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 has launched an all-digital mortgage application and e-closing experience to meet increased consumer demand for remote processing due to the pandemic. This innovative platform allows customers to handle their home loan processes from any location, enhancing convenience and efficiency. CEO Edward Barry highlighted the bank’s commitment to integrating advanced technology with superior customer service. Capital Bank, the fifth largest bank in Maryland with assets of about $2.1 billion as of March 31, 2021, aims to transform the mortgage experience for its clients.
Capital Bancorp, Inc. (NASDAQ: CBNK) reported net income of $9.0 million or $0.65 per diluted share for Q1 2021, a significant increase from $2.9 million or $0.21 per share in Q1 2020. Key metrics include a 1.87% return on average assets (ROAA) and 22.3% return on average equity (ROAE). Total assets grew 38.7% year-over-year to $2.09 billion, while portfolio loans increased by 10.5%. Noninterest income surged 152% to $14.0 million, driven by growth in mortgage banking revenue and credit card fees.
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.
Capital Bank, N.A. has announced that Kathy Curtis is rejoining its Board of Directors after retiring as Chief Risk/Compliance Officer in 2020. With 18 years of experience at the bank, Curtis played a crucial role in developing audit and compliance functions during a period of significant asset growth and regulatory changes. Her expertise in compliance and risk management, along with established relationships with regulators, is expected to enhance the bank's governance as it pursues growth and fintech initiatives.
Capital Bancorp, Inc. (NASDAQ: CBNK) announced the appointment of Joseph (Jody) A. Greene to its Board of Directors effective January 1, 2021. Greene, who has been with Capital Bank since 2009, holds extensive real estate and financing experience, serving as President and CEO of Greene & Associates. Following this change, the Board consists of 11 members, 9 of whom are independent, owning approximately 41% of Bancorp's shares. Chairman Steven J. Schwartz praised Greene's contributions to the bank's growth, particularly in the Washington, D.C. area.
Capital Bancorp, Inc. (NASDAQ: CBNK) has successfully completed a private placement of $10 million in 5.00% Fixed-to-Floating Rate Subordinated Notes due 2030. The funds will be utilized to retire $13.5 million of higher-interest subordinated debt from 2015. CEO Edward Barry stated that the oversubscribed offering indicates strong investor confidence. The new Notes will lower the company's interest expenses, positively impacting net income, while qualifying as Tier 2 capital. The Notes carry a fixed rate for the first five years, followed by a quarterly rate adjustment.
Capital Bank, N.A. has appointed Robert M. Kottler and Casey Berman to its Board of Directors, enhancing its leadership team. Kottler, with extensive experience in retail and small business banking, is expected to leverage his fintech knowledge for the bank’s growth. Berman, a venture capitalist with a focus on real estate and technology, will aid in identifying emerging technologies and partnerships to bolster the bank's tech-led strategy. Capital Bank, a Maryland-based institution, holds approximately $1.8 billion in assets and operates in the D.C. metro area.
Capital Bancorp reported record net income of $8.4 million, or $0.61 per diluted share for Q3 2020, an 88% increase compared to Q3 2019. The bank's return on assets and equity improved to 1.89% and 23.28%, respectively. Proactive credit management decreased loans in deferral status to 2.0% of outstanding loans, a 79% reduction since June. Noninterest income surged 192.8% to $21.1 million, driven by mortgage banking and credit card activities. However, provisions for loan losses increased to $3.5 million amid ongoing economic uncertainties.
Capital Bancorp, Inc. (NASDAQ: CBNK) has been recognized as part of the Piper Sandler Bank & Thrift Sm-All Class of 2020, highlighting its status as a top-performing small-cap bank. Criteria for this honor include a market cap below $2.5 billion, effective growth strategies, profitability, credit quality, and capital strength. As Maryland's seventh-largest bank, Capital Bancorp has $1.8 billion in assets and focuses on small business services. CEO Edward Barry emphasized the award reflects their commitment to customer partnerships and tailored solutions, anticipating continued success ahead.
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