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Capital Bancorp, Inc. reports developments tied to its role as the bank holding company for Capital Bank, N.A., a commercial-focused community bank with regional banking and national specialty platforms. Recurring updates cover earnings, loan and deposit growth, credit trends, tangible book value, dividends, and the performance of commercial banking, government-guaranteed lending, mortgage, card, and related specialty businesses.
Company news also includes technology investments, digital banking capabilities, OpenSky product activity, SBA team expansion, and management or board-level changes. These developments reflect Capital Bank’s mix of relationship banking, national lending and servicing platforms, and capital actions as a Nasdaq-listed banking company.
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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.
Capital Bank, N.A. has upgraded its digital banking platform designed for small-to-medium businesses, enhancing mobile convenience and cash management functions. The new Enhanced Business Online Banking offers a user-friendly interface with features like real-time alerts, robust transaction history, and mobile banking. CEO Edward Barry emphasizes that the platform supports business owners in managing cash flow efficiently. As of June 30, 2020, Capital Bancorp held approximately $1.8 billion in assets and ranks as Maryland's seventh-largest bank, with its stock traded under the symbol CBNK.
Capital Bancorp reported a net income of $4.8 million for Q2 2020, up 18.4% from $4.0 million in Q2 2019. The growth was driven by a record 64% increase in OpenSky® credit card accounts, totaling 401,000, and mortgage loan originations reaching $315.2 million. Noninterest income surged 133.3% to $13.8 million, helped by mortgage banking revenue. However, provisions for loan losses rose significantly to $3.3 million due to COVID-19 impacts. The common equity tier 1 capital ratio stood strong at 12.39%, maintaining a well-capitalized position.
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