Welcome to our dedicated page for Capital Bancorp news (Ticker: CBNK), a resource for investors and traders seeking the latest updates and insights on Capital Bancorp stock.
Capital Bancorp, Inc. (NASDAQ: CBNK) is a prominent bank holding company headquartered in Rockville, Maryland. Through its main subsidiary, Capital Bank, N.A., it operates as a commercial-focused community bank serving businesses, non-profit organizations, and entrepreneurs in the Washington, D.C. metropolitan area and beyond.
Core Divisions
- Commercial Banking: This division provides a range of banking services, including cash management and commercial lending, tailored to meet the needs of local businesses and organizations. Capital Bank, N.A. has received significant recognition for its contributions in this area, including a number two ranking among community lenders and a top ten ranking among all lenders in the Washington metropolitan district by the U.S. Small Business Administration (SBA) for fiscal year 2014.
- Capital Bank Home Loans: Specializing in conventional and government-guaranteed residential mortgage loans, this division serves customers nationwide, offering products like Veterans Administration home loans.
- OpenSky: This division is dedicated to providing secured credit cards to under-banked populations and those aiming to rebuild their credit scores, extending its reach across the entire nation.
- Corporate Office: The corporate office oversees the organization's strategic initiatives and ensures smooth operations across all divisions.
Financial Performance and Growth
With double-digit asset growth over the past few years, Capital Bancorp, Inc. boasts more than $2.2 billion in assets as of December 31, 2023. Its robust financial condition positions the company well to pursue its culture of collaborative partnerships and innovative solutions for businesses and consumers.
Recent Achievements
Capital Bancorp, Inc. has been ranked number 30 in the top 100 community banks in the U.S. for 2014 by SNL Financial, highlighting its strong performance among banks with assets between $500 million and $5 billion. Moreover, it recently entered into a definitive merger agreement with Integrated Financial Holdings, Inc. (IFH), a transaction valued at $66 million. This acquisition is expected to enhance Capital's capabilities in government-guaranteed lending and further diversify its revenue streams.
Strategic Partnerships and Acquisitions
The merger with IFH will create a nationwide leader in government-guaranteed lending, significantly enhancing Capital's service offerings in both USDA and SBA loans. The merger has been approved by both companies' boards of directors and is expected to close in the second half of 2024.
For more information, visit www.CapitalBankMD.com.
Capital Bank announces key executive transitions to strengthen leadership and enhance growth initiatives. Steve Poynot has been appointed as the new President of the Bank, overseeing commercial banking operations, while retaining his role as Chief Operating Officer. Scot R. Browning will shift to President of Specialty & CRE Lending, focusing on commercial real estate and specialty lending services. These changes aim to boost value for shareholders and customers.
Mr. Poynot brings over 25 years of experience in various banking sectors, and Brad Rodier joins as Executive Vice President and Chief Lending Officer, enhancing the bank's commercial lending capabilities. Capital Bank maintains over $2.2 billion in assets as of March 31, 2023, and continues to emphasize customer-centric banking.
Capital Bancorp, Inc. (NASDAQ: CBNK) reported a net income of $9.7 million or $0.68 per diluted share for Q1 2023, down from $10.2 million or $0.71 in Q1 2022. Tangible book value increased 15.7% to $16.65 per share. The company remains well-capitalized with a Risk Based Capital ratio of 16.15%. Highlights include total asset growth of $122.8 million (5.8%) and a 4.4% increase in total deposits. However, non-interest income declined 27.3% due to lower credit card fees and a drop in active customer accounts in the OpenSky® division. The liquidity position continues to be robust, and management expresses confidence in maintaining growth despite economic challenges.
Capital Bancorp, Inc. (NASDAQ: CBNK) has declared a cash dividend of $0.06 per share, payable on February 22, 2023 to shareholders of record as of February 6, 2023. The company, based in Rockville, Maryland, has assets totaling approximately $2.1 billion. Capital Bank, its wholly-owned subsidiary, ranks as the fourth largest bank headquartered in Maryland as of December 31, 2022. Capital Bancorp has been in operation since 1999 and serves the greater Washington, D.C. and Baltimore markets.
Capital Bancorp, Inc. (NASDAQ: CBNK) reported a fourth quarter 2022 net income of $9.0 million, or $0.62 per diluted share, a decline from $10.2 million or $0.71 in Q4 2021. Key highlights include a 19.4% annualized increase in net portfolio loans, reaching $80.6 million. The ROAA was 1.67% and ROAE was 16.18%. OpenSky® faced challenges with an 8.2% revenue decline due to reduced customer accounts, while overall credit card balances decreased by 9%. Despite these hurdles, the company remains optimistic about growth in its Commercial Bank and OpenSky® segments for 2023.
Capital Bancorp, Inc. (NASDAQ: CBNK) has declared a cash dividend of $0.06 per share on its common stock, payable on November 23, 2022. Shareholders of record as of November 7, 2022 will receive this dividend. The company, based in Rockville, Maryland, operates Capital Bank, which is the fourth largest bank in Maryland with assets of approximately $2.0 billion as of September 30, 2022. Capital Bancorp has been delivering financial services since 1999.
Capital Bancorp reported a net income of $11.1 million for Q3 2022, resulting in a diluted EPS of $0.77, consistent with $11.2 million or $0.79 per share in Q3 2021. The company achieved a ROAA of 2.15% and a ROAE of 20.32%. Net portfolio loans rose by $40.3 million or 10.0% annualized. Noninterest income decreased by $5.5 million, primarily due to lower mortgage and credit card revenues. Capital ratios remain strong, with a common equity tier 1 ratio of 15.36%.
FAQ
What is the current stock price of Capital Bancorp (CBNK)?
What is the market cap of Capital Bancorp (CBNK)?
What is Capital Bancorp, Inc.?
Where is Capital Bancorp, Inc. headquartered?
What are the main divisions of Capital Bancorp, Inc.?
What services does the Commercial Banking division offer?
What is the focus of the OpenSky division?
How significant is Capital Bancorp, Inc.'s financial performance?
What recent achievements has Capital Bancorp, Inc. accomplished?
What will the merger with Integrated Financial Holdings, Inc. bring?
When is the merger with Integrated Financial Holdings, Inc. expected to close?
Where can I find more information about Capital Bancorp, Inc.?
