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.
On October 11, 2022, Capital Bank, N.A. appointed Steven M. Poynot as Chief Operating Officer. Poynot, who has extensive experience in banking, previously held key positions at F&M Trust and Howard Bank, focusing on operations and technology. His appointment aligns with the Bank's strategic goals for growth. Karl Dicker, the former COO, transitions to President of OpenSky and Fintech, marking a shift in focus toward lucrative opportunities. Capital Bank is Maryland's fourth-largest bank, with assets of approximately $2.2 billion as of June 30, 2022, and its stock symbol is CBNK.
Capital Bancorp, Inc. (NASDAQ: CBNK) announced a cash dividend of $0.06 per share, payable August 24, 2022, to shareholders of record by August 8, 2022. Additionally, the company received approval from the Federal Reserve Bank of Richmond to initiate a stock repurchase program, allowing repurchases up to $10 million, representing about 3.1% of outstanding shares. The program aims to enhance shareholder value amidst market volatility and will continue until December 31, 2023. CEO Ed Barry emphasized the company's strong financial position and commitment to capital efficiency.
Capital Bancorp, Inc. (CBNK) reported a net income of $11.5 million or $0.80 per diluted share for the second quarter of 2022, marking a 19.3% increase from $9.6 million in Q2 2021. The company's net portfolio loans rose by $81.4 million, representing a 21.4% annualized growth. The return on average assets (ROAA) was 2.23% while the return on average equity (ROAE) stood at 22.16%. OpenSky® revenues increased 22.1% to $23.0 million, although credit card accounts saw headwinds from fintech competition.
Capital Bank, N.A. announced a partnership with ZSuite Technologies to enhance its tech solutions with the introduction of ZRent, a digital platform that streamlines rent collection for landlords and property managers. ZRent enables easy payments via various devices, promising faster transaction processing of up to one business day. The service is complimentary for landlords with an account at Capital Bank. The bank aims to integrate more ZSuite solutions in pursuit of delivering greater convenience and efficiency to its customers.
On April 25, 2022, Capital Bancorp, Inc. (NASDAQ: CBNK) announced a cash dividend of $0.05 per share, to be paid on May 25, 2022, to shareholders on record as of May 9, 2022. The company, based in Rockville, Maryland, operates as a bank holding company and is the fourth largest bank in Maryland, boasting assets of approximately $2.1 billion as of March 31, 2022. Capital Bank has been providing financial services since 1999 and has multiple branches in the greater Washington, D.C. and Baltimore areas.
Capital Bancorp, Inc. (NASDAQ: CBNK) announced a net income of $10.2 million for Q1 2022, or $0.71 diluted EPS, up from $9.0 million or $0.65 in Q1 2021. With a ROAA of 2.01% and ROAE of 20.30%, the bank showed strong performance despite a 68.8% drop in mortgage origination volumes. Portfolio loans rose by $213.9 million year-over-year, with a net interest margin of 6.79%. Non-performing assets decreased to 0.28%. The company is optimistic about future growth driven by strategic investments, despite adverse impacts from rising interest rates.
Capital Bank, N.A. has appointed Sandeep Uthra as Executive Vice President and Chief Information Officer (CIO), aimed at enhancing its technology-driven banking solutions. Uthra, with extensive experience from Truliant Federal Credit Union and Bank of America, will focus on digital transformation and improving customer experience through various technology initiatives. This strategic move aligns with the Bank's goals for operational efficiency and growth, as highlighted by CEO Ed Barry. Capital Bank, headquartered in Maryland, holds assets of approximately $2.1 billion and trades under the symbol 'CBNK'.
Capital Bank has partnered with Montgomery County Green Bank to promote clean energy financing for local businesses. This collaboration enables commercial property owners to access C-PACE loans, which support energy-efficient projects such as solar installations and HVAC upgrades. Capital Bank, the fourth largest bank in Maryland, previously assisted 598 small businesses with over $172 million in PPP funding. With a focus on community engagement, the bank aims to expand its clean energy initiatives while enhancing real estate values and reducing energy costs for local businesses.
Capital Bancorp, Inc. (NASDAQ: CBNK) has declared a cash dividend of $0.05 per share on its common stock. The dividend will be payable on February 23, 2022, to shareholders of record as of February 8, 2022. The company, headquartered in Rockville, Maryland, operates Capital Bank, the fourth-largest bank in Maryland, with assets of approximately $2.1 billion as of December 31, 2021. Capital Bancorp has provided financial services since 1999 and maintains a strong presence in the greater Washington, D.C., and Baltimore markets.
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