Capital Bancorp Reports Strong Q3 2024 Growth

Capital Bancorp ( (CBNK) ) has realeased its Q3 earnings. Here is a breakdown of the information Capital Bancorp presented to its investors.

Capital Bancorp, Inc., a financial holding company operating in the banking sector through its subsidiary Capital Bank, N.A., has reported a steady increase in profitability for the third quarter of 2024. The bank focuses on providing diversified financial services, including commercial banking, mortgage loans, and credit card services.

In its latest earnings report, Capital Bancorp announced a net income of $8.7 million, or $0.62 per share, for the third quarter of 2024. Excluding merger-related expenses, adjusted net income was $9.2 million, or $0.66 per share. The company also declared a cash dividend of $0.10 per share, reflecting its commitment to returning value to shareholders.

Key highlights from the earnings report include a 4.5% increase in tangible book value per share to $20.13, and a 3.5% rise in net interest income to $38.4 million. Despite a slight decrease in the net interest margin to 6.41%, core net interest margin improved to 4.08%. The bank experienced robust loan and deposit growth, with loans increasing by $85.9 million and deposits by $85.8 million, both reflecting strong annualized growth rates.

The recent acquisition of Integrated Financial Holdings, Inc. has been completed, positioning Capital Bancorp to further leverage growth opportunities through integration and complementary business lines. The company’s strategic growth initiatives and diversified business model continue to drive its financial performance.

Looking ahead, Capital Bancorp’s management remains optimistic about future growth prospects, citing a strong capital position and stable asset quality as key factors supporting its continued expansion and financial resilience in a dynamic interest rate environment.