{"id":749931,"date":"2023-04-20T20:57:32","date_gmt":"2023-04-21T00:57:32","guid":{"rendered":"https:\/\/www.marketnewsdesk.com\/index.php\/capital-bancorp-inc-stable-margin-and-profitable-growth-drives-strong-profitability\/"},"modified":"2023-04-20T20:57:32","modified_gmt":"2023-04-21T00:57:32","slug":"capital-bancorp-inc-stable-margin-and-profitable-growth-drives-strong-profitability","status":"publish","type":"post","link":"https:\/\/www.marketnewsdesk.com\/index.php\/capital-bancorp-inc-stable-margin-and-profitable-growth-drives-strong-profitability\/","title":{"rendered":"Capital Bancorp, Inc. Stable Margin and Profitable Growth Drives Strong Profitability"},"content":{"rendered":"
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ROCKVILLE, Md., April 20, 2023 (GLOBE NEWSWIRE) — Capital Bancorp, Inc. (the “Company”) (NASDAQ: CBNK), the holding company for Capital Bank, N.A. (the “Bank”), today reported net income of $9.7\u00a0million, or $0.68 per diluted share, for the first quarter of 2023, compared to net income of $10.2\u00a0million, or $0.71 per diluted share, for the first quarter of 2022. Tangible book value per common share grew 15.7% to $16.65 at March\u00a031, 2023 when compared to the same quarter in 2022. The Company maintains a strong liquidity position and remains well-capitalized as our Risk Based Capital was 16.15% as of March\u00a031, 2023.<\/p>\n

“Capital Bank\u2019s diversified business model and prudent risk management anchored solid earnings in the the first quarter, and should provide us with opportunities to accelerate growth in the coming months as other less well-positioned lenders curtail activity,\u201d said Ed Barry, Chief Executive Officer of the Company and the Bank. \u201cOur capital position remains exceptionally strong and we are pleased that we have ready access to liquidity to fund growth and opportunistic activities. We are also encouraged that we have been able to grow deposits and maintain margin, even as our cost of funds has increased.”<\/p>\n

“Despite the failure of certain banks during the quarter, and the resulting challenges that followed, Capital Bank has been able to not only maintain, but continue to grow its deposits,\u201d said Steven J. Schwartz, Chairman of the Company. \u201cFortunately, Capital Bank has consciously and consistently sought to dampen interest rate risk in its lending and investing activities, and we are fortunate to have a diverse deposit book, circumstances that meaningfully differentiate us from the banks that failed. Our liquidity and capital positions remain well above regulatory policy and our internal thresholds. I am also extremely pleased to see the 15.7% year over year growth in our tangible book value, which includes a mark to market of 100% of our investment portfolio. Notwithstanding current and anticipated economic conditions, we are steadfastly committed to continue to serve our community\u2019s needs by continuing to lend to all qualified businesses and to grow the Bank as smartly as we can.”<\/p>\n

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\n First Quarter 2023 Highlights<\/u>
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\n Capital Bancorp, Inc.<\/u>
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