7.37 | % | ||||||||||||||
| Total interest earning assets | 1,635,080 | 97,251 | 5.95 | 1,204,863 | 83,354 | 6.92 | % | ||||||||||||||
| Noninterest earning assets | 24,923 | 15,046 | |||||||||||||||||||
| Total assets | $ | 1,660,003 | $ | 1,219,909 | |||||||||||||||||
| Liabilities and Stockholders’ Equity | |||||||||||||||||||||
| Interest bearing liabilities: | |||||||||||||||||||||
| Interest bearing demand accounts | $ | 195,794 | 656 | 0.34 | $ | 109,977 | 672 | 0.61 | |||||||||||||
| Savings | 4,722 | 5 | 0.11 | 3,597 | 13 | 0.36 | |||||||||||||||
| Money market accounts | 480,218 | 4,786 | 1.00 | 344,272 | 5,822 | 1.69 | |||||||||||||||
| Time deposits | 297,997 | 6,077 | 2.04 | 302,149 | 7,182 | 2.38 | |||||||||||||||
| Borrowed funds | 42,471 | 1,658 | 3.90 | 59,387 | 2,153 | 3.63 | |||||||||||||||
| Total interest bearing liabilities | 1,021,202 | 13,182 | 1.29 | 819,382 | 15,842 | 1.93 | |||||||||||||||
| Noninterest bearing liabilities: | |||||||||||||||||||||
| Noninterest bearing liabilities | 22,007 | 16,144 | |||||||||||||||||||
| Noninterest bearing deposits | 473,301 | 260,726 | |||||||||||||||||||
| Stockholders’ equity | 143,493 | 123,657 | |||||||||||||||||||
| Total liabilities and stockholders’ equity | $ | 1,660,003 | $ | 1,219,909 | |||||||||||||||||
| Net interest spread | 4.66 | % | 4.99 | % | |||||||||||||||||
| Net interest income | $ | 84,069 | $ | 67,512 | |||||||||||||||||
| Net interest margin(2) | 5.14 | % | 5.60 | % | |||||||||||||||||
_______________
(1) Includes nonaccrual loans.
(2) For the twelve months ended December 31, 2020 and December 31, 2019, collectively, SBA-PPP loans and credit card loans accounted for 125 and 134 basis points of the reported net interest margin, respectively.
| HISTORICAL FINANCIAL HIGHLIGHTS - Unaudited | ||||||||||||||||||||
| Quarter Ended | ||||||||||||||||||||
| (Dollars in thousands except per share data) | December 31, 2020 | September 30, 2020 | June 30, 2020 | March 31, 2020 | December 31, 2019 | |||||||||||||||
| Earnings: | ||||||||||||||||||||
| Net income | $ | 9,689 | $ | 8,438 | $ | 4,761 | $ | 2,934 | $ | 5,073 | ||||||||||
| Earnings per common share, diluted | 0.71 | 0.61 | 0.34 | 0.21 | 0.36 | |||||||||||||||
| Net interest margin | 5.57 | % | 5.01 | % | 4.72 | % | 5.16 | % | 5.33 | % | ||||||||||
| Net interest margin, excluding credit cards & SBA-PPP loans (1) | 3.80 | % | 3.84 | % | 3.96 | % | 3.96 | % | 4.02 | % | ||||||||||
| Return on average assets(2) | 2.08 | % | 1.89 | % | 1.19 | % | 0.84 | % | 1.48 | % | ||||||||||
| Return on average assets excluding impact of SBA-PPP loans (1)(2) | 1.88 | % | 1.80 | % | 1.04 | % | 0.84 | % | 1.48 | % | ||||||||||
| Return on average equity(2) | 25.26 | % | 23.28 | % | 13.70 | % | 8.59 | % | 15.32 | % | ||||||||||
| Efficiency ratio | 66.63 | % | 65.17 | % | 69.74 | % | 73.53 | % | 70.10 | % | ||||||||||
| Balance Sheet: | ||||||||||||||||||||
| Portfolio loans receivable (3) | $ | 1,317,568 | $ | 1,244,613 | $ | 1,211,477 | $ | 1,187,798 | $ | 1,171,121 | ||||||||||
| Deposits | 1,652,128 | 1,662,211 | 1,608,726 | 1,302,913 | 1,225,421 | |||||||||||||||
| Total assets | 1,878,659 | 1,879,029 | 1,822,365 | 1,507,847 | 1,428,495 | |||||||||||||||
| Asset Quality Ratios: | ||||||||||||||||||||
| Nonperforming assets to total assets | 0.67 | % | 0.79 | % | 0.50 | % | 0.61 | % | 0.50 | % | ||||||||||
| Nonperforming assets to total assets, excluding the SBA-PPP loans (1) | 0.75 | % | 0.90 | % | 0.58 | % | 0.61 | % | 0.50 | % | ||||||||||
| Nonperforming loans to total loans | 0.61 | % | 0.78 | % | 0.41 | % | 0.49 | % | 0.40 | % | ||||||||||
| Nonperforming loans to portfolio loans (1) | 0.70 | % | 0.92 | % | 0.48 | % | 0.49 | % | 0.40 | % | ||||||||||
| Net charge-offs to average portfolio loans (1)(2) | 0.19 | % | 0.12 | % | 0.05 | % | 0.07 | % | 0.10 | % | ||||||||||
| Net charge-offs to average loans (2) | 0.10 | % | 0.12 | % | 0.05 | % | 0.07 | % | 0.10 | % | ||||||||||
| Allowance for loan losses to total loans | 1.54 | % | 1.49 | % | 1.30 | % | 1.31 | % | 1.14 | % | ||||||||||
| Allowance for loan losses to portfolio loans (1) | 1.78 | % | 1.77 | % | 1.54 | % | 1.31 | % | 1.14 | % | ||||||||||
| Allowance for loan losses to non-performing loans | 253.71 | % | 191.78 | % | 318.25 | % | 268.13 | % | 281.80 | % | ||||||||||
| Bank Capital Ratios: | ||||||||||||||||||||
| Total risk based capital ratio | 12.60 | % | 12.74 | % | 12.35 | % | 12.18 | % | 11.98 | % | ||||||||||
| Tier 1 risk based capital ratio | 11.34 | % | 11.48 | % | 11.10 | % | 10.93 | % | 10.73 | % | ||||||||||
| Leverage ratio | 7.45 | % | 7.44 | % | 7.73 | % | 8.61 | % | 8.65 | % | ||||||||||
| Common equity Tier 1 capital ratio | 11.34 | % | 11.48 | % | 11.10 | % | 10.93 | % | 10.73 | % | ||||||||||
| Tangible common equity | 7.43 | % | 7.09 | % | 6.91 | % | 8.03 | % | 8.21 | % | ||||||||||
| Holding Company Capital Ratios: | ||||||||||||||||||||
| Total risk based capital ratio | 15.19 | % | 15.35 | % | 15.02 | % | 13.63 | % | 13.56 | % | ||||||||||
| Tier 1 risk based capital ratio | 13.10 | % | 12.93 | % | 12.58 | % | 12.38 | % | 12.31 | % | ||||||||||
| Leverage ratio | 8.78 | % | 8.63 | % | 8.85 | % | 9.83 | % | 9.96 | % | ||||||||||
| Common equity Tier 1 capital ratio | 12.94 | % | 12.75 | % | 12.39 | % | 12.19 | % | 12.12 | % | ||||||||||
| Tangible common equity | 8.48 | % | 7.95 | % | 7.80 | % | 11.08 | % | 10.71 | % | ||||||||||
| Composition of Loans: | ||||||||||||||||||||
| Residential real estate | $ | 437,860 | $ | 422,698 | $ | 437,429 | $ | 430,870 | $ | 427,926 | ||||||||||
| Commercial real estate | 392,550 | 372,972 | 364,071 | 360,601 | 348,091 | |||||||||||||||
| Construction real estate | 224,904 | 227,661 | 212,957 | 204,047 | 198,702 | |||||||||||||||
| Commercial and industrial - Other | 157,127 | 134,889 | 142,673 | 151,551 | 151,109 | |||||||||||||||
| SBA-PPP loans | 204,920 | 238,735 | 236,325 | — | — | |||||||||||||||
| Credit card | 104,252 | 84,964 | 54,732 | 41,881 | 46,412 | |||||||||||||||
| Other | 1,649 | 2,268 | 947 | 1,103 | 1,285 | |||||||||||||||
| Composition of Deposits: | ||||||||||||||||||||
| Noninterest bearing | $ | 608,559 | $ | 596,239 | $ | 563,995 | $ | 363,423 | $ | 291,777 | ||||||||||
| Interest bearing demand | 257,126 | 247,150 | 268,150 | 175,924 | 174,166 | |||||||||||||||
| Savings | 4,800 | 4,941 | 5,087 | 4,290 | 3,675 | |||||||||||||||
| Money Markets | 447,077 | 472,447 | 507,432 | 473,958 | 429,078 | |||||||||||||||
| Time Deposits | 334,566 | 341,435 | 264,062 | 285,318 | 326,725 | |||||||||||||||
| Capital Bank Home Loan Metrics: | ||||||||||||||||||||
| Origination of loans held for sale | $ | 382,267 | $ | 431,060 | $ | 315,165 | $ | 180,421 | $ | 185,739 | ||||||||||
| Mortgage loans sold | 412,830 | 410,312 | 272,151 | 177,496 | 183,691 | |||||||||||||||
| Gain on sale of loans | 12,950 | 12,837 | 8,088 | 4,580 | 4,587 | |||||||||||||||
| Purchase volume as a % of originations | 30.03 | % | 33.76 | % | 31.16 | % | 32.79 | % | 28.95 | % | ||||||||||
| Gain on sale as a % of loans sold(4) | 3.14 | % | 3.13 | % | 2.97 | % | 2.52 | % | 2.44 | % | ||||||||||
| OpenSky Credit Card Portfolio Metrics: | ||||||||||||||||||||
| Active customer accounts | 568,373 | 529,114 | 400,530 | 244,024 | 223,379 | |||||||||||||||
| Credit card loans | $ | 104,252 | $ | 84,964 | $ | 54,732 | $ | 41,881 | $ | 46,412 | ||||||||||
| Noninterest secured credit card deposits | 192,520 | 176,708 | 131,854 | 84,689 | 78,223 | |||||||||||||||
_______________
(1) Refer to Appendix for reconciliation of non-GAAP measures.
(2) Annualized.
(3) Loans are reflected net of deferred fees and costs.
(4) Gain on sale percentage is calculated as gain on sale of loans divided by the sum of gain on sale of loans and proceeds from loans held for sale, net of gains.
Appendix
Reconciliation of Non-GAAP Measures
| Return on Average Assets, as Adjusted | Year Ended | Year Ended | Quarter Ended | Quarter Ended | ||||||||
| Dollars in Thousands | December 31, 2020 | December 31, 2019 | December 31, 2020 | December 31, 2019 | ||||||||
| Net Income | $ | 25,823 | $ | 16,895 | $ | 9,689 | $ | 5,073 | ||||
| Less: SBA-PPP loan income | 4,479 | — | 1,998 | — | ||||||||
| Net Income, as Adjusted | $ | 21,344 | $ | 16,895 | $ | 7,691 | $ | 5,073 | ||||
| Average Total Assets | $ | 1,660,003 | 1,219,909 | $ | 1,854,846 | 1,359,840 | ||||||
| Less: Average SBA-PPP Loans | 157,630 | — | 227,617 | — | ||||||||
| Average Total Assets, as Adjusted | $ | 1,502,373 | $ | 1,219,909 | $ | 1,627,229 | $ | 1,359,840 | ||||
| Return on Average Assets, as Adjusted | 1.42 | % | 1.38 | % | 1.88 | % | 1.48 | % | ||||
| Net Interest Margin, as Adjusted | Year Ended | Year Ended | Quarter Ended | Quarter Ended | ||||||||
| Dollars in Thousands | December 31, 2020 | December 31, 2019 | December 31, 2020 | December 31, 2019 | ||||||||
| Net Interest Income | $ | 84,069 | $ | 67,512 | $ | 25,719 | $ | 18,054 | ||||
| Less Secured credit card loan income | 24,531 | 17,760 | 9,306 | 4,867 | ||||||||
| Less SBA-PPP loan income | 4,479 | — | 1,998 | — | ||||||||
| Net Interest Income, as Adjusted | $ | 55,059 | $ | 49,752 | $ | 14,415 | 13,187 | |||||
| Average Interest Earning Assets | $ | 1,635,079 | 1,204,863 | $ | 1,836,337 | 1,344,797 | ||||||
| Less Average secured credit card loans | $ | 62,462 | 37,921 | 95,739 | 43,406 | |||||||
| Less Average SBA-PPP loans | 157,630 | — | 227,617 | — | ||||||||
| Total Average Interest Earning Assets, as Adjusted | $ | 1,414,987 | $ | 1,166,942 | $ | 1,512,981 | $ | 1,301,392 | ||||
| Net Interest Margin, as Adjusted | 3.89 | % | 4.26 | % | 3.80 | % | 4.02 | % | ||||
| Tangible Book Value per Share | Quarter Ended | Quarter Ended | Quarter Ended | Quarter Ended | Quarter Ended | ||||||||||
| Dollars in Thousands | December 31, 2020 | December 31, 2019 | September 30, 2020 | June 30, 2020 | March 31, 2020 | ||||||||||
| Total Stockholders' Equity | $ | 159,311 | $ | 133,331 | $ | 149,377 | $ | 142,108 | $ | 136,080 | |||||
| Less: Preferred equity | — | — | — | — | — | ||||||||||
| Less: Intangible assets | — | — | — | — | — | ||||||||||
| Tangible Common Equity | $ | 159,311 | $ | 133,331 | $ | 149,377 | $ | 142,108 | $ | 136,080 | |||||
| Period End Shares Outstanding | 13,753,529 | 13,894,842 | 13,682,198 | 13,818,223 | 13,816,723 | ||||||||||
| Tangible Book Value per Share | $ | 11.58 | $ | 9.60 | $ | 10.92 | $ | 10.28 | $ | 9.85 | |||||
| Allowance for Loan Losses to Total Portfolio Loans | |||||||
| Dollars in Thousands | December 31, 2020 | December 31, 2019 | |||||
| Allowance for Loan Losses | $ | 23,434 | $ | 13,301 | |||
| Total Loans | 1,518,586 | 1,171,121 | |||||
| Less: SBA-PPP loans | 201,018 | — | |||||
| Total Portfolio Loans | $ | 1,317,568 | $ | 1,171,121 | |||
| Allowance for Loan Losses to Total Portfolio Loans | 1.78 | % | 1.14 | % | |||
| Nonperforming Assets to Total Assets, net SBA-PPP Loans | |||||||
| Dollars in Thousands | December 31, 2020 | December 31, 2019 | |||||
| Total Nonperforming Assets | $ | 12,563 | $ | 7,104 | |||
| Total Assets | $ | 1,878,659 | 1,428,495 | ||||
| Less: SBA-PPP loans | 201,018 | — | |||||
| Total Assets, net SBA-PPP Loans | $ | 1,677,641 | $ | 1,428,495 | |||
| Nonperforming Assets to Total Assets, net SBA-PPP Loans | 0.75 | % | 0.50 | % | |||
| Nonperforming Loans to Portfolio Loans | |||||||
| Dollars in Thousands | December 31, 2020 | December 31, 2019 | |||||
| Total Nonperforming Loans | $ | 9,237 | $ | 4,720 | |||
| Total Loans | 1,518,586 | 1,171,121 | |||||
| Less: SBA-PPP loans | 201,018 | — | |||||
| Total Portfolio Loans | $ | 1,317,568 | $ | 1,171,121 | |||
| Nonperforming Loans to Total Portfolio Loans | 0.70 | % | 0.40 | % | |||
| Net Charge-offs to Average Portfolio Loans | Year Ended | Year Ended | |||||
| Dollars in Thousands | December 31, 2020 | December 31, 2019 | |||||
| Total Net Charge-offs | $ | 1,109 | $ | 798 | |||
| Total Average Loans | 1,215,049 | 1,064,421 | |||||
| Less: Average SBA-PPP loans | 157,630 | — | |||||
| Total Average Loans, Excluding SBA-PPP Loans | $ | 1,057,419 | $ | 1,064,421 | |||
| Net Charge-offs to Average Portfolio Loans | 0.10 | % | 0.08 | % | |||
| Net Charge-offs to Average Portfolio Loans | Quarter Ended | Quarter Ended | |||||
| Dollars in Thousands | December 31, 2020 | December 31, 2019 | |||||
| Total Net Charge-offs | $ | 615 | $ | 438 | |||
| Total Average Loans | $ | 1,494,278 | $ | 1,139,646 | |||
| Less: Average SBA-PPP loans | 227,617 | ||||||
| Total Average Loans, Excluding SBA-PPP Loans | $ | 1,266,662 | $ | 1,139,646 | |||
| Net Charge-offs to Average Portfolio Loans | 0.19 | % | 0.15 | % | |||
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 fifth largest bank headquartered in Maryland at December 31, 2020. Capital Bancorp has been providing financial services since 1999 and now operates bank branches in five locations in the greater Washington, D.C. and Baltimore, Maryland markets. Capital Bancorp had assets of approximately
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,” “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 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.
Further, given its ongoing and dynamic nature, it is difficult to predict the full impact of the COVID-19 outbreak on our business. The extent of such impact will depend on future developments, which are highly uncertain, including when the coronavirus can be controlled and abated and when and how the economy may be fully reopened. As a result of the COVID-19 pandemic and the related adverse local and national economic consequences, we are exposed to all of the following risks, any of which could have a material, adverse effect on our business, financial condition, liquidity, and results of operations: the demand for our products and services may decline, making it difficult to grow assets and income; if the economy is unable to substantially reopen as planned, and high levels of unemployment continue for an extended period of time, loan delinquencies, problem assets, and foreclosures may increase, resulting in increased charges and reduced income; collateral for loans, especially real estate, may decline in value, which could cause loan losses to increase; our allowance for loan losses may increase if borrowers experience financial difficulties, which will adversely affect our net income; the net worth and liquidity of loan guarantors may decline, impairing their ability to honor commitments to us; as the result of the decline in the Federal Reserve Board’s target federal funds rate to near
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: Alan Jackson (240) 283-0402
MEDIA CONTACT: Ed Barry (240) 283-1912
WEB SITE: www.CapitalBankMD.com
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