ROCKVILLE, Md., July 22, 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 $9.6 million, or $0.68 per diluted share, for the second quarter of 2021. By comparison, net income was $4.8 million, or $0.34 per diluted share, for the second quarter of 2020. Return on average assets (“ROAA”) was 1.90% for the second quarter of 2021, compared to 1.19% for the same period in 2020. Return on average equity (“ROAE”) was 22.36% for the second quarter of 2021, compared to 13.70% for the same period in 2020.
�Capital Bancorps second quarter results once again demonstrated the strength of our diversified business model that performs well in a variety of economic environments, said Steven Schwartz, Chairman of the Board of the Company. The strength of our earnings has made it possible to continue to invest in the business while delivering attractive returns to our shareholders.
“Growth has accelerated, leading to another strong and balanced quarter. The continued strong performance by all of our business lines emphasizes the momentum we have built through investment and strategic decisions at Capital Bank,” said Ed Barry, CEO of the Company. “OpenSky’s® performance remains above expectations as consumers increasingly recognize the value of our product offerings. The Commercial Bank continues to grow and take advantage of dislocations in the market. Capital Bank Home Loans delivered another solid quarter despite a rapidly cooling origination environment. We believe we have laid the foundation for continued profitable growth and look forward to leading the market with our technology-led capabilities.”
Second Quarter 2021 Highlights
Capital Bancorp, Inc.
Commercial Bank
Capital Bank Home Loans
OpenSky®
Year to Date 2021 Highlights
Capital Bancorp
Commercial Bank
Loan Modifications(1) | ||||||||||||||||||||||||||
(dollars in millions) | ||||||||||||||||||||||||||
June 30, 2021 | March 31, 2021 | December 31, 2020 | June 30, 2020 | |||||||||||||||||||||||
Deferred Loans | Deferred Loans | Deferred Loans | Deferred Loans | |||||||||||||||||||||||
Sector | Total Loans Outstanding | Balance | # of Loans Deferred | Balance | # of Loans Deferred | Balance | # of Loans Deferred | Balance | # of Loans Deferred | |||||||||||||||||
Accommodation & Food Services | $ | 114.2 | $ | 5.0 | 7 | $ | 16.1 | 15 | $ | 14.7 | 16 | $ | 42.6 | 36 | ||||||||||||
Real Estate and Rental Leasing | 463.1 | 0.8 | 1 | 3.2 | 4 | 5.5 | 10 | 45.6 | 67 | |||||||||||||||||
Other Services Including Private Households | 171.2 | 0.3 | 1 | | | 1.1 | 3 | 17.3 | 36 | |||||||||||||||||
Educational Services | 19.5 | | | | | | | 9.8 | 6 | |||||||||||||||||
Construction | 231.7 | | | | | | | 4.2 | 6 | |||||||||||||||||
Professional, Scientific, and Technical Services | 57.4 | | | 1.1 | 2 | 1.4 | 3 | 5.0 | 11 | |||||||||||||||||
Arts, Entertainment & Recreation | 37.2 | 2.0 | 3 | 1.3 | 1 | 0.7 | 2 | 5.0 | 9 | |||||||||||||||||
Retail Trade | 22.2 | 0.3 | 1 | | | 0.3 | 1 | 3.0 | 8 | |||||||||||||||||
Healthcare & Social Assistance | 94.3 | | | | | 0.9 | 1 | 4.7 | 11 | |||||||||||||||||
Wholesale Trade | 16.0 | | | | | | | 0.9 | 1 | |||||||||||||||||
All other (1) | 368.4 | 3.5 | 3 | 3.7 | 3 | 5.9 | 7 | 5.9 | 13 | |||||||||||||||||
Total | $ | 1,595.2 | $ | 11.9 | 16 | $ | 25.4 | 25 | $ | 30.5 | 43 | $ | 144.0 | 204 |
_______________
(1) Excludes modifications and deferrals made for OpenSky® secured card customers.
Capital Bank Home Loans
OpenSky®
COMPARATIVE FINANCIAL HIGHLIGHTS – Unaudited | |||||||||||||||||||||
Quarter Ended | Six Months Ended | ||||||||||||||||||||
June 30, | June 30, | ||||||||||||||||||||
(amounts in thousands except per share data) | 2021 | 2020 | % Change | 2021 | 2020 | % Change | |||||||||||||||
Earnings Summary | |||||||||||||||||||||
Interest income | $ | 29,289 | $ | 22,000 | 33.1 | % | $ | 55,927 | $ | 43,744 | 27.9 | % | |||||||||
Interest expense | 1,769 | 3,376 | (47.6 | )% | 3,964 | 7,433 | (46.7 | )% | |||||||||||||
Net interest income | 27,520 | 18,624 | 47.8 | % | 51,963 | 36,311 | 43.1 | % | |||||||||||||
Provision for loan losses | 781 | 3,300 | (76.3 | )% | 1,284 | 5,709 | (77.5 | )% | |||||||||||||
Noninterest income | 13,471 | 11,101 | 21.3 | % | 27,421 | 16,636 | 64.8 | % | |||||||||||||
Noninterest expense | 27,205 | 19,905 | 36.7 | % | 52,972 | 36,704 | 44.3 | % | |||||||||||||
Income before income taxes | 13,005 | 6,520 | 99.5 | % | 25,128 | 10,534 | 138.5 | % | |||||||||||||
Income tax expense | 3,357 | 1,759 | 90.8 | % | 6,499 | 2,839 | 128.9 | % | |||||||||||||
Net income | $ | 9,648 | $ | 4,761 | 102.6 | % | $ | 18,629 | $ | 7,695 | 142.1 | % | |||||||||
Pre-tax pre-provision net revenue (“PPNR”) (2) | $ | 13,786 | $ | 9,820 | 40.4 | % | $ | 26,412 | $ | 16,243 | 62.6 | % | |||||||||
Weighted average common shares – Basic | 13,766 | 13,817 | (0.4 | )% | 13,762 | 13,847 | (0.6 | )% | |||||||||||||
Weighted average common shares – Diluted | 14,172 | 13,817 | 2.6 | % | 14,070 | 13,877 | 1.4 | % | |||||||||||||
Earnings per share – Basic | $ | 0.70 | $ | 0.34 | 103.4 | % | $ | 1.35 | $ | 0.56 | 141.1 | % | |||||||||
Earnings per share – Diluted | $ | 0.68 | $ | 0.34 | 97.6 | % | $ | 1.32 | $ | 0.55 | 140.0 | % | |||||||||
Return on average assets (1) | 1.90 | % | 1.19 | % | 59.7 | % | 1.88 | % | 1.03 | % | 82.5 | % | |||||||||
Return on average assets, excluding impact of SBA-PPP loans(1) (2) | 1.65 | % | 1.04 | % | 58.7 | % | 1.60 | % | 0.95 | % | 68.4 | % | |||||||||
Return on average equity | 22.36 | % | 13.70 | % | 63.2 | % | 22.33 | % | 11.17 | % | 99.9 | % |
Quarter Ended | 2Q21 vs. 2Q20 | Quarter Ended | ||||||||||||||||||||
June 30, | March 31, | December 31, | September 30, | |||||||||||||||||||
(in thousands except per share data) | 2021 | 2020 | % Change | 2021 | 2020 | 2020 | ||||||||||||||||
Balance Sheet Highlights | ||||||||||||||||||||||
Assets | $ | 2,151,850 | $ | 1,822,365 | 18.1 | % | $ | 2,091,851 | $ | 1,876,593 | $ | 1,879,029 | ||||||||||
Investment securities available for sale | 160,515 | 56,796 | 182.6 | % | 128,023 | 99,787 | 53,992 | |||||||||||||||
Mortgage loans held for sale | 47,935 | 116,969 | (59.0 | )% | 60,816 | 107,154 | 137,717 | |||||||||||||||
SBA-PPP loans, net of fees (3) | 202,763 | 229,646 | (11.7 | )% | 265,712 | 201,018 | 233,349 | |||||||||||||||
Portfolio loans receivable (3) | 1,392,471 | 1,209,895 | 15.1 | % | 1,312,375 | 1,315,503 | 1,244,613 | |||||||||||||||
Allowance for loan losses | 24,079 | 18,680 | 28.9 | % | 23,550 | 23,434 | 22,016 | |||||||||||||||
Deposits | 1,917,419 | 1,608,726 | 19.2 | % | 1,863,069 | 1,652,128 | 1,662,211 | |||||||||||||||
FHLB borrowings | 22,000 | 25,556 | (13.9 | )% | 22,000 | 22,000 | 22,222 | |||||||||||||||
Other borrowed funds | 12,062 | 17,392 | (30.6 | )% | 12,062 | 14,016 | 17,516 | |||||||||||||||
Total stockholders’ equity | 177,204 | 142,108 | 24.7 | % | 167,003 | 159,311 | 149,377 | |||||||||||||||
Tangible common equity(2) | 177,204 | 142,108 | 24.7 | % | 167,003 | 159,311 | 149,377 | |||||||||||||||
Common shares outstanding | 13,772 | 13,818 | (0.3 | )% | 13,759 | 13,754 | 13,682 | |||||||||||||||
Tangible book value per share (2) | $ | 12.87 | $ | 10.28 | 25.1 | % | $ | 12.14 | $ | 11.58 | $ | 10.92 |
______________
(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 June 30, 2021 and 2020
For the three months ended June 30, 2021, net interest income increased $8.9 million, or 47.8 percent, to $27.5 million from the same period in 2020, primarily due to an increase in interest earning assets and a decrease in rates on interest bearing liabilities. The net interest margin increased 75 basis point to 5.47% for the three months ended June 30, 2021 from the same period in 2020. Net interest margin, excluding credit card and SBA-PPP loans, was 3.55% for the second quarter of 2021 compared to 3.96% for the same period in 2020. For the three months ended June 30, 2021, average interest earning assets increased $428.4 million, or 27.0 percent, to $2.0 billion as compared to the same period in 2020, and the average yield on interest earning assets increased 25 basis points. Compared to the same period in the prior year, average interest-bearing liabilities increased $103.0 million, or 10.4 percent, while the average cost decreased 73 basis points to 0.65% from 1.38%.
The provision for loan losses of $781 thousand for the three months ended June 30, 2021 was due primarily to a small number of loan charge-offs, which was offset by improving overall credit metrics. On an annualized basis, net charge-offs for the second quarter of 2021 were $252 thousand, or 0.08% of average loans, compared to $134 thousand, or 0.05% of average loans on an annualized basis, for the second quarter of 2020. The $252 thousand in net charge-offs during the quarter was comprised of $90 thousand in commercial loans and $162 thousand in credit cards.
For the quarter ended June 30, 2021, noninterest income was $13.5 million, an increase of $2.4 million, or 21.34 percent, from $11.1 million in the prior year quarter. The increase was primarily driven by significant growth in credit card fees of $4.8 million resulting from the higher number of credit card accounts which was partially offset by a decrease of $2.1 million in mortgage banking revenue.
For the three months ended June 30, 2021, OpenSky’s® net growth was 65 thousand secured credit card accounts, increasing the total number of open accounts to 708 thousand. This compares to 157 thousand net new accounts for the same period last year, which increased total open accounts to 401 thousand. Credit card loan balances increased by $37.7 million to $121.4 million as of June 30, 2021 from $53.1 million at June 30, 2020 and the related deposit account balances have increased 83 percent to $241.7 million. The growth in open accounts was primarily driven by enhanced marketing and economic conditions that led consumers to recognize the value and convenience of the Bank’s secured credit card product.
The efficiency ratio for the three months ended June 30, 2021 improved to 66.37% compared to 69.74% for the three months ended June 30, 2020 on higher levels of revenue and improved operating leverage.
Noninterest expense was $27.2 million for the three months ended June 30, 2021, as compared to $19.9 million for the three months ended June 30, 2020, an increase of $7.3 million, or 36.7 percent. The increase was primarily driven by a $4.5 million, or 79 percent, increase in data processing expenses, an increase in professional services of $0.5 million, an increase in marketing and advertising of $0.7 million, and an increase in operating expenses of $1.0 million, or 42.8 percent, quarter over quarter. The increase of $4.5 million in data processing expenses was mainly attributed to the higher volume of open credit cards during the second quarter of 2021. In addition, the $1.0 million increase in operating expenses is due to increases in credit expenses, outside service providers, and FDIC insurance.
Operating Results – Comparison of Six Months Ended June 30, 2021 and 2020
For the six months ended June 30, 2021, net interest income increased $15.7 million, or 43.1 percent, to $52.0 million from the same period in 2020, primarily due to an increase in interest earning assets and a decrease in rates on interest bearing liabilities. The net interest margin increased 40 basis points to 5.32% for the six months ended June 30, 2021 from the same period in 2020. Net interest margin, excluding credit card and SBA-PPP loans, was 3.59% six months ended June 30, 2020 compared to 3.96% for the same period in 2020. For the six months ended June 30, 2021, average interest earning assets increased $486.6 million, or 32.8 percent, to $2.0 billion as compared to the same period in 2020, and the average yield on interest earning assets decreased 20 basis points. Compared to the same period in the prior year, average interest-bearing liabilities increased $129.0 million, or 13.4 percent, while the average cost decreased 82 basis points to 0.73% from 1.55%.
For the six months ended June 30, 2021, the provision for loan losses was $1.3 million, a decrease of $4.4 million from the prior year to date period primarily due to the continued economic recovery from COVID-19. On an annualized basis, net charge-offs for the six months ended June 30, 2021 were $640 thousand, or 0.10% of average portfolio loans, compared to $330 thousand, or 0.05% of average portfolio loans on an annualized basis, for the same period in 2020. The $640 thousand in net charge-offs during the quarter was comprised of commercial loan charge-offs amounting to $195 thousand and $445 thousand in our credit card portfolio.
For the six months ended June 30, 2021, noninterest income was $27.4 million, an increase of $10.8 million, or 64.8 percent, from the same period in 2020. The increase was primarily driven by significant growth in credit card fees, which increased by $8.7 million, and mortgage banking revenues, which increased $2.7 million.
For the six months ended June 30, 2021, the Bank originated 223 thousand new OpenSky® secured credit card accounts, increasing the total number of open accounts to 708 thousand. This compares to 215 thousand new originations for the same period last year, which increased total open accounts to 401 thousand.
The efficiency ratio for the six months ended June 30, 2021 decreased to 66.73% compared to 69.32% for the six months ended June 30, 2020, primarily resulting from increased revenue in addition to management’s efforts to control expenses.
Noninterest expense was $53.0 million for the six months ended June 30, 2021, as compared to $36.7 million for the six months ended June 30, 2020, an increase of $16.3 million, or 44.3%. The increase was primarily driven by an $1.4 million, or 8.8 percent, increase in salaries and benefits, an increase in professional fees of 79.5 percent, or $1.3 million, a $9.6 million, or 98.6 percent, increase in data processing, and a $2.0 million, or 45.4 percent, increase in other operating expenses period over the period. The increase of $6.4 million in data processing expenses was due to the higher volume of open credit cards and increased mortgage originations during the year. Additionally, operating expenses increased $2.0 million due to increases in credit expenses, outside service providers, and FDIC insurance.
During the six months ended June 30, 2021, results of operations were impacted by the COVID-19 pandemic and the resulting issuance of SBA-PPP loans. At June 30, 2021, SBA-PPP loans had remaining deferred origination fees of $6.5 million, and deferred costs of $1.2 million.
Financial Condition
Total assets at June 30, 2021 were $2.2 billion, an increase of 18.1 percent from June 30, 2020. Portfolio loans, which exclude mortgage loans held for sale and SBA-PPP loans, totaled $1.4 billion as of June 30, 2021, an increase of 15.1 percent as compared to $1.2 billion at June 30, 2020.
Total deposits at June 30, 2021 were $1.9 billion, an increase of 19.2 percent as compared to $1.6 billion at June 30, 2020. Noninterest bearing deposits increased by $264.3 million, or 46.9 percent, to $828.3 million at June 30, 2021 compared to the level at June 30, 2020. During the quarter, deposit balances grew in certain fiduciary accounts of title and property management companies, as well as noninterest bearing SBA-PPP loan customers and OpenSky® deposits.
The Company recorded a provision for loan losses of $1.3 million during the six months ended June 30, 2021, which increased the allowance for loan losses to $24.1 million, or 1.51% of total loans (1.73%, excluding SBA-PPP loans, on a non-GAAP basis) at June 30, 2021. Nonperforming assets were $11.6 million, or 0.54% of total assets, as of June 30, 2021, up from $9.2 million, or 0.50% of total assets, at June 30, 2020. Of the $11.6 million in total nonperforming assets as of June 30, 2021, nonperforming loans represented $8.4 million and foreclosed real estate totaled $3.2 million. Included in nonperforming loans at June 30, 2021 were troubled debt restructurings of $558 thousand.
Stockholders equity increased to $177.2 million as of June 30, 2021, compared to $142.1 million at June 30, 2020. This increase was primarily attributable to earnings during the period. As of June 30, 2021, the Bank’s capital ratios continued to exceed the regulatory requirements for a well-capitalized institution.
Consolidated Statements of Income (Unaudited) | |||||||||||||||
Three Months Ended June 30, | Six Months Ended June 30, | ||||||||||||||
(in thousands) | 2021 | 2020 | 2021 | 2020 | |||||||||||
Interest income | |||||||||||||||
Loans, including fees | $ | 28,641 | $ | 21,609 | $ | 54,709 | $ | 42,683 | |||||||
Investment securities available for sale | 544 | 316 | 1,021 | 656 | |||||||||||
Federal funds sold and other | 104 | 75 | 197 | 405 | |||||||||||
Total interest income | 29,289 | 22,000 | 55,927 | 43,744 | |||||||||||
Interest expense | |||||||||||||||
Deposits | 1,582 | 2,954 | 3,589 | 6,567 | |||||||||||
Borrowed funds | 187 | 422 | 375 | 866 | |||||||||||
Total interest expense | 1,769 | 3,376 | 3,964 | 7,433 | |||||||||||
Net interest income | 27,520 | 18,624 | 51,963 | 36,311 | |||||||||||
Provision for loan losses | 781 | 3,300 | 1,284 | 5,709 | |||||||||||
Net interest income after provision for loan losses | 26,739 | 15,324 | 50,679 | 30,602 | |||||||||||
Noninterest income | |||||||||||||||
Service charges on deposits | 165 | 110 | 312 | 259 | |||||||||||
Credit card fees | 7,715 | 2,912 | 13,655 | 4,921 | |||||||||||
Mortgage banking revenue | 5,270 | 7,321 | 13,013 | 10,293 | |||||||||||
Gain on sale of investment securities available for sale, net | 153 | | 153 | | |||||||||||
Other fees and charges | 168 | 758 | 288 | 1,163 | |||||||||||
Total noninterest income | 13,471 | 11,101 | 27,421 | 16,636 | |||||||||||
Noninterest expenses | |||||||||||||||
Salaries and employee benefits | 8,750 | 8,498 | 17,317 | 15,910 | |||||||||||
Occupancy and equipment | 1,195 | 1,152 | 2,324 | 2,330 | |||||||||||
Professional fees | 1,362 | 894 | 2,987 | 1,664 | |||||||||||
Data processing | 10,122 | 5,667 | 19,433 | 9,784 | |||||||||||
Advertising | 1,293 | 606 | 2,126 | 1,242 | |||||||||||
Loan processing | 975 | 740 | 2,026 | 1,187 | |||||||||||
Other real estate expenses, net | 273 | 82 | 277 | 128 | |||||||||||
Other operating | 3,235 | 2,266 | 6,482 | 4,459 | |||||||||||
Total noninterest expenses | 27,205 | 19,905 | 52,972 | 36,704 | |||||||||||
Income before income taxes | 13,005 | 6,520 | 25,128 | 10,534 | |||||||||||
Income tax expense | 3,357 | 1,759 | 6,499 | 2,839 | |||||||||||
Net income | $ | 9,648 | $ | 4,761 | $ | 18,629 | $ | 7,695 |
Consolidated Balance Sheets | |||||||
(in thousands except share data) | (unaudited) June 30, 2021 | December 31, 2020 | |||||
Assets | |||||||
Cash and due from banks | $ | 19,691 | $ | 18,456 | |||
Interest bearing deposits at other financial institutions | 286,738 | 126,081 | |||||
Federal funds sold | 2,237 | 2,373 | |||||
Total cash and cash equivalents | 308,666 | 146,910 | |||||
Investment securities available for sale | 160,515 | 99,787 | |||||
Marketable equity securities | 245 | 245 | |||||
Restricted investments | 3,478 | 3,713 | |||||
Loans held for sale | 47,935 | 107,154 | |||||
U.S. Small Business Administration Payroll Protection Program (“SBA-PPP”) loans receivable, net of fees | 202,763 | 201,018 | |||||
Portfolio loans receivable, net of deferred fees and costs and net of allowance for loan losses of $24,079 and $23,434 | 1,368,392 | 1,292,068 | |||||
Premises and equipment, net | 4,134 | 4,464 | |||||
Accrued interest receivable | 7,786 | 8,134 | |||||
Deferred income taxes, net | 7,381 | 6,818 | |||||
Other real estate owned | 3,236 | 3,326 | |||||
Bank owned life insurance | 35,004 | | |||||
Other assets | 2,315 | 2,956 | |||||
Total assets | $ | 2,151,850 | $ | 1,876,593 | |||
Liabilities | |||||||
Deposits | |||||||
Noninterest bearing | $ | 828,308 | $ | 608,559 | |||
Interest bearing | 1,089,111 | 1,043,569 | |||||
Total deposits | 1,917,419 | 1,652,128 | |||||
Federal Home Loan Bank advances | 22,000 | 22,000 | |||||
Other borrowed funds | 12,062 | 14,016 | |||||
Accrued interest payable | 959 | 1,134 | |||||
Other liabilities | 22,206 | 28,004 | |||||
Total liabilities | 1,974,646 | 1,717,282 | |||||
Stockholders’ equity | |||||||
Common stock, $.01 par value; 49,000,000 shares authorized; 13,771,615 and 13,753,529 issued and outstanding | 138 | 138 | |||||
Additional paid-in capital | 51,487 | 50,602 | |||||
Retained earnings | 125,431 | 106,854 | |||||
Accumulated other comprehensive income | 148 | 1,717 | |||||
Total stockholders’ equity | 177,204 | 159,311 | |||||
Total liabilities and stockholders’ equity | $ | 2,151,850 | $ | 1,876,593 |
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 June 30, | |||||||||||||||||||||
2021 | 2020 | ||||||||||||||||||||
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 | $ | 259,330 | $ | 63 | 0.10 | % | $ | 79,854 | $ | 19 | 0.09 | % | |||||||||
Federal funds sold | 3,087 | | 0.00 | 1,889 | | 0.05 | |||||||||||||||
Investment securities available for sale | 139,997 | 544 | 1.56 | 58,860 | 316 | 2.16 | |||||||||||||||
Restricted stock | 3,478 | 41 | 4.70 | 4,152 | 56 | 5.46 | |||||||||||||||
Loans held for sale | 44,644 | 314 | 2.82 | 78,254 | 687 | 3.53 | |||||||||||||||
SBA-PPP loans receivable | 250,040 | 2,272 | 3.64 | 166,033 | 1,011 | 2.45 | |||||||||||||||
Portfolio loans receivable(2) | 1,316,224 | 26,055 | 7.94 | 1,199,338 | 19,911 | 6.68 | |||||||||||||||
Total interest earning assets | 2,016,800 | 29,289 | 5.82 | 1,588,380 | 22,000 | 5.57 | |||||||||||||||
Noninterest earning assets | 24,432 | 24,459 | |||||||||||||||||||
Total assets | $ | 2,041,232 | $ | 1,612,839 | |||||||||||||||||
Liabilities and Stockholders Equity | |||||||||||||||||||||
Interest bearing liabilities: | |||||||||||||||||||||
Interest bearing demand accounts | $ | 282,197 | 50 | 0.07 | $ | 182,095 | 171 | 0.38 | |||||||||||||
Savings | 6,634 | 1 | 0.05 | 4,522 | 1 | 0.05 | |||||||||||||||
Money market accounts | 460,669 | 352 | 0.31 | 472,802 | 1,279 | 1.09 | |||||||||||||||
Time deposits | 304,519 | 1,179 | 1.55 | 282,695 | 1,503 | 2.14 | |||||||||||||||
Borrowed funds | 35,770 | 187 | 2.10 | 44,672 | 422 | 3.79 | |||||||||||||||
Total interest bearing liabilities | 1,089,789 | 1,769 | 0.65 | 986,786 | 3,376 | 1.38 | |||||||||||||||
Noninterest bearing liabilities: | |||||||||||||||||||||
Noninterest bearing liabilities | 20,111 | 21,647 | |||||||||||||||||||
Noninterest bearing deposits | 758,255 | 464,702 | |||||||||||||||||||
Stockholders equity | 173,077 | 139,704 | |||||||||||||||||||
Total liabilities and stockholders equity | $ | 2,041,232 | $ | 1,612,839 | |||||||||||||||||
Net interest spread | 5.17 | % | 4.19 | % | |||||||||||||||||
Net interest income | $ | 27,520 | $ | 18,624 | |||||||||||||||||
Net interest margin(3) | 5.47 | % | 4.72 | % |
_______________
(1) Annualized.
(2) Includes nonaccrual loans.
(3) For the three months ended June 30, 2021 and June 30, 2020, collectively, SBA-PPP loans and credit card loans accounted for 192 and 76 basis points of the reported net interest margin, respectively.
Six Months Ended June 30, | |||||||||||||||||||||
2021 | 2020 | ||||||||||||||||||||
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 | $ | 232,712 | $ | 113 | 0.10 | % | $ | 88,238 | $ | 278 | 0.63 | % | |||||||||
Federal funds sold | 3,477 | | 0.00 | 1,479 | 4 | 0.51 | |||||||||||||||
Investment securities available for sale | 123,443 | 1,022 | 1.67 | 59,628 | 656 | 2.21 | |||||||||||||||
Restricted stock | 3,691 | 83 | 4.56 | 4,035 | 123 | 6.15 | |||||||||||||||
Loans held for sale | 58,475 | 794 | 2.74 | 60,180 | 1,053 | 3.52 | |||||||||||||||
SBA-PPP loans receivable | 242,619 | 4,741 | 3.94 | 83,060 | 1,011 | 2.45 | |||||||||||||||
Portfolio loans receivable(2) | 1,305,973 | 49,174 | 7.59 | 1,187,170 | 40,619 | 6.88 | |||||||||||||||
Total interest earning assets | 1,970,390 | 55,927 | 5.72 | 1,483,790 | 43,744 | 5.93 | |||||||||||||||
Noninterest earning assets | 25,113 | 21,279 | |||||||||||||||||||
Total assets | $ | 1,995,503 | $ | 1,505,069 | |||||||||||||||||
Liabilities and Stockholders Equity | |||||||||||||||||||||
Interest bearing liabilities: | |||||||||||||||||||||
Interest bearing demand accounts | $ | 269,647 | 118 | 0.09 | $ | 162,985 | 398 | 0.49 | |||||||||||||
Savings | 6,127 | 2 | 0.05 | 4,463 | 4 | 0.17 | |||||||||||||||
Money market accounts | 465,882 | 881 | 0.38 | 459,865 | 2,967 | 1.30 | |||||||||||||||
Time deposits | 318,512 | 2,588 | 1.64 | 293,374 | 3,198 | 2.19 | |||||||||||||||
Borrowed funds | 34,699 | 375 | 2.18 | 45,214 | 866 | 3.85 | |||||||||||||||
Total interest bearing liabilities | 1,094,867 | 3,964 | 0.73 | 965,901 | 7,433 | 1.55 | |||||||||||||||
Noninterest bearing liabilities: | |||||||||||||||||||||
Noninterest bearing liabilities | 22,940 | 20,744 | |||||||||||||||||||
Noninterest bearing deposits | 709,443 | 379,881 | |||||||||||||||||||
Stockholders equity | 168,253 | 138,543 | |||||||||||||||||||
Total liabilities and stockholders equity | $ | 1,995,503 | $ | 1,505,069 | |||||||||||||||||
Net interest spread | 4.99 | % | 4.38 | % | |||||||||||||||||
Net interest income | $ | 51,963 | $ | 36,311 | |||||||||||||||||
Net interest margin(3) | 5.32 | % | 4.92 | % |
_______________
(1) Annualized.
(2) Includes nonaccrual loans.
(3) For the six months ended June 30, 2021 and June 30, 2020, collectively, SBA-PPP loans and credit card loans accounted for 173 and 96 basis points of the reported net interest margin, respectively.
HISTORICAL FINANCIAL HIGHLIGHTS – Unaudited | ||||||||||||||||||||
Quarter Ended | ||||||||||||||||||||
(Dollars in thousands except per share data) | June 30, 2021 | March 31, 2021 | December 31, 2020 | September 30, 2020 | June 30, 2020 | |||||||||||||||
Earnings: | ||||||||||||||||||||
Net income | $ | 9,648 | $ | 8,982 | $ | 9,689 | $ | 8,438 | $ | 4,761 | ||||||||||
Earnings per common share, diluted | 0.68 | 0.65 | 0.71 | 0.61 | 0.34 | |||||||||||||||
Net interest margin | 5.47 | % | 5.15 | % | 5.57 | % | 5.01 | % | 4.72 | % | ||||||||||
Net interest margin, excluding credit cards & SBA-PPP loans (1) | 3.55 | % | 3.70 | % | 3.80 | % | 3.84 | % | 3.96 | % | ||||||||||
Return on average assets(2) | 1.90 | % | 1.87 | % | 2.08 | % | 1.89 | % | 1.19 | % | ||||||||||
Return on average assets, excluding impact of SBA-PPP loans (1)(2) | 1.65 | % | 1.60 | % | 1.88 | % | 1.80 | % | 1.04 | % | ||||||||||
Return on average equity(2) | 22.36 | % | 22.30 | % | 25.26 | % | 23.28 | % | 13.70 | % | ||||||||||
Efficiency ratio | 66.37 | % | 67.11 | % | 66.63 | % | 65.17 | % | 69.74 | % | ||||||||||
Balance Sheet: | ||||||||||||||||||||
Portfolio loans receivable (3) | $ | 1,392,471 | $ | 1,312,375 | $ | 1,315,503 | $ | 1,244,613 | $ | 1,209,895 | ||||||||||
Deposits | 1,917,419 | 1,863,069 | 1,652,128 | 1,662,211 | 1,608,726 | |||||||||||||||
Total assets | 2,151,850 | 2,091,851 | 1,876,593 | 1,879,029 | 1,822,365 | |||||||||||||||
Asset Quality Ratios: | ||||||||||||||||||||
Nonperforming assets to total assets | 0.54 | % | 0.58 | % | 0.67 | % | 0.79 | % | 0.50 | % | ||||||||||
Nonperforming assets to total assets, excluding the SBA-PPP loans (1) | 0.60 | % | 0.66 | % | 0.75 | % | 0.90 | % | 0.58 | % | ||||||||||
Nonperforming loans to total loans | 0.52 | % | 0.56 | % | 0.61 | % | 0.78 | % | 0.41 | % | ||||||||||
Nonperforming loans to portfolio loans (1) | 0.60 | % | 0.67 | % | 0.70 | % | 0.92 | % | 0.48 | % | ||||||||||
Net charge-offs to average portfolio loans (1)(2) | 0.10 | % | 0.12 | % | 0.19 | % | 0.06 | % | 0.05 | % | ||||||||||
Allowance for loan losses to total loans | 1.51 | % | 1.49 | % | 1.54 | % | 1.49 | % | 1.30 | % | ||||||||||
Allowance for loan losses to portfolio loans (1) | 1.73 | % | 1.79 | % | 1.78 | % | 1.77 | % | 1.54 | % | ||||||||||
Allowance for loan losses to non-performing loans | 287.40 | % | 267.07 | % | 253.71 | % | 191.78 | % | 318.25 | % | ||||||||||
Bank Capital Ratios: | ||||||||||||||||||||
Total risk based capital ratio | 13.51 | % | 13.55 | % | 12.60 | % | 12.74 | % | 12.35 | % | ||||||||||
Tier 1 risk based capital ratio | 12.25 | % | 12.29 | % | 11.34 | % | 11.48 | % | 11.10 | % | ||||||||||
Leverage ratio | 7.58 | % | 7.54 | % | 7.45 | % | 7.44 | % | 7.73 | % | ||||||||||
Common equity Tier 1 capital ratio | 12.25 | % | 12.29 | % | 11.34 | % | 11.48 | % | 11.10 | % | ||||||||||
Tangible common equity | 7.17 | % | 7.01 | % | 7.43 | % | 7.09 | % | 6.91 | % | ||||||||||
Holding Company Capital Ratios: | ||||||||||||||||||||
Total risk based capital ratio | 16.14 | % | 16.07 | % | 15.19 | % | 15.35 | % | 15.02 | % | ||||||||||
Tier 1 risk based capital ratio | 14.10 | % | 13.98 | % | 13.10 | % | 12.93 | % | 12.58 | % | ||||||||||
Leverage ratio | 8.78 | % | 8.84 | % | 8.78 | % | 8.63 | % | 8.85 | % | ||||||||||
Common equity Tier 1 capital ratio | 13.94 | % | 13.81 | % | 12.94 | % | 12.75 | % | 12.39 | % | ||||||||||
Tangible common equity | 8.23 | % | 7.98 | % | 8.48 | % | 7.95 | % | 7.80 | % | ||||||||||
Composition of Loans: | ||||||||||||||||||||
Residential real estate | $ | 420,015 | $ | 420,460 | $ | 437,860 | $ | 422,698 | $ | 437,429 | ||||||||||
Commercial real estate | 471,807 | 433,336 | 392,550 | 372,972 | 364,071 | |||||||||||||||
Construction real estate | 223,832 | 221,277 | 224,904 | 227,661 | 212,957 | |||||||||||||||
Commercial and industrial – Other | 158,392 | 149,914 | 157,127 | 134,889 | 142,673 | |||||||||||||||
SBA-PPP loans | 208,094 | 272,090 | 204,920 | 238,735 | 236,325 | |||||||||||||||
Credit card | 121,410 | 83,740 | 102,186 | 84,964 | 53,150 | |||||||||||||||
Other consumer loans | 1,034 | 4,487 | 1,649 | 2,268 | 947 | |||||||||||||||
Composition of Deposits: | ||||||||||||||||||||
Noninterest bearing | $ | 828,308 | $ | 771,924 | $ | 608,559 | $ | 596,239 | $ | 563,995 | ||||||||||
Interest bearing demand | 314,883 | 300,992 | 257,126 | 247,150 | 268,150 | |||||||||||||||
Savings | 6,965 | 6,012 | 4,800 | 4,941 | 5,087 | |||||||||||||||
Money Markets | 484,567 | 471,303 | 447,077 | 472,447 | 507,432 | |||||||||||||||
Time Deposits | 282,696 | 312,839 | 334,566 | 341,435 | 264,062 | |||||||||||||||
Capital Bank Home Loan Metrics: | ||||||||||||||||||||
Origination of loans held for sale | $ | 265,517 | $ | 353,774 | $ | 382,267 | $ | 431,060 | $ | 315,165 | ||||||||||
Mortgage loans sold | 278,284 | 400,112 | 412,830 | 410,312 | 272,151 | |||||||||||||||
Gain on sale of loans | 7,763 | 12,008 | 12,950 | 12,837 | 8,088 | |||||||||||||||
Purchase volume as a % of originations | 50.64 | % | 24.59 | % | 30.03 | % | 33.76 | % | 31.16 | % | ||||||||||
Gain on sale as a % of loans sold(4) | 2.79 | % | 3.00 | % | 3.14 | % | 3.13 | % | 2.97 | % | ||||||||||
Mortgage commissions | $ | 2,364 | $ | 3,320 | 3,405 | $ | 3,669 | $ | 2,798 | |||||||||||
OpenSky® Portfolio Metrics: | ||||||||||||||||||||
Active customer accounts | 707,600 | 642,272 | 568,373 | 529,114 | 400,530 | |||||||||||||||
Credit card loans, net | $ | 121,410 | $ | 83,740 | $ | 102,186 | $ | 83,101 | $ | 53,150 | ||||||||||
Noninterest secured credit card deposits | 241,724 | 215,883 | 192,520 | 176,708 | 131,854 |
_______________
(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 mortgage loans sold.
Appendix
Reconciliation of Non-GAAP Measures
Return on Average Assets, as Adjusted | Quarters Ended | ||||||||||||||
Dollars in Thousands | June 30, 2021 | March 31, 2021 | December 31, 2020 | September 30, 2020 | June 30, 2020 | ||||||||||
Net Income | $ | 9,648 | $ | 8,982 | $ | 9,689 | $ | 8,438 | $ | 4,761 | |||||
Less: SBA-PPP loan income | 2,272 | 2,205 | 1,998 | 1,470 | 1,011 | ||||||||||
Net Income, as Adjusted | $ | 7,376 | $ | 6,777 | $ | 7,691 | $ | 6,968 | $ | 3,750 | |||||
Average Total Assets | 2,041,232 | 1,949,265 | 1,854,846 | 1,781,295 | 1,612,839 | ||||||||||
Less: Average SBA-PPP Loans | 250,040 | 232,371 | 227,617 | 238,071 | 168,490 | ||||||||||
Average Total Assets, as Adjusted | $ | 1,791,192 | $ | 1,716,894 | $ | 1,627,229 | $ | 1,543,224 | $ | 1,444,349 | |||||
Return on Average Assets, as Adjusted | 1.65 | % | 1.60 | % | 1.88 | % | 1.80 | % | 1.04 | % | |||||
Net Interest Margin, as Adjusted | Quarters Ended | ||||||||||||||
Dollars in Thousands | June 30, 2021 | March 31, 2021 | December 31, 2020 | September 30, 2020 | June 30, 2020 | ||||||||||
Net Interest Income | $ | 27,520 | $ | 24,444 | $ | 25,719 | $ | 22,039 | $ | 18,624 | |||||
Less Secured credit card loan income | 10,497 | 7,660 | 9,306 | 6,632 | 4,066 | ||||||||||
Less SBA-PPP loan income | 2,272 | 2,205 | 1,998 | 1,470 | 1,011 | ||||||||||
Net Interest Income, as Adjusted | $ | 14,750 | $ | 14,580 | $ | 14,415 | $ | 13,937 | $ | 13,547 | |||||
Average Interest Earning Assets | 2,016,801 | 1,923,463 | 1,836,337 | 1,748,894 | 1,588,380 | ||||||||||
Less Average secured credit card loans | 100,456 | 93,520 | 95,739 | 68,585 | 42,538 | ||||||||||
Less Average SBA-PPP loans | 250,040 | 232,371 | 227,617 | 235,160 | 168,490 | ||||||||||
Total Average Interest Earning Assets, as Adjusted | $ | 1,666,304 | $ | 1,597,573 | $ | 1,512,981 | $ | 1,445,149 | $ | 1,377,352 | |||||
Net Interest Margin, as Adjusted | 3.55 | % | 3.70 | % | 3.80 | % | 3.84 | % | 3.96 | % |
Tangible Book Value per Share | Quarters Ended | ||||||||||||||
Dollars in Thousands, Except Per Share Amount | June 30, 2021 | March 31, 2021 | December 31, 2020 | September 30, 2020 | June 30, 2020 | ||||||||||
Total Stockholders’ Equity | $ | 177,204 | $ | 167,003 | $ | 159,311 | $ | 149,377 | $ | 142,108 | |||||
Less: Preferred equity | | | | | | ||||||||||
Less: Intangible assets | | | | | | ||||||||||
Tangible Common Equity | $ | 177,204 | $ | 167,003 | $ | 159,311 | $ | 149,377 | $ | 142,108 | |||||
Period End Shares Outstanding | 13,771,615 | 13,759,218 | 13,753,529 | 13,682,198 | 13,818,223 | ||||||||||
Tangible Book Value per Share | $ | 12.87 | $ | 12.14 | $ | 11.58 | $ | 10.92 | $ | 10.28 |
Allowance for Loan Losses to Total Portfolio Loans | Quarters Ended | ||||||||||||||
Dollars in Thousands | June 30, 2021 | March 31, 2021 | December 31, 2020 | September 30, 2020 | June 30, 2020 | ||||||||||
Allowance for Loan Losses | $ | 24,079 | $ | 23,550 | $ | 23,434 | $ | 22,016 | $ | 18,680 | |||||
Total Loans | 1,595,234 | 1,578,087 | 1,516,520 | 1,477,962 | 1,441,123 | ||||||||||
Less: SBA-PPP loans | 202,763 | 265,712 | 201,018 | 233,349 | 229,646 | ||||||||||
Total Portfolio Loans | $ | 1,392,471 | $ | 1,312,375 | $ | 1,315,503 | $ | 1,244,613 | $ | 1,211,477 | |||||
Allowance for Loan Losses to Total Portfolio Loans | 1.73 | % | 1.79 | % | 1.78 | % | 1.77 | % | 1.54 | % | |||||
Nonperforming Assets to Total Assets, net SBA-PPP Loans | Quarters Ended | ||||||||||||||
Dollars in Thousands | June 30, 2021 | March 31, 2021 | December 31, 2020 | September 30, 2020 | June 30, 2020 | ||||||||||
Total Nonperforming Assets | $ | 11,615 | $ | 12,112 | $ | 12,563 | $ | 14,806 | $ | 9,195 | |||||
Total Assets | 2,151,850 | 2,091,851 | 1,876,593 | 1,879,029 | 1,822,365 | ||||||||||
Less: SBA-PPP loans | 202,763 | 265,712 | 201,018 | 233,349 | 229,646 | ||||||||||
Total Assets, net SBA-PPP Loans | $ | 1,949,087 | $ | 1,826,139 | $ | 1,675,575 | $ | 1,645,680 | $ | 1,592,719 | |||||
Nonperforming Assets to Total Assets, net SBA-PPP Loans | 0.60 | % | 0.66 | % | 0.75 | % | 0.90 | % | 0.58 | % | |||||
Nonperforming Loans to Portfolio Loans | Quarters Ended | ||||||||||||||
Dollars in Thousands | June 30, 2021 | March 31, 2021 | December 31, 2020 | September 30, 2020 | June 30, 2020 | ||||||||||
Total Nonperforming Loans | $ | 8,378 | $ | 8,818 | $ | 9,237 | $ | 11,480 | $ | 5,869 | |||||
Total Loans | 1,595,234 | 1,578,087 | 1,516,520 | 1,477,962 | 1,441,123 | ||||||||||
Less: SBA-PPP loans | 202,763 | 265,712 | 201,018 | 233,349 | 229,646 | ||||||||||
Total Portfolio Loans | $ | 1,392,471 | $ | 1,312,375 | $ | 1,315,503 | $ | 1,244,613 | $ | 1,211,477 | |||||
Nonperforming Loans to Total Portfolio Loans | 0.60 | % | 0.67 | % | 0.70 | % | 0.92 | % | 0.48 | % | |||||
Net Charge-offs to Average Portfolio Loans | Quarters Ended | ||||||||||||||
Dollars in Thousands | June 30, 2021 | March 31, 2021 | December 31, 2020 | September 30, 2020 | June 30, 2020 | ||||||||||
Total Net Charge-offs | $ | 640 | $ | 388 | $ | 615 | $ | 163 | $ | 134 | |||||
Total Average Loans | 1,567,973 | 1,532,093 | 1,494,278 | 1,477,962 | 1,365,371 | ||||||||||
Less: Average SBA-PPP loans | 250,040 | 232,371 | 227,617 | 233,349 | 84,245 | ||||||||||
Total Average Portfolio Loans | $ | 1,317,932 | $ | 1,299,722 | $ | 1,266,661 | $ | 1,244,613 | $ | 1,281,126 | |||||
Net Charge-offs to Average Portfolio Loans | 0.19 | % | 0.12 | % | 0.19 | % | 0.05 | % | 0.05 | % | |||||
Pre-tax, Pre-provision Net Revenue (“PPNR”) | Quarters Ended | ||||||||||||||
Dollars in Thousands | June 30, 2021 | March 31, 2021 | December 31, 2020 | September 30, 2020 | June 30, 2020 | ||||||||||
Net income | $ | 9,648 | $ | 8,982 | $ | 9,689 | $ | 8,438 | $ | 4,761 | |||||
Add: Income Tax Expense | 3,357 | 3,143 | 3,347 | 3,128 | 1,759 | ||||||||||
Add: Provision for Loan Losses | 781 | 503 | 2,033 | 3,500 | 3,300 | ||||||||||
Pre-tax, Pre-provision Net Revenue (“PPNR”) | $ | 13,786 | $ | 12,628 | $ | 15,069 | $ | 15,066 | $ | 9,820 | |||||
ABOUT CAPITAL BANCORP, INC.
Capital Bancorp, Inc., Rockville, Maryland is a registered bank holding company incorporated under the laws of Maryland. The Companys wholly-owned subsidiary, Capital Bank, N.A., is the fifth largest bank headquartered in Maryland at June 30, 2021. 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 $2.2 billion at June 30, 2021 and its common stock is traded in the NASDAQ Global Market under the symbol CBNK. More information can be found at the Company’s website www.CapitalBankMD.com under its investor relations page.
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 managements 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, “optimistic,” 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 some of the 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 Boards target federal funds rate to near 0%, the yield on our assets may decline to a greater extent than the decline in our cost of interest-bearing liabilities, reducing our net interest margin and spread and reducing net income; our cyber security risks are increased as the result of an increase in the number of employees working remotely; and Federal Deposit Insurance Corporation premiums may increase if the agency experiences additional resolution costs.
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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