July 22, 2024false000141953600014195362024-07-222024-07-22



UNITED STATES
SECURITIES AND EXCHANGE COMMISSION
Washington, D.C. 20549

FORM 8-K

CURRENT REPORT
PURSUANT TO SECTION 13 OR 15(d) OF THE
SECURITIES EXCHANGE ACT OF 1934

Date of Report (Date of earliest event reported): July 22, 2024

CAPITAL BANCORP, INC.
(Exact name of registrant as specified in its charter)
 
Maryland
001-38671
52-2083046
(State or other jurisdiction of incorporation or organization)
(Commission file number)
(IRS Employer Identification No.)
2275 Research Boulevard, Suite 600, Rockville, Maryland 20850
(Address of principal executive offices) (Zip Code)
(301) 468-8848
Registrant’s telephone number, including area code

Not Applicable
(Former Name or Former Address, if Changed Since Last Report)

Check the appropriate box below if the Form 8-K filing is intended to simultaneously satisfy the filing obligations of the registrant under any of the following provisions:

☐    Written communications pursuant to Rule 425 under the Securities Act (17 CFR 230.425)

☐    Soliciting material pursuant to Rule 14a-12 under the Exchange Act (17 CFR 240.14a-12)

☐    Pre-commencement communications pursuant to Rule 14d-2(b) under the Exchange Act (17 CFR 240.14d-2(b))

☐    Pre-commencement communications pursuant to Rule 13e-4(c) under the Exchange Act (17 CFR 240.13e-4(c))
Indicate by check mark whether the registrant is an emerging growth company as defined in Rule 405 of the Securities Act of 1933 (§230.405 of this chapter) or Rule 12b-2 of the Securities Exchange Act of 1934 (§240.12b-2 of this chapter).
Emerging growth company ☐
If an emerging growth company, indicate by check mark if the registrant has elected not to use the extended transition period for complying with any new or revised financial accounting standards provided pursuant to Section 13(a) of the Exchange Act. ☐
Securities registered pursuant to Section 12(b) of the Act:
Title of Each ClassTrading SymbolName of Each Exchange on Which Registered
Common Stock, par value $0.01 per shareCBNKNASDAQ Stock Market



Item 2.02 Results of Operations and Financial Disclosure
On July 22, 2024, Capital Bancorp, Inc. (the “Company”) issued a press release announcing the Company’s unaudited financial results for the three and six months ended June 30, 2024. A copy of the press release is attached as Exhibit 99.1 to this Current Report on Form 8-K and hereby incorporated by reference.

The information furnished under Item 2.02 and Item 9.01 of this Current Report on Form 8-K, including Exhibit 99.1 to this Current Report on Form 8-K, shall not be deemed “filed” for purposes of Section 18 of the Securities Exchange Act of 1934, as amended, or otherwise subject to liabilities under that Section, nor shall it be deemed incorporated by reference in any registration statement or other filings of the Company under the Securities Act of 1933, as amended, except as shall be set forth by specific reference in such filing.

Item 8.01. Other Events
On July 19, 2024, the Company's Board of Directors declared a $0.10 per share dividend, payable on August 21, 2024 to stockholders of record on August 5, 2024.

Item 9.01. Financial Statements and Exhibits
(d) Exhibits
99.1
104Cover Page Interactive Data File (embedded within the Inline XBRL document)



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SIGNATURES

Pursuant to the requirements of the Securities Exchange Act of 1934, the Registrant has duly caused this report to be signed on its behalf by the undersigned hereunto duly authorized.
CAPITAL BANCORP, INC.                             
 
 
Date: July 22, 2024
By: /s/ Dominic Canuso
Name: Dominic Canuso
Title: Chief Financial Officer





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capitalbancorplogoa21.jpg
Capital Bancorp, Inc. Announces Broad Based Growth and Expanding Margin Leading to a 25% Net Income Increase from the Prior Quarter
Second Quarter 2024 Results
•Net Income of $8.2 million, or $0.59 per share
◦Net Income, as adjusted to exclude the impact of merger-related expenses (non-GAAP)(1), of $8.3 million, or $0.59 per share
•Net Interest Income increased $2.1 million, or 5.9%, from 1Q 2024
•Net Interest Margin ("NIM") increased to 6.46% as compared to 6.24% (1Q 2024)
◦Core NIM, as adjusted to exclude the impact of credit card loans (non-GAAP)(1) increased to 4.00% as compared to 3.85% (1Q 2024)
•Loan Growth of $57.1 million, or 11.7% annualized for 2Q 2024
•Deposit Growth of $94.7 million, or 19.0% annualized for 2Q 2024; Noninterest bearing deposits increased $18.8 million, or 11.3% annualized from 1Q 2024
•Cash dividend of $0.10 per share declared, or 25% higher than the prior quarter
Rockville, Maryland, July 22, 2024 (GLOBE NEWSWIRE) – Capital Bancorp, Inc. (the "Company") (NASDAQ: CBNK), the holding company for Capital Bank, N.A. (the "Bank"), today reported net income of $8.2 million, or $0.59 per diluted share, for the second quarter 2024, compared to net income of $6.6 million, or $0.47 per diluted share, for the first quarter 2024, and $7.3 million, or $0.52 per diluted share, for the second quarter 2023. Net income, as adjusted to exclude the impact of merger-related expenses (non-GAAP)(1), was $8.3 million, or $0.59 per diluted share, for the second quarter 2024, compared to $7.1 million, or $0.51 per diluted share, for the first quarter 2024.

The Company also declared a cash dividend on its common stock of $0.10 per share. The dividend is payable on August 21, 2024 to shareholders of record on August 5, 2024. The dividend declared of $0.10 is $0.02, or 25.0% higher than the prior quarter dividend reflecting the strength of earnings and capital position. The Company has increased its dividend each year since it first started paying dividends in 2021.

“All of our businesses continued to make progress in the second quarter with sustained loan and deposit growth, increased credit card accounts and revenue growth, mortgage banking income growth, and continued credit stability,” said Ed Barry, Chief Executive Officer of the Company and the Bank. “These positive trends drove stable deposit costs, record net interest income, and increased net interest margin. We were also pleased to receive approval for our pending acquisition of Integrated Financial Holdings, Inc. from the Federal Reserve and we continue to work towards obtaining all approvals and closing requirements. IFHI's expertise in niche C&I lending will further diversify our lending and fee generating capabilities while enhancing shareholder value.”

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"The Board is very pleased with the second quarter results and, in particular, with the improvement in our NIM and the growth of our loan and deposit balances. If the economy cooperates, we anticipate these improvements will result in continued steady growth in our EPS and TBV,” said Steven J Schwartz, Chairman of the Company. “We reaffirm our steadfast commitment to smartly grow enterprise value of the Company, while continually expanding and improving the services and products we offer to our customers.”

(1) Reconciliations of the non–U.S. generally accepted accounting principles ("GAAP") measures are set forth in the Appendix at the end of this press release.
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Pending Acquisition of Integrated Financial Holdings, Inc.
Regarding the previously announced pending merger with Integrated Financial Holdings, Inc. ("IFHI"), the Company incurred pre-tax merger-related expenses of $0.1 million for the second quarter 2024 compared to $0.7 million for the first quarter 2024, consistent with modeled expectations.
On July 9, 2024, the Company received regulatory approval from the Federal Reserve Bank of Richmond, acting on delegated authority from the Board of Governors of the Federal Reserve System, for the proposed merger of IFHI with and into the Company. Completion of the merger remains subject to the approval of the Office of the Comptroller of the Currency, the approval of the Company's and IFHI’s shareholders and the satisfaction of customary closing conditions. The special meeting of the Company will be held on August 15, 2024 at 3:00 p.m., Eastern Time.
The following table provides a reconciliation of the Company's net income under GAAP to non-GAAP results excluding merger-related expenses.
Second Quarter 2024First Quarter 2024
(in thousands except per share data)Income Before Income TaxesIncome Tax ExpenseNet IncomeDiluted Earnings per ShareIncome Before Income TaxesIncome Tax ExpenseNet IncomeDiluted Earnings per Share
GAAP Earnings$10,933 $2,728 $8,205 $0.59 $8,624 $2,062 $6,562 $0.47 
Add: Merger-Related Expenses83 21 62 712 174 538 
Non-GAAP Earnings$11,016 $2,749 $8,267 $0.59 $9,336 $2,236 $7,100 $0.51 
Six Months Ended June 30, 2024
(in thousands except per share data)Income Before Income TaxesIncome Tax ExpenseNet IncomeDiluted Earnings per Share
GAAP Earnings$19,557 $4,790 $14,767 $1.06 
Add: Merger-Related Expenses795 195 600 
Non-GAAP Earnings$20,352 $4,985 $15,367 $1.10 

Note: The tax benefit associated with merger-related expenses has been adjusted to reflect the estimated nondeductible portion of the expenses.
Second Quarter 2024 Highlights
Capital Bancorp, Inc.
Earnings Summary - Net income of $8.2 million, or $0.59 per diluted share, increased $1.6 million compared to $6.6 million, or $0.47 per diluted share, for the first quarter 2024. Net income, as adjusted to exclude the impact of merger-related expenses (non-GAAP)(1), was $8.3 million, or $0.59 per diluted share, for the second quarter 2024 compared to $7.1 million, or $0.51 per diluted share, for the first quarter 2024.
•Net interest income of $37.1 million increased $2.1 million compared to $35.0 million for the first quarter 2024. Interest income of $50.6 million increased $2.2 million compared to $48.4 million for the first quarter 2024, primarily due to interest income from $65.3 million in average portfolio loan growth. Interest expense of $13.6 million increased $0.2 million compared to $13.4 million for the first quarter 2024 as interest expense from time deposits increased $0.3 million as growth in average balances increased $15.9 million.
•The provision for credit losses was $3.4 million, an increase of $0.7 million from the first quarter 2024 primarily driven by unsecured credit card loan growth in the quarter. Net charge-offs totaled $1.9 million in the second quarter including $1.5 million from credit card related loans and $0.4 million from residential loans. Net charge-offs totaled $2.0 million in the first quarter 2024
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including $1.7 million from credit card related loans and $0.3 million from commercial loans. At June 30, 2024, the allowance for credit losses to total loans ratio was 1.53%.
•Noninterest income of $6.9 million increased $0.9 million compared to $6.0 million for the first quarter 2024. Mortgage banking revenue increased $0.5 million primarily due to increased mortgage loans sold while credit card fees increased $0.4 million primarily related to interchange income.
•Noninterest expense of $29.5 million remained stable as compared to $29.5 million for the first quarter 2024. Within this category, variances included the following:
◦Salaries and employee benefits of $13.3 million increased $0.4 million due to an increase in base salaries expense of $0.2 million, incentive based compensation expense of $0.1 million and a decrease in deferred salary expense (an increase in expense) of $0.1 million as we continue to invest in talent.
◦Occupancy and equipment expense of $1.9 million increased $0.3 million related to software licensing expense to support business growth.
◦Merger-related expenses totaled $0.1 million in the second quarter 2024 as compared to $0.7 million in the first quarter 2024, consistent with modeled expectations. Primarily all merger-related expenses have been related to professional fees including legal fees, third party consulting fees and other outside service provider expenses.

•Income tax expense of $2.7 million, or 25.0% of pre-tax income for the second quarter 2024, increased $0.7 million from $2.1 million, or 23.9% of pre-tax income for the first quarter 2024, reflective of an increase in the weighted average state income tax rate.
Performance and Efficiency Ratios – Annualized return on average assets ("ROAA") and annualized return on average equity ("ROAE") were 1.40% and 12.53%, respectively, for the three months ended June 30, 2024, compared to 1.15% and 10.19%, respectively, for the three months ended March 31, 2024.
•Annualized ROAA and annualized ROAE, as adjusted to exclude the impact of merger-related expenses (non-GAAP)(1), were 1.41% and 12.62%, respectively, for the three months ended June 30, 2024, compared to 1.24% and 11.03%, respectively, for the three months ended March 31, 2024.
•The efficiency ratio was 67.11% for the three months ended June 30, 2024, compared to 71.95% for the three months ended March 31, 2024. The efficiency ratio, as adjusted to exclude the impact of merger-related expenses (non-GAAP)(1), was 66.92% for the three months ended June 30, 2024 compared to 70.22% for the three months ended March 31, 2024.

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Balance Sheet – Total assets of $2.4 billion at June 30, 2024 increased $114.3 million, or 4.9%, from March 31, 2024.
•Cash and cash equivalents of $136.5 million at June 30, 2024 increased $51.3 million from March 31, 2024, as total deposits increased $94.7 million, and Federal Home Loan Bank advances increased $10.0 million, partially offset by an increase in total portfolio loans of $57.1 million.
•Total portfolio loans of $2.0 billion at June 30, 2024 increased $57.1 million, or 2.9% growth from March 31, 2024. Total average loans increased $65.3 million quarter over quarter.
•Total deposits of $2.1 billion at June 30, 2024 increased $94.7 million, or 4.7% growth, from March 31, 2024, while total average deposits increased $53.2 million quarter over quarter. The increase in deposits, when comparing June 30, 2024 to March 31, 2024, includes $18.8 million of noninterest-bearing deposits primarily related to growth in title company deposit balances. Average portfolio loans-to-deposit ratio of 99.10% for the three months ended June 30, 2024 increased from 98.46% for the three months ended March 31, 2024.
•The investment securities portfolio continues to be classified as available for sale and had a fair market value of $207.9 million, or 8.5% of total assets, at June 30, 2024 up from $202.3 million at March 31, 2024. The amortized cost of the investment securities portfolio was $227.1 million, with an effective duration of 2.92 years. U.S. Treasury securities represented 64.3% of the overall investment portfolio at June 30, 2024. The accumulated other comprehensive loss on the investment securities portfolio decreased $0.5 million during the quarter to $13.1 million as of June 30, 2024, which represents 4.9% of total stockholders' equity. The Company does not have a held to maturity investment securities portfolio.
Net Interest Margin - Net interest margin increased to 6.46% for the three months ended June 30, 2024, compared to 6.24% for the three months ended March 31, 2024. Core Net Interest Margin, as adjusted to exclude the impact of credit card loans (non-GAAP)(1) increased to 4.00% and included 4 basis points from interest income recognized from nonaccrual loans as compared to 3.85% for the three months ended March 31, 2024.
•The average yield on interest earning assets of 8.82% increased 19 basis points compared to the first quarter 2024. The yield on portfolio loans, as adjusted to exclude the impact of credit card loans (non-GAAP)(1), of 7.04% for the second quarter 2024, increased 8 basis points primarily from portfolio turnover. New portfolio loans (excluding credit card loans) originated in the second quarter 2024 totaled $112.3 million with a weighted average yield of 8.25% as compared to $122.7 million with a weighted average yield of 8.24% in the first quarter 2024.
•The average rate on total deposits of 2.64% for the second quarter 2024 decreased 3 basis points from the first quarter 2024, primarily driven by title company balance growth in low and no interest bearing deposits.
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Deposits - Total deposits at June 30, 2024 increased by $94.7 million, or 4.7% unannualized growth, compared to March 31, 2024, primarily driven by growth in low interest-bearing demand and noninterest-bearing deposits from title companies of $86.4 million.
•Noninterest-bearing deposits of $684.6 million increased $18.8 million, or 2.8%, compared to March 31, 2024. Interest-bearing deposits of $1.4 billion increased $76.0 million, or 5.7%, compared to March 31, 2024 including an increase in interest-bearing demand accounts of $72.1 million. Brokered time deposits totaled $155.1 million at June 30, 2024, a decrease of $5.5 million from March 31, 2024.
Cost of Interest-Bearing Liabilities - Growth in interest-bearing demand accounts resulted in the average cost of interest-bearing liabilities decreasing to 3.86% for the quarter ended June 30, 2024, compared to 3.90% for the first quarter 2024.
•Average interest-bearing demand accounts of $216.2 million increased $33.0 million, or 18.0%, compared to March 31, 2024.
•Average time deposits of $465.8 million increased $15.9 million, or 3.5%, compared to March 31, 2024.
•Average noninterest-bearing deposits of $653.0 million increased $15.9 million, or 2.5%, compared to March 31, 2024, and represented 32.5% of total average deposits at June 30, 2024.
Capital Positions - As of June 30, 2024, the Company reported a robust common equity tier 1 capital ratio of 15.08%, compared to 14.92% at March 31, 2024. At June 30, 2024, the Company maintains regulatory capital ratios that exceed all capital adequacy requirements.
Credit Metrics and Asset Quality - The allowance for credit losses to total loans ratio was 1.53% at June 30, 2024 as compared to an allowance for credit losses to total loans ratio of 1.49% at March 31, 2024. Nonperforming assets decreased 4 basis points to 0.58% of total assets at June 30, 2024 compared to 0.62% at March 31, 2024 as a result of a decrease in nonaccrual loans at June 30, 2024 to $14.1 million compared to $14.4 million at March 31, 2024. At June 30, 2024 special mention loans totaled $23.3 million, or 1.2% of total portfolio loans, as compared to $27.5 million, or 1.4% of total portfolio loans, at March 31, 2024. At June 30, 2024, substandard loans totaled $22.1 million, or 1.2% of total portfolio loans, as compared to $14.1 million, or .7% of total portfolio loans, at March 31, 2024.
Consistent Tangible Book Value Growth - Tangible book value per common share(1) grew 3.1% to $19.26 at June 30, 2024 when compared to March 31, 2024. The Company did not have goodwill or other intangible assets during any of the periods presented and therefore, tangible book value per share(1) is equal to book value per share.
Liquidity - Total sources of available borrowings at June 30, 2024 totaled $764.2 million, including available collateralized lines of credit of $570.2 million, unsecured lines of credit with other banks of $76.0 million and unpledged investment securities available as collateral for potential additional borrowings of $118.0 million.

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Commercial Bank
Continued Portfolio Loan Growth - Portfolio loans, excluding credit cards, increased by $47.4 million, to $1.9 billion, gross, at June 30, 2024 compared to March 31, 2024. The increase in portfolio loans, as disclosed in the Composition of Loans table within the Historical Financial Highlights includes residential real estate loans of $24.2 million, lender finance loans of $19.8 million and commercial real estate loans of $8.4 million, partially offset by a decrease in business equity lines of credit of $11.8 million. Lender finance loans are loans to companies used to purchase finance receivables or to extend financing to the underlying obligors and are secured primarily by the finance receivables held by our borrowers.
Net Interest Income - Interest income of $33.9 million increased $1.4 million compared to $32.5 million for the first quarter 2024, driven by loan growth and higher loan yields. Interest expense of $13.3 million increased $0.2 million, driven by an increase in average balances in the second quarter 2024.
Credit Metrics - Nonperforming assets decreased 4 basis points to 0.58% of total assets at June 30, 2024 compared to 0.62% at March 31, 2024 as a result of a decrease in nonaccrual loans at June 30, 2024 to $14.1 million compared to $14.4 million at March 31, 2024.
The following tables present non-owner-occupied and owner-occupied commercial real estate loans and multi-family loans and the weighted average loan-to-value ("LTV").
Non-owner-occupied commercial real estate loans, including multi-family
As of June 30, 2024
(in thousands)AmountAverage Loan Size
Weighted Average LTV(1)
% of Non-Owner-Occupied Commercial Real Estate Loans% of Total Portfolio Loans, Gross
Loan type:
Multi-family$156,744 $1,823 56.1 %Not Applicable7.7 %
Retail$113,697 $1,458 54.2 %28.7 %5.6 %
Mixed use94,143 1,177 51.3 %23.7 %4.6 %
Industrial61,992 1,127 54.6 %15.6 %3.1 %
Hotel75,427 4,190 50.8 %19.0 %3.7 %
Office13,699 527 63.1 %3.4 %0.7 %
Other38,122 1,733 48.2 %9.6 %1.9 %
Total non-owner-occupied commercial real estate loans$397,080 $1,423 52.7 %100.0 %19.6 %
Total portfolio loans, gross$2,028,367 
Owner-occupied commercial real estate loans
As of June 30, 2024
(in thousands)AmountAverage Loan Size
Weighted Average LTV(1)
% of Owner-Occupied Commercial Real Estate Loans% of Total Portfolio Loans, Gross
Loan type:
Industrial$78,596 $1,191 53.3 %24.6 %3.9 %
Office42,876 621 57.1 %13.4 %2.1 %
Retail40,596 766 59.1 %12.7 %2.0 %
Mixed use17,657 929 65.6 %5.5 %0.9 %
Other(2)
139,644 2,971 61.2 %43.8 %6.9 %
Total owner-occupied commercial real estate loans$319,369 $1,257 58.7 %100.0 %15.7 %
Total portfolio loans, gross$2,028,367 
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(1) The weighted average LTV of the loan categories previously mentioned are calculated by reference to the most recent appraisal of the property securing each loan.
(2) Other owner-occupied commercial real estate loans include special purpose loans of $58.3 million, skilled nursing loans of $53.8 million, and other loans of $27.5 million.
Classified and Criticized Loans - At June 30, 2024, special mention loans totaled $23.3 million, or 1.2% of total portfolio loans, as compared to $27.5 million, or 1.4% of total portfolio loans, at March 31, 2024. At June 30, 2024, substandard loans totaled $22.1 million, or 1.2% of total portfolio loans, as compared to $14.1 million, or 0.7% of total portfolio loans, at March 31, 2024.
OpenSky™
Revenues - Total revenue of $20.2 million increased $1.3 million from the first quarter 2024. Interest income of $15.8 million increased $0.9 million from the first quarter 2024. Average OpenSky™ loan balances, net of reserves and deferred fees of $111.3 million for the second quarter 2024, increased $0.8 million, or 0.7%, compared to $110.5 million for the first quarter 2024. Noninterest income of $4.4 million increased $0.5 million from the first quarter 2024 primarily related to interchange income.
Noninterest Expense - Total noninterest expense of $13.8 million increased $0.2 million from the first quarter 2024 primarily related to data processing expense.
Loan and Deposit Balances - OpenSky™ loan balances, net of reserves, of $122.2 million at June 30, 2024 increased by $10.3 million, or 9.2%, compared to $111.9 million at March 31, 2024. Corresponding deposit balances of $173.5 million at June 30, 2024 increased $1.7 million, or 1.0%, compared to $171.8 million at March 31, 2024. Gross unsecured loan balances of $33.6 million at June 30, 2024 increased $5.1 million, or 17.7%, compared to $28.5 million at March 31, 2024. During the second quarter 2024, the number of OpenSky™ credit card accounts increased by 10,784 to 537,734 from March 31, 2024.
OpenSky™ Credit - Card delinquencies remained stable in the second quarter 2024 when compared to the first quarter 2024. The provision for credit losses increased $0.7 million compared to the first quarter 2024 as card balances, net of reserves, increased $10.3 million during the second quarter 2024 as compared to a decrease of $11.4 million during the first quarter 2024.
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COMPARATIVE FINANCIAL HIGHLIGHTS - Unaudited
Quarter Ended2Q24 vs 1Q242Q24 vs 2Q23
(in thousands except per share data)June 30, 2024March 31, 2024June 30, 2023$ Change% Change$ Change% Change
Earnings Summary
Interest income$50,615 $48,369 $45,080 $2,246 4.6 %$5,535 12.3 %
Interest expense13,558 13,361 9,740 197 1.5 %3,818 39.2 %
Net interest income37,057 35,008 35,340 2,049 5.9 %1,717 4.9 %
Provision for credit losses3,417 2,727 2,862 690 25.3 %555 19.4 %
Provision for credit losses on unfunded commitments104 142 — (38)(26.8)%104 — %
Noninterest income6,890 5,972 6,687 918 15.4 %203 3.0 %
Noninterest expense29,493 29,487 29,592 6 — %(99)(0.3)%
Income before income taxes10,933 8,624 9,573 2,309 26.8 %1,360 14.2 %
Income tax expense2,728 2,062 2,255 666 32.3 %473 21.0 %
Net income$8,205 $6,562 $7,318 $1,643 25.0 %$887 12.1 %
Pre-tax pre-provision net revenue ("PPNR") (1)
$14,454 $11,493 $12,435 $2,961 25.8 %$2,019 16.2 %
PPNR, as adjusted(1)
$14,537 $12,205 $12,435 $2,332 19.1 %$2,102 16.9 %
Common Share Data
Earnings per share - Basic$0.59 $0.47 $0.52 $0.12 25.5 %$0.07 13.5 %
Earnings per share - Diluted$0.59 $0.47 $0.52 $0.12 25.5 %$0.07 13.5 %
Earnings per share - Diluted, as adjusted(1)
$0.59 $0.51 $0.52 $0.08 15.7 %$0.07 13.5 %
Weighted average common shares - Basic13,895 13,919 14,025 
Weighted average common shares - Diluted13,895 13,919 14,059 
Return Ratios
Return on average assets (annualized)1.40 %1.15 %1.34 %
Return on average assets, as adjusted (annualized)(1)
1.41 %1.24 %1.34 %
Return on average equity (annualized)12.53 %10.19 %12.30 %
Return on average equity, as adjusted (annualized)(1)
12.62 %11.03 %12.30 %
______________
(1) Refer to Appendix for reconciliation of non-GAAP measures.

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COMPARATIVE FINANCIAL HIGHLIGHTS - Unaudited (Continued)
Six Months Ended
June 30,
(in thousands except per share data)20242023$ Change% Change
Earnings Summary
Interest income$98,984 $88,496 $10,488 11.9 %
Interest expense26,919 18,669 8,250 44.2 %
Net interest income72,065 69,827 2,238 3.2 %
Provision for credit losses6,144 4,522 1,622 35.9 %
Provision for (release of) credit losses on unfunded commitments246 (19)265 (1,394.7)%
Noninterest income12,862 12,713 149 1.2 %
Noninterest expense58,980 55,814 3,166 5.7 %
Income before income taxes19,557 22,223 (2,666)(12.0)%
Income tax expense4,790 5,170 (380)(7.4)%
Net income$14,767 $17,053 $(2,286)(13.4)%
Pre-tax pre-provision net revenue ("PPNR") (1)
$25,947 $26,726 $(779)(2.9)%
PPNR, as adjusted(1)
$26,742 $26,726 $16 0.1 %
Common Share Data
Earnings per share - Basic$1.06 $1.21 $(0.15)(12.4)%
Earnings per share - Diluted$1.06 $1.20 $(0.14)(11.7)%
Earnings per share - Diluted, as adjusted(1)
$1.10 $1.20 
Weighted average common shares - Basic13,907 14,092 
Weighted average common shares - Diluted13,907 14,210 
Return Ratios
Return on average assets (annualized)1.28 %1.59 %
Return on average assets, as adjusted (annualized)(1)
1.33 %1.59 %
Return on average equity (annualized)11.37 %14.60 %
Return on average equity, as adjusted (annualized)(1)
11.83 %14.60 %
______________
(1) Refer to Appendix for reconciliation of non-GAAP measures.
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COMPARATIVE FINANCIAL HIGHLIGHTS - Unaudited (Continued)
Quarter EndedQuarter Ended
June 30,March 31,December 31,September 30,
(in thousands except per share data)20242023% Change202420232023
Balance Sheet Highlights
Assets$2,438,583 $2,227,866 9.5 %$2,324,238 $2,226,176 $2,272,484 
Investment securities available for sale207,917 208,464 (0.3)%202,254 208,329 206,055 
Mortgage loans held for sale19,219 10,146 89.4 %10,303 7,481 4,843 
Portfolio loans receivable (2)
2,021,588 1,838,131 10.0 %1,964,525 1,903,288 1,862,679 
Allowance for credit losses30,832 27,495 12.1 %29,350 28,610 28,279 
Deposits2,100,428 1,934,361 8.6 %2,005,695 1,895,996 1,967,988 
FHLB borrowings 32,000 22,000 45.5 %22,000 22,000 22,000 
Other borrowed funds12,062 12,062 — %12,062 27,062 12,062 
Total stockholders' equity267,854 237,435 12.8 %259,465 254,860 242,878 
Tangible common equity (1)
267,854 237,435 12.8 %259,465 254,860 242,878 
Common shares outstanding13,910 13,981 (0.5)%13,890 13,923 13,893 
Book value per share$19.26 $16.98 13.4 %$18.68 $18.31 $17.48 
Tangible book value per share (1)
$19.26 $16.98 13.4 %$18.68 $18.31 $17.48 
Dividends per share
$0.08 $0.06 33.3 %$0.08 $0.08 $0.08 
______________
(1) Refer to Appendix for reconciliation of non-GAAP measures.
(2) Loans are reflected net of deferred fees and costs.
11

Operating Results - Comparison of Three Months Ended June 30, 2024 and 2023
For the three months ended June 30, 2024, net interest income of $37.1 million increased $1.7 million from $35.3 million in the same period in 2023. The net interest margin decreased 17 basis points to 6.46% for the three months ended June 30, 2024 from the same period in 2023 as the increase in cost of deposits, including money market accounts and time deposits, outpaced the increase in portfolio loan yields, including credit card loans. Net interest margin, excluding credit card loans(1), decreased to 4.00% for the three months ended June 30, 2024, compared to 4.06% for the same period in 2023.
For the three months ended June 30, 2024, average interest earning assets increased $170.1 million, or 8.0%, to $2.3 billion as compared to the same period in 2023, and the average yield on interest earning assets increased 36 basis points. Compared to the same period in the prior year, average interest-bearing liabilities increased $164.4 million, or 13.2%, and the average cost of interest-bearing liabilities increased to 3.86%, a 73 basis point increase from 3.13%.
For the three months ended June 30, 2024, the provision for credit losses was $3.4 million, an increase of $0.6 million from the same period in 2023, primarily driven by unsecured credit card loan growth. Net charge-offs for the three months ended June 30, 2024 were $1.9 million, or 0.39% on an annualized basis of average portfolio loans, compared to $1.6 million, or 0.35% on an annualized basis of average loans for the same period in 2023. Of the $1.9 million in net charge-offs during the second quarter 2024, $0.9 million related to secured and partially secured cards in the credit card portfolio and $0.6 million related to unsecured cards. Of the $1.6 million in net charge-offs during the second quarter 2023, $1.5 million related to secured and partially secured cards in the credit card portfolio and $0.1 million related to unsecured cards.
For the three months ended June 30, 2024, noninterest income of $6.9 million increased $0.2 million, or 3.0%, from the same period in 2023. Mortgage banking revenue of $2.0 million increased $0.7 million due to an increase in salable originations. Credit card fees of $4.3 million decreased $0.4 million primarily related to lower interchange and other fee income.
Credit card loan balances, net of reserves, decreased by $0.7 million to $122.2 million as of June 30, 2024, from $122.9 million at June 30, 2023. The related deposit account balances decreased 7.0% to $173.5 million at June 30, 2024 when compared to $186.6 million at June 30, 2023, reflective of the reduction in the number of open secured card customer accounts year over year.
The efficiency ratio for the three months ended June 30, 2024 was 67.11% compared to 70.41% for the three months ended June 30, 2023.
For the three months ended June 30, 2024, noninterest expense of $29.5 million decreased $0.1 million, or 0.3%, from $29.6 million for the same period in 2023. The change includes decreases in professional fees of $0.8 million, advertising expense of $0.6 million, operational losses of $0.4 million and loan processing expense of $0.2 million. Offsetting increases include salaries and employee benefits expense of $1.1 million, occupancy and equipment expense of $0.3 million, data processing expense of $0.2 million, other operating expense of $0.2 million and merger-related expenses of $0.1 million.
12

Operating Results - Comparison of Six Months Ended June 30, 2024 and 2023
For the six months ended June 30, 2024, net interest income of $72.1 million increased $2.2 million from the same period in 2023, primarily due to increased average balances of $182.2 million in portfolio loans combined with an 11 basis point increase in the yield on portfolio loans, offset by increases in the cost of funding. The net interest margin decreased 29 basis points to 6.35% for the six months ended June 30, 2024 from the same period in 2023. Net interest margin, excluding credit card loans(1), was 3.93% for the six months ended June 30, 2024, compared to 3.94% for the same period in 2023.
For the six months ended June 30, 2024, average interest earning assets increased $160.3 million, or 7.6%, to $2.3 billion as compared to the same period in 2023, and the average yield on interest earning assets increased 31 basis points. Compared to the same period in the prior year, average interest-bearing liabilities increased $154.2 million, or 12.4%, while the average cost of interest-bearing liabilities increased 85 basis points to 3.88% from 3.03%.
For the six months ended June 30, 2024, the provision for credit losses was $6.1 million, an increase of $1.6 million from the prior year, attributable primarily to portfolio loan growth and specific reserves of $1.1 million for collateral dependent loans at June 30, 2024 as compared to $0.3 million at June 30, 2024. Net charge-offs for the six months ended June 30, 2024 were $3.9 million, or 0.40% annualized of average portfolio loans, compared to $4.2 million, or 0.48% annualized of average portfolio loans, for the same period in 2023. The $3.9 million in net charge-offs during the six months ended June 30, 2024 was comprised primarily of credit card portfolio net charge-offs, with $2.1 million related to secured and partially secured cards while $1.1 million was related to unsecured cards.
For the six months ended June 30, 2024, noninterest income of $12.9 million increased $0.2 million, or 1.2%, from the same period in 2023. Mortgage banking revenue of $3.4 million increased $1.0 million due to an increase in home loan sales while credit card fees of $8.2 million declined $0.7 million as the number of open customer accounts declined to 537,734 at June 30, 2024 from 540,058 year over year, which resulted in lower interchange and other fee income recognized compared to the prior year.
The efficiency ratio for the six months ended June 30, 2024 was 69.45% compared to 67.62% for the six months ended June 30, 2023.
For the six months ended June 30, 2024, noninterest expense of $59.0 million increased $3.2 million, or 5.7%, from the same period in 2023. The change includes increases in salaries and employee benefits of $1.5 million, or 6.0%, advertising expense of $0.9 million, merger-related expenses of $0.8 million, occupancy and equipment expense of $0.7 million and other operating expenses of $0.7 million partially offset by a decrease in professional fees of $1.3 million.
13

Financial Condition
Total assets at June 30, 2024 were $2.4 billion, an increase of $114.3 million, or 4.9%, from the balance at March 31, 2024 and an increase of $210.7 million, or 9.5%, from the balance at June 30, 2023.
Net portfolio loans, which exclude mortgage loans held for sale, totaled $2.0 billion at June 30, 2024, an increase of $57.1 million, up 2.9% or 11.6% annualized, compared to March 31, 2024, and an increase of $183.5 million, or 10.0%, compared to $1.8 billion at June 30, 2023.
The Company recorded a provision for credit losses of $6.1 million during the six months ended June 30, 2024, which increased the allowance for credit losses to $30.8 million, or 1.53% of total loans at June 30, 2024, representing an increase of $1.5 million over the balance at March 31, 2024.
Nonperforming assets, which were comprised solely of nonperforming loans as of June 30, 2024, were $14.1 million, or 0.58% of total assets, down from $14.4 million, or 0.62% of total assets at March 31, 2024, and down from $15.7 million, or 0.71% of total assets at June 30, 2023.
Deposits were $2.1 billion at June 30, 2024, an increase of $94.7 million, or 4.7%, from the balance at March 31, 2024 and an increase of $166.1 million, or 8.6%, from the balance at June 30, 2023. Average deposits of $2.0 billion for the three months ended June 30, 2024 increased $53.2 million, or 2.7%, as compared to the three months ended March 31, 2024.
Rising interest rates have resulted in some customers moving balances from noninterest-bearing deposit accounts to interest-bearing deposit accounts. As a result of the migration, average noninterest-bearing deposit balances decreased $23.3 million to $653.0 million as of June 30, 2024, as compared to June 30, 2023.
Noninterest-bearing deposits represented 32.6% of total deposits at June 30, 2024 compared to 35.8% at June 30, 2023. Uninsured deposits were approximately $923.7 million as of June 30, 2024, representing 44.0% of the Company's deposit portfolio, compared to $855.7 million, or 42.7%, at March 31, 2024, and $860.4 million, or 44.5%, at June 30, 2023.
Stockholders’ equity increased to $267.9 million as of June 30, 2024, compared to $259.5 million at March 31, 2024 and $237.4 million at June 30, 2023. As of June 30, 2024, the Bank's capital ratios continued to exceed the regulatory requirements for a “well-capitalized” institution.


14

Consolidated Statements of Income (Unaudited)
Three Months Ended
Six Months Ended
(in thousands)June 30, 2024March 31, 2024December 31, 2023September 30, 2023June 30, 2023June 30, 2024June 30, 2023
Interest income
Loans, including fees$48,275 $45,991 $45,109 $45,385 $42,991 $94,266 $84,266 
Investment securities available for sale1,308 1,251 1,083 1,089 1,266 2,559 2,643 
Federal funds sold and other1,032 1,127 777 1,267 823 2,159 1,587 
Total interest income50,615 48,369 46,969 47,741 45,080 98,984 88,496 
Interest expense
Deposits13,050 12,833 11,759 10,703 9,409 25,883 17,163 
Borrowed funds508 528 321 228 331 1,036 1,506 
Total interest expense13,558 13,361 12,080 10,931 9,740 26,919 18,669 
Net interest income37,057 35,008 34,889 36,810 35,340 72,065 69,827 
Provision for credit losses3,417 2,727 2,808 2,280 2,862 6,144 4,522 
Provision for (release of) credit losses on unfunded commitments104 142 (106)24 — 246 (19)
Net interest income after provision for credit losses33,536 32,139 32,187 34,506 32,478 65,675 65,324 
Noninterest income
Service charges on deposits200 207 240 250 245 407 474 
Credit card fees4,330 3,881 3,970 4,387 4,706 8,211 8,916 
Mortgage banking revenue1,990 1,453 1,166 1,243 1,332 3,443 2,487 
Other income370 431 560 446 404 801 836 
Total noninterest income6,890 5,972 5,936 6,326 6,687 12,862 12,713 
Noninterest expenses
Salaries and employee benefits13,272 12,907 11,638 12,419 12,143 26,179 24,697 
Occupancy and equipment1,864 1,613 1,573 1,351 1,536 3,477 2,749 
Professional fees1,769 1,947 1,930 2,358 2,608 3,716 4,982 
Data processing6,788 6,761 6,128 6,469 6,559 13,549 13,089 
Advertising2,072 2,032 1,433 1,565 2,646 4,104 3,163 
Loan processing476 371 198 426 660 847 1,009 
Foreclosed real estate expenses, net— 1 — 1 — 1 6 
Merger-related expenses83 712 — — — 795 — 
Operational losses782 931 1,490 953 1,206 1,713 2,170 
Other operating2,387 2,212 2,517 2,504 2,234 4,599 3,949 
Total noninterest expenses29,493 29,487 26,907 28,046 29,592 58,980 55,814 
Income before income taxes10,933 8,624 11,216 12,786 9,573 19,557 22,223 
Income tax expense2,728 2,062 2,186 2,998 2,255 4,790 5,170 
Net income$8,205 $6,562 $9,030 $9,788 $7,318 $14,767 $17,053 
15


Consolidated Balance Sheets
(unaudited)(unaudited)(audited)(unaudited)(unaudited)
(in thousands except share data)June 30, 2024March 31, 2024December 31, 2023September 30, 2023June 30, 2023
Assets
Cash and due from banks$19,294 $12,361 $14,513 $13,767 $18,619 
Interest-bearing deposits at other financial institutions117,160 72,787 39,044 130,428 100,343 
Federal funds sold57 56 407 1,957 376 
Total cash and cash equivalents136,511 85,204 53,964 146,152 119,338 
Investment securities available for sale207,917 202,254 208,329 206,055 208,464 
Restricted investments4,930 4,441 4,353 4,340 3,803 
Loans held for sale19,219 10,303 7,481 4,843 10,146 
Portfolio loans receivable, net of deferred fees and costs2,021,588 1,964,525 1,903,288 1,862,679 1,838,131 
   Less allowance for credit losses(30,832)(29,350)(28,610)(28,279)(27,495)
Total portfolio loans held for investment, net1,990,756 1,935,175 1,874,678 1,834,400 1,810,636 
Premises and equipment, net5,551 4,500 5,069 5,297 5,494 
Accrued interest receivable12,162 12,258 11,494 11,231 10,155 
Deferred tax asset12,150 12,311 12,252 13,644 13,616 
Bank owned life insurance38,414 38,062 37,711 37,315 37,041 
Accounts receivable1,336 11,637 1,055 696 450 
Other assets9,637 8,093 9,790 8,511 8,723 
Total assets$2,438,583 $2,324,238 $2,226,176 $2,272,484 $2,227,866 
Liabilities
Deposits
Noninterest-bearing$684,574 $665,812 $617,373 $680,803 $693,129 
Interest-bearing1,415,854 1,339,883 1,278,623 1,287,185 1,241,232 
Total deposits2,100,428 2,005,695 1,895,996 1,967,988 1,934,361 
Federal Home Loan Bank advances32,000 22,000 22,000 22,000 22,000 
Other borrowed funds12,062 12,062 27,062 12,062 12,062 
Accrued interest payable6,573 6,009 5,583 5,204 3,029 
Other liabilities19,666 19,007 20,675 22,352 18,979 
Total liabilities2,170,729 2,064,773 1,971,316 2,029,606 1,990,431 
Stockholders' equity
Common stock139 139 139 139 140 
Additional paid-in capital55,005 54,229 54,473 54,549 55,856 
Retained earnings225,824 218,731 213,345 206,033 197,490 
Accumulated other comprehensive loss(13,114)(13,634)(13,097)(17,843)(16,051)
Total stockholders' equity267,854 259,465 254,860 242,878 237,435 
Total liabilities and stockholders' equity$2,438,583 $2,324,238 $2,226,176 $2,272,484 $2,227,866 
16

The following tables show 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, 2024		Three Months Ended
March 31, 2024		Three Months Ended
June 30, 2023
Average
Outstanding
Balance		Interest Income/
Expense
Average
Yield/
Rate(1)
Average
Outstanding
Balance		Interest Income/
Expense
Average
Yield/
Rate(1)
Average
Outstanding
Balance		Interest Income/
Expense
Average
Yield/
Rate(1)
(in thousands)
Assets
Interest earning assets:
Interest-bearing deposits$77,069 $937 4.89 %$84,531 $1,049 4.99 %$66,401 $733 4.43 %
Federal funds sold56 1 7.18 56 1 7.18 1,638 20 4.90 
Investment securities available for sale223,973 1,308 2.35 233,231 1,251 2.16 255,057 1,266 1.99 
Restricted investments5,435 94 6.96 4,601 77 6.73 4,185 71 6.80 
Loans held for sale 7,907 132 6.71 4,872 83 6.85 7,047 111 6.32 
Portfolio loans receivable(2)(3)
1,992,630 48,143 9.72 1,927,372 45,908 9.58 1,802,608 42,879 9.54 
Total interest earning assets2,307,070 50,615 8.82 2,254,663 48,369 8.63 2,136,936 45,080 8.46 
Noninterest earning assets46,798 44,571 47,415 
Total assets
$2,353,868 $2,299,234 $2,184,351 
Liabilities and Stockholders’ Equity
Interest-bearing liabilities:
Interest-bearing demand accounts$216,247 148 0.28 $183,217 110 0.24 $207,264 67 0.13 
Savings4,409 1 0.09 4,841 1 0.08 5,822 2 0.14 
Money market accounts671,240 7,032 4.21 682,414 7,136 4.21 625,515 5,411 3.47 
Time deposits465,822 5,869 5.07 449,963 5,586 4.99 366,421 3,929 4.30 
Borrowed funds54,863 508 3.72 58,963 528 3.60 43,183 331 3.07 
Total interest-bearing liabilities1,412,581 13,558 3.86 1,379,398 13,361 3.90 1,248,205 9,740 3.13 
Noninterest-bearing liabilities:
Noninterest-bearing liabilities24,844 23,820 21,104 
Noninterest-bearing deposits653,018 637,124 676,358 
Stockholders’ equity
263,425 258,892 238,684 
Total liabilities and stockholders’ equity$2,353,868 $2,299,234 $2,184,351 
Net interest spread4.96 %4.73 %5.33 %
Net interest income$37,057 $35,008 $35,340 
Net interest margin(4)
6.46 %6.24 %6.63 %
_______________
(1)Annualized.
(2)Includes nonaccrual loans.
(3)For the three months ended June 30, 2024, March 31, 2024, and June 30, 2023, collectively, portfolio loans yield excluding credit card loans was 7.04%, 6.96% and 6.65%, respectively.
(4)For the three months ended June 30, 2024, March 31, 2024, and June 30, 2023, collectively, credit card loans accounted for 246, 239 and 257 basis points of the reported net interest margin, respectively.

17

Six Months Ended June 30,
20242023
Average
Outstanding
Balance		Interest Income/
Expense
Average
Yield/
Rate(1)
Average
Outstanding
Balance		Interest Income/
Expense
Average
Yield/
Rate(1)
(in thousands)
Assets
Interest earning assets:
Interest-bearing deposits$80,800 $1,986 4.94 %$64,494 $1,348 4.21 %
Federal funds sold56 2 7.18 1,845 38 4.15 
Investment securities available for sale228,602 2,559 2.25 264,817 2,643 2.01 
Restricted investments5,018 171 6.85 5,757 201 7.04 
Loans held for sale 6,390 215 6.77 5,878 188 6.45 
Portfolio loans receivable(2)(3)
1,960,001 94,051 9.65 1,777,762 84,078 9.54 
Total interest earning assets2,280,867 98,984 8.73 2,120,553 88,496 8.42 
Noninterest earning assets45,684 43,858 
Total assets
$2,326,551 $2,164,411 
Liabilities and Stockholders’ Equity
Interest-bearing liabilities:
Interest-bearing demand accounts$199,732 258 0.26 $196,782 137 0.14 
Savings4,625 2 0.09 6,160 3 0.10 
Money market accounts676,827 14,168 4.21 615,247 9,998 3.28 
Time deposits457,892 11,455 5.03 343,065 7,025 4.13 
Borrowed funds56,913 1,036 3.66 80,573 1,506 3.77 
Total interest-bearing liabilities1,395,989 26,919 3.88 1,241,827 18,669 3.03 
Noninterest-bearing liabilities:
Noninterest-bearing liabilities24,332 21,726 
Noninterest-bearing deposits645,071 665,253 
Stockholders’ equity
261,159 235,605 
Total liabilities and stockholders’ equity$2,326,551 $2,164,411 
Net interest spread4.85 %5.39 %
Net interest income$72,065 $69,827 
Net interest margin(4)
6.35 %6.64 %
(1)Annualized.
(2)Includes nonaccrual loans.
(3)For the six months ended June 30, 2024 and 2023, collectively, portfolio loans yield excluding credit card loans was 7.00% and 6.48%, respectively.
(4)For the six months ended June 30, 2024 and 2023, collectively, credit card loans accounted for 242 and 270 basis points of the reported net interest margin, respectively.



18

The Company’s reportable segments represent business units with discrete financial information whose results are regularly reviewed by management. The four segments include Commercial Banking, Capital Bank Home Loans (the Company’s mortgage loan division), OpenSky™ (the Company’s credit card division) and the Corporate Office.

Effective January 1, 2024, the Company allocated certain expenses previously recorded directly to the Commercial Bank segment to the other segments. These expenses are for shared services also consumed by OpenSky™, CBHL, and Corporate. The Company performs an allocation process based on several metrics the Company believes more accurately ascribe shared service overhead to each segment. The Company believes this reflects the cost of support for each segment that should be considered in assessing segment performance. Historical information has been recast to reflect financial information consistently with the 2024 presentation.

The following schedule presents financial information for the periods indicated. Total assets are presented as of June 30, 2024, March 31, 2024, and June 30, 2023.

19

Segments
For the three months ended June 30, 2024
(in thousands)Commercial BankCBHL
OpenSky™
Corporate(2)
EliminationsConsolidated
Interest income$33,935 $132 $15,785 $824 $(61)$50,615 
Interest expense13,312 83 — 224 (61)13,558 
Net interest income20,623 49 15,785 600 — 37,057 
Provision for credit losses1,118 — 2,299 — — 3,417 
Provision for credit losses on unfunded commitments104 — — — — 104 
Net interest income after provision19,401 49 13,486 600 — 33,536 
Noninterest income677 1,845 4,368 — — 6,890 
Noninterest expense(1)
12,209 2,500 13,775 1,009 — 29,493 
Net income (loss) before taxes$7,869 $(606)$4,079 $(409)$— $10,933 
Total assets$2,254,198 $19,622 $115,593 $288,872 $(239,702)$2,438,583 
For the three months ended March 31, 2024
(in thousands)Commercial BankCBHL
OpenSky™
Corporate(2)
EliminationsConsolidated
Interest income$32,529 $83 $14,921 $899 $(63)$48,369 
Interest expense13,154 41 — 229 (63)13,361 
Net interest income19,375 42 14,921 670 — 35,008 
Provision for credit losses1,109 — 1,559 59 — 2,727 
Provision for credit losses on unfunded commitments142 — — — — 142 
Net interest income after provision18,124 42 13,362 611 — 32,139 
Noninterest income704 1,352 3,915 1 — 5,972 
Noninterest expense(1)
12,259 2,105 13,599 1,524 — 29,487 
Net income (loss) before taxes$6,569 $(711)$3,678 $(912)$— $8,624 
Total assets$2,160,051 $10,785 $105,318 $281,766 $(233,682)$2,324,238 
For the three months ended June 30, 2023
(in thousands)Commercial BankCBHL
OpenSky™
Corporate(2)
EliminationsConsolidated
Interest income$28,742 $111 $15,168 $1,134 $(75)$45,080 
Interest expense9,537 42 — 236 (75)9,740 
Net interest income19,205 69 15,168 898 — 35,340 
Provision for credit losses735 — 2,127 — — 2,862 
Net interest income after provision18,470 69 13,041 898 — 32,478 
Noninterest income810 1,161 4,714 2 — 6,687 
Noninterest expense(1)
11,675 2,322 15,118 477 — 29,592 
Net income (loss) before taxes$7,605 $(1,092)$2,637 $423 $— $9,573 
Total assets$2,047,400 $10,605 $116,123 $260,309 $(206,571)$2,227,866 
________________________
(1)     Noninterest expense includes $6.3 million, $6.1 million, and $5.9 million in data processing expense in OpenSky’s™ segment for the three months ended June 30, 2024, March 31, 2024, and June 30, 2023, respectively.
(2)    The Corporate segment invests idle cash in revenue-producing assets including interest-bearing cash accounts, loan participations and other appropriate investments for the Company.

20


Segments
For the six months ended June 30, 2024
(in thousands)Commercial BankCBHL
OpenSky™
Corporate(2)
EliminationsConsolidated
Interest income$66,464 $215 $30,706 $1,723 $(124)$98,984 
Interest expense26,466 124 — 453 (124)26,919 
Net interest income39,998 91 30,706 1,270 — 72,065 
Provision for credit losses2,227 — 3,858 59 — 6,144 
Provision for credit losses on unfunded commitments246 — — — — 246 
Net interest income after provision37,525 91 26,848 1,211 — 65,675 
Noninterest income1,381 3,197 8,283 1 — 12,862 
Noninterest expense(1)
24,468 4,605 27,374 2,533 — 58,980 
Net income (loss) before taxes$14,438 $(1,317)$7,757 $(1,321)$— $19,557 
Total assets$2,254,198 $19,622 $115,593 $288,872 $(239,702)$2,438,583 
For the six months ended June 30, 2023
(in thousands)Commercial BankCBHLOpenSky™
Corporate(2)
EliminationsConsolidated
Interest income$55,042 $188 $31,298 $2,112 $(144)$88,496 
Interest expense18,276 72 — 465 (144)18,669 
Net interest income36,766 116 31,298 1,647 — 69,827 
Provision for credit losses574 — 3,948 — — 4,522 
Release of credit losses on unfunded commitments(19)— — — — (19)
Net interest income after provision36,211 116 27,350 1,647 — 65,324 
Noninterest income1,299 2,488 8,924 2 — 12,713 
Noninterest expense(1)
23,443 4,658 26,856 857 — 55,814 
Net income (loss) before taxes$14,067 $(2,054)$9,418 $792 $— $22,223 
Total assets$2,047,400 $10,605 $116,123 $260,309 $(206,571)$2,227,866 
(1)     Noninterest expense includes $12.5 million and $11.9 million in data processing expense in OpenSky’s™ segment for the six months ended June 30, 2024 and 2023, respectively.
(2)    The Corporate segment invests idle cash in revenue-producing assets including interest-bearing cash accounts, loan participations and other appropriate investments for the Company.








21

HISTORICAL FINANCIAL HIGHLIGHTS - Unaudited
Quarter Ended
(in thousands except per share data)June 30,
2024		March 31, 2024December 31,
2023		September 30,
2023		June 30,
2023
Earnings:
Net income$8,205 $6,562 $9,030 $9,788 $7,318 
Earnings per common share, diluted0.59 0.47 0.65 0.70 0.52 
Net interest margin6.46 %6.24 %6.40 %6.71 %6.63 %
Net interest margin, excluding credit card loans (1)
4.00 %3.85 %3.92 %4.05 %4.06 %
Return on average assets(2)
1.40 %1.15 %1.63 %1.75 %1.34 %
Return on average equity(2)
12.53 %10.19 %14.44 %16.00 %12.30 %
Efficiency ratio67.11 %71.95 %65.91 %65.02 %70.41 %
Balance Sheet:
Total portfolio loans receivable, net deferred fees$2,021,588 $1,964,525 $1,902,643 $1,861,929 $1,837,041 
Total deposits2,100,428 2,005,695 1,895,996 1,967,988 1,934,361 
Total assets2,438,583 2,324,238 2,226,176 2,272,484 2,227,866 
Total stockholders' equity267,854 259,465 254,860 242,878 237,435 
Total average portfolio loans receivable, net deferred fees1,992,630 1,927,372 1,863,298 1,847,772 1,802,608 
Total average deposits2,010,736 1,957,559 1,885,092 1,918,467 1,881,380 
Portfolio loans-to-deposit ratio (period-end balances)96.25 %97.95 %100.35 %94.61 %94.97 %
Portfolio loans-to-deposit ratio (average balances)99.10 %98.46 %98.84 %96.32 %95.81 %
Asset Quality Ratios:
Nonperforming assets to total assets0.58 %0.62 %0.72 %0.67 %0.71 %
Nonperforming loans to total loans0.70 %0.73 %0.84 %0.82 %0.85 %
Net charge-offs to average portfolio loans (2)
0.39 %0.41 %0.53 %0.38 %0.35 %
Allowance for credit losses to total loans1.53 %1.49 %1.50 %1.52 %1.50 %
Allowance for credit losses to non-performing loans219.40 %204.37 %178.34 %185.61 %175.03 %
Bank Capital Ratios:
Total risk based capital ratio14.51 %14.36 %14.81 %14.51 %14.08 %
Tier 1 risk based capital ratio13.25 %13.10 %13.56 %13.25 %12.82 %
Leverage ratio10.36 %10.29 %10.51 %10.04 %9.77 %
Common equity Tier 1 capital ratio13.25 %13.10 %13.56 %13.25 %12.82 %
Tangible common equity9.53 %9.66 %9.91 %9.08 %8.93 %
Holding Company Capital Ratios:
Total risk based capital ratio16.98 %16.83 %17.38 %17.11 %16.81 %
Tier 1 risk based capital ratio15.19 %15.03 %15.55 %15.27 %14.96 %
Leverage ratio11.93 %11.87 %12.14 %11.62 %11.50 %
Common equity Tier 1 capital ratio15.08 %14.92 %15.43 %15.27 %14.96 %
Tangible common equity10.98 %11.16 %11.45 %10.69 %10.66 %
_______________
(1)Refer to Appendix for reconciliation of non-GAAP measures.
(2)Annualized.

22

HISTORICAL FINANCIAL HIGHLIGHTS - Unaudited (Continued)
Quarter Ended
(in thousands except per share data)June 30,
2024		March 31, 2024December 31,
2023		September 30,
2023		June 30,
2023
Composition of Loans:
Commercial real estate, non owner-occupied$397,080 $377,224 $351,116 $350,637 $348,892 
Commercial real estate, owner-occupied319,370 330,840 307,911 305,802 311,972 
Residential real estate601,312 577,112 573,104 558,147 555,133 
Construction real estate294,489 290,016 290,108 280,905 258,400 
Commercial and industrial255,686 254,577 239,208 237,549 234,714 
Lender finance33,294 13,484 11,085 — — 
Business equity lines of credit2,989 14,768 14,117 14,155 13,277 
Credit card, net of reserve(3)
122,217 111,898 123,331 122,533 122,925 
Other consumer loans1,930 738 950 948 1,187 
Portfolio loans receivable$2,028,367 $1,970,657 $1,910,930 $1,870,676 $1,846,500 
Deferred origination fees, net(6,779)(6,132)(7,642)(7,997)(8,369)
Portfolio loans receivable, net$2,021,588 $1,964,525 $1,903,288 $1,862,679 $1,838,131 
Composition of Deposits:
Noninterest-bearing$684,574 $665,812 $617,373 $680,803 $693,129 
Interest-bearing demand266,070 193,963 199,308 229,035 243,095 
Savings4,270 4,525 5,211 5,686 5,816 
Money markets672,455 678,435 663,129 668,774 631,148 
Brokered time deposits155,148 160,641 142,356 128,665 128,665 
Other time deposits317,911 302,319 268,619 255,025 232,508 
Total deposits$2,100,428 $2,005,695 $1,895,996 $1,967,988 $1,934,361 
Capital Bank Home Loan Metrics:
Origination of loans held for sale$82,363 $52,080 $45,152 $50,023 $61,480 
Mortgage loans sold66,417 40,377 34,140 39,364 49,231 
Gain on sale of loans1,732 1,238 1,015 1,011 1,262 
Purchase volume as a % of originations96.48 %97.83 %89.99 %92.29 %93.12 %
Gain on sale as a % of loans sold(4)
2.61 %3.07 %2.97 %2.57 %2.56 %
Mortgage commissions$582 $490 $465 $528 $621 
OpenSky™ Portfolio Metrics:
Open customer accounts537,734 526,950 525,314 529,205 540,058 
Secured credit card loans, gross$90,961 $85,663 $95,300 $98,138 $100,218 
Unsecured credit card loans, gross33,560 28,508 30,817 27,430 25,254 
Noninterest secured credit card deposits173,499 171,771 173,857 181,185 186,566 
_______________
(3)Credit card loans are presented net of reserve for interest and fees.
(4)Gain on sale percentage is calculated as gain on sale of loans divided by mortgage loans sold.
23

Appendix

Reconciliation of Non-GAAP Measures




The Company has presented the following non-GAAP (U.S. Generally Accepted Accounting Principles) financial measures because it believes that these measures provide useful and comparative information to assess trends in the Company’s results of operations and financial condition. Presentation of these non-GAAP financial measures is consistent with how the Company evaluates its performance internally and these non-GAAP financial measures are frequently used by securities analysts, investors and other interested parties in the evaluation of companies in the Company’s industry. Investors should recognize that the Company’s presentation of these non-GAAP financial measures might not be comparable to similarly-titled measures of other companies. These non-GAAP financial measures should not be considered a substitute for GAAP basis measures and the Company strongly encourages a review of its condensed consolidated financial statements in their entirety.
24

Appendix

Reconciliation of Non-GAAP Measures




Earnings Metrics, as AdjustedQuarter Ended
(in thousands except per share data)June 30, 2024March 31, 2024December 31, 2023September 30, 2023June 30, 2023
Net Income$8,205 $6,562 $9,030 $9,788 $7,318 
Add: Merger-Related Expenses, net of tax62 538 — — — 
Net Income, as Adjusted$8,267 $7,100 $9,030 $9,788 $7,318 
Weighted Average Common Shares - Diluted13,895 13,919 13,989 14,024 14,059 
Earnings per Share - Diluted$0.59 $0.47 $0.65 $0.70 $0.52 
Earnings per Share - Diluted, as Adjusted$0.59 $0.51 $0.65 $0.70 $0.52 
Average Assets$2,353,868 $2,299,234 $2,202,479 $2,221,117 $2,184,351 
Return on Average Assets(1)
1.40 %1.15 %1.63 %1.75 %1.34 %
Return on Average Assets, as Adjusted(1)
1.41 %1.24 %1.63 %1.75 %1.34 %
Average Equity$263,425 $258,892 $248,035 $242,671 $238,684 
Return on Average Equity(1)
12.53 %10.19 %14.44 %16.00 %12.30 %
Return on Average Equity, as Adjusted(1)
12.62 %11.03 %14.44 %16.00 %12.30 %
Net Interest Income$37,057 $35,008 $34,889 $36,810 $35,340 
Noninterest Income6,890 5,972 5,936 6,326 6,687 
Total Revenue$43,947 $40,980 $40,825 $43,136 $42,027 
Noninterest Expense$29,493 $29,487 $26,907 $28,046 $29,592 
Efficiency Ratio(2)
67.11 %71.95 %65.91 %65.02 %70.41 %
Noninterest Expense$29,493 $29,487 $26,907 $28,046 $29,592 
Less: Merger-Related Expenses83 712 — — — 
Noninterest Expense, as Adjusted$29,410 $28,775 $26,907 $28,046 $29,592 
Efficiency Ratio, as Adjusted(2)
66.92 %70.22 %65.91 %65.02 %70.41 %
_______________
(1)Annualized.
(2)The efficiency ratio is calculated by dividing noninterest expense by total revenue (net interest income plus noninterest income).


25

Appendix

Reconciliation of Non-GAAP Measures



Earnings Metrics, as AdjustedSix Months Ended
(in thousands except per share data)June 30, 2024June 30, 2023
Net Income$14,767 $17,053 
Add: Merger-Related Expenses, Net of Tax600 — 
Net Income, as Adjusted$15,367 $17,053 
Weighted average common shares - Diluted13,907 14,210 
Earnings per share - Diluted$1.06 $1.20 
Earnings per share - Diluted, as Adjusted$1.10 $1.20 
Average Assets$2,326,551 $2,164,411 
Return on Average Assets(1)
1.28 %1.59 %
Return on Average Assets, as Adjusted(1)
1.33 %1.59 %
Average Equity$261,159 $235,605 
Return on Average Equity(1)
11.37 %14.60 %
Return on Average Equity, as Adjusted(1)
11.83 %14.60 %
Net Interest Income$72,065 $69,827 
Noninterest Income12,862 12,713 
Total Revenue$84,927 $82,540 
Noninterest Expense$58,980 $55,814 
Efficiency Ratio(2)
69.45 %67.62 %
Noninterest Expense$58,980 $55,814 
Less: Merger-Related Expenses795 — 
Noninterest Expense, as Adjusted$58,185 $55,814 
Efficiency Ratio, as Adjusted(2)
68.51 %67.62 %
_______________
(1)Annualized.
(2)The efficiency ratio is calculated by dividing noninterest expense by total revenue (net interest income plus noninterest income).
26

Appendix

Reconciliation of Non-GAAP Measures



Net Interest Margin, as AdjustedQuarter Ended
(in thousands)June 30, 2024March 31, 2024December 31, 2023September 30, 2023June 30, 2023
Net Interest Income$37,057 $35,008 $34,889 $36,810 $35,340 
Less: Credit Card Loan Income
15,205 14,457 14,677 15,792 14,818 
Net Interest Income, as Adjusted$21,852 $20,551 $20,212 $21,018 $20,522 
Average Interest Earning Assets2,307,070 2,254,663 2,162,459 2,176,477 2,136,936 
Less: Average Credit Card Loans
111,288 110,483 114,551 116,814 110,574 
Total Average Interest Earning Assets, as Adjusted$2,195,782 $2,144,180 $2,047,908 $2,059,663 $2,026,362 
Net Interest Margin, as Adjusted4.00%3.85%3.92%4.05%4.06%
Net Interest Margin, as AdjustedSix Months Ended
(in thousands)June 30, 2024June 30, 2023
Net Interest Income$72,065 $69,827 
Less: Credit Card Loan Income
29,662 30,627 
Net Interest Income, as Adjusted$42,403 $39,200 
Average Interest Earning Assets2,280,867 2,120,553 
Less: Average Credit Card Loans
110,885 113,197 
Total Average Interest Earning Assets, as Adjusted$2,169,982 $2,007,356 
Net Interest Margin, as Adjusted3.93%3.94%
Portfolio Loans Receivable Yield, as AdjustedQuarter Ended
(in thousands)June 30, 2024March 31, 2024December 31, 2023September 30, 2023June 30, 2023
Portfolio Loans Receivable Interest Income$48,143 $45,908 $45,026 $45,274 $42,879 
Less: Credit Card Loan Income15,205 14,457 14,677 15,792 14,818 
Portfolio Loans Receivable Interest Income, as Adjusted$32,938 $31,451 $30,349 $29,482 $28,061 
Average Portfolio Loans Receivable1,992,630 1,927,372 1,863,298 1,847,772 1,802,608 
Less: Average Credit Card Loans111,288 110,483 114,551 116,814 110,574 
Total Average Portfolio Loans Receivable, as Adjusted$1,881,342 $1,816,889 $1,748,747 $1,730,958 $1,692,034 
Portfolio Loans Receivable Yield, as Adjusted7.04%6.96%6.89%6.76%6.65%
Portfolio Loans Receivable Yield, as AdjustedSix Months Ended
(in thousands)June 30, 2024June 30, 2023
Portfolio Loans Receivable Interest Income$94,051 $84,078 
Less: Credit Card Loan Income29,662 30,627 
Portfolio Loans Receivable Interest Income, as Adjusted$64,389 $53,451 
Average Portfolio Loans Receivable1,960,001 1,777,762 
Less: Average Credit Card Loans110,885 113,197 
Total Average Portfolio Loans Receivable, as Adjusted$1,849,116 $1,664,565 
Portfolio Loans Receivable Yield, as Adjusted7.00%6.48%





27

Appendix

Reconciliation of Non-GAAP Measures



Pre-tax, Pre-Provision Net Revenue ("PPNR")Quarter Ended
(in thousands)June 30, 2024March 31, 2024December 31, 2023September 30, 2023June 30, 2023
Net Income
$8,205 $6,562 $9,030 $9,788 $7,318 
Add: Income Tax Expense2,728 2,062 2,186 2,998 2,255 
Add: Provision for Credit Losses3,417 2,727 2,808 2,280 2,862 
Add: Provision for (Release of) Credit Losses on Unfunded Commitments104 142 (106)24 — 
Pre-tax, Pre-Provision Net Revenue ("PPNR")$14,454 $11,493 $13,918 $15,090 $12,435 
Pre-tax, Pre-Provision Net Revenue ("PPNR")Six Months Ended
(in thousands)June 30, 2024June 30, 2023
Net Income
$14,767 $17,053 
Add: Income Tax Expense4,790 5,170 
Add: Provision for Credit Losses6,144 4,522 
Add: Provision for (Release of) Credit Losses on Unfunded Commitments246 (19)
Pre-tax, Pre-Provision Net Revenue ("PPNR")$25,947 $26,726 
PPNR, as AdjustedQuarter Ended
(in thousands)June 30, 2024March 31, 2024December 31, 2023September 30, 2023June 30, 2023
Net Income
$8,205 $6,562 $9,030 $9,788 $7,318 
Add: Income Tax Expense2,728 2,062 2,186 2,998 2,255 
Add: Provision for Credit Losses3,417 2,727 2,808 2,280 2,862 
Add: Provision for (Release of) Credit Losses on Unfunded Commitments104 142 (106)24 — 
Add: Merger-Related Expenses83 712 — — — 
PPNR, as Adjusted$14,537 $12,205 $13,918 $15,090 $12,435 
PPNR, as AdjustedSix Months Ended
(in thousands)June 30, 2024June 30, 2023
Net Income
$14,767 $17,053 
Add: Income Tax Expense4,790 5,170 
Add: Provision for Credit Losses6,144 4,522 
Add: Provision for (Release of) Credit Losses on Unfunded Commitments246 (19)
Add: Merger-Related Expenses795 — 
PPNR, as Adjusted$26,742 $26,726 
28

Appendix

Reconciliation of Non-GAAP Measures




Allowance for Credit Losses to Total Portfolio LoansQuarter Ended
(in thousands)June 30, 2024March 31, 2024December 31, 2023September 30, 2023June 30, 2023
Allowance for Credit Losses$30,832 $29,350 $28,610 $28,279 $27,495 
Total Portfolio Loans2,021,588 1,964,525 1,903,288 1,862,679 1,838,131 
Allowance for Credit Losses to Total Portfolio Loans1.53%1.49%1.50%1.52%1.50%

Nonperforming Assets to Total AssetsQuarter Ended
(in thousands)June 30, 2024March 31, 2024December 31, 2023September 30, 2023June 30, 2023
Total Nonperforming Assets$14,053 $14,361 $16,042 $15,236 $15,709 
Total Assets2,438,583 2,324,238 2,226,176 2,272,484 2,227,866 
Nonperforming Assets to Total Assets0.58%0.62%0.72%0.67%0.71%

Nonperforming Loans to Total Portfolio LoansQuarter Ended
(in thousands)June 30, 2024March 31, 2024December 31, 2023September 30, 2023June 30, 2023
Total Nonperforming Loans$14,053 $14,361 $16,042 $15,236 $15,709 
Total Portfolio Loans2,021,588 1,964,525 1,903,288 1,862,679 1,838,131 
Nonperforming Loans to Total Portfolio Loans0.70%0.73%0.84%0.82%0.85%

Net Charge-Offs to Average Portfolio LoansQuarter Ended
(in thousands)June 30, 2024March 31, 2024December 31, 2023September 30, 2023June 30, 2023
Total Net Charge-Offs$1,935 $1,987 $2,477 $1,780 $1,583 
Total Average Portfolio Loans1,992,630 1,927,372 1,863,298 1,847,772 1,802,608 
Net Charge-Offs to Average Portfolio Loans, Annualized0.39%0.41%0.53%0.38%0.35%

Net Charge-offs to Average Portfolio LoansSix Months Ended
(in thousands)June 30, 2024June 30, 2023
Total Net Charge-Offs$3,922 $4,216 
Total Average Portfolio Loans1,960,001 1,777,762 
Net Charge-Offs to Average Portfolio Loans0.40%0.48%

Tangible Book Value per ShareQuarter Ended
(in thousands, except per share amounts)June 30, 2024March 31, 2024December 31, 2023September 30, 2023June 30, 2023
Total Stockholders' Equity$267,854 $259,465 $254,860 $242,878 $237,435 
Less: Preferred Equity
— — — — — 
Less: Intangible Assets
— — — — — 
Tangible Common Equity$267,854 $259,465 $254,860 $242,878 $237,435 
Period End Shares Outstanding13,910,467 13,889,563 13,922,532 13,893,083 13,981,414 
Tangible Book Value per Share$19.26 $18.68 $18.31 $17.48 $16.98 

29

ABOUT CAPITAL BANCORP, INC.
Capital Bancorp, Inc., Rockville, Maryland is a registered bank holding company incorporated under the laws of Maryland. Capital Bancorp has been providing financial services since 1999 and now operates bank branches in four locations in the greater Washington, D.C. and Baltimore, Maryland markets. Capital Bancorp had assets of approximately $2.4 billion at June 30, 2024 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 management’s 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.

While there is no assurance that any list of risks and uncertainties or risk factors is complete, below are certain factors which could cause actual results to differ materially from those contained or implied in the forward-looking statements: changes in general economic, political, or industry conditions; geopolitical concerns, including the ongoing wars in Ukraine and in the Middle East; uncertainty in U.S. fiscal and monetary policy, including the interest rate policies of the Board of Governors of the Federal Reserve System; inflation/deflation, interest rate, market, and monetary fluctuations; volatility and disruptions in global capital and credit markets; competitive pressures on product pricing and services; success, impact, and timing of our business strategies, including market acceptance of any new products or services; the impact of changes in financial services policies, laws, and regulations, including those concerning taxes, banking, securities, and insurance, and the application thereof by regulatory bodies; cybersecurity threats and the cost of defending against them, including the costs of compliance with potential legislation to combat cybersecurity at a state, national, or global level; climate change, including any enhanced regulatory, compliance, credit and reputational risks and costs; the ability to complete, or any delays in completing, the pending merger between the Company and IFHI; any failure to realize the anticipated benefits of the pending merger transaction when expected or at all; certain restrictions during the pendency of the transaction that may impact the Company's ability to pursue certain business opportunities or strategic transactions; the possibility that the pending merger transaction may be more expensive to complete than anticipated, including as a result of conditions imposed by regulators, unexpected conditions, factors or events, diversion of management's attention from ongoing business operations and opportunities; and other factors that may affect our future results.

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: Dominic Canuso (301) 468-8848 x1403
MEDIA CONTACT: Ed Barry (240) 283-1912
WEB SITE: www.CapitalBankMD.com

30
v3.24.2
Cover Page
Jul. 22, 2024
Cover [Abstract]  
Document Type 8-K
Document Period End Date Jul. 22, 2024
Entity Registrant Name CAPITAL BANCORP, INC
Entity Incorporation, State or Country Code MD
Entity File Number 001-38671
Entity Tax Identification Number 52-2083046
Entity Address, Address Line One 2275 Research Boulevard
Entity Address, Address Line Two Suite 600
Entity Address, City or Town Rockville
Entity Address, State or Province MD
Entity Address, Postal Zip Code 20850
City Area Code 301
Local Phone Number 468-8848
Written Communications false
Soliciting Material false
Pre-commencement Tender Offer false
Pre-commencement Issuer Tender Offer false
Entity Emerging Growth Company false
Title of 12(b) Security Common Stock, par value $0.01 per share
Trading Symbol CBNK
Security Exchange Name NASDAQ
Amendment Flag false
Entity Central Index Key 0001419536
Capital Bancorp (NASDAQ:CBNK)
Historical Stock Chart
From Oct 2024 to Nov 2024 Click Here for more Capital Bancorp Charts.
Capital Bancorp (NASDAQ:CBNK)
Historical Stock Chart
From Nov 2023 to Nov 2024 Click Here for more Capital Bancorp Charts.