Press Release

CBNK Continues Strong Quarterly Earnings Trend

October 20, 2022 at 5:00 PM EDT
Diluted EPS of $0.77, ROAA of 2.15%, and ROAE of 20.32% for 3Q 2022

ROCKVILLE, Md., Oct. 20, 2022 (GLOBE NEWSWIRE) -- Capital Bancorp, Inc. (the "Company") (NASDAQ: CBNK), the holding company for Capital Bank, N.A. (the "Bank"), today reported net income of $11.1 million, or $0.77 per diluted share, for the third quarter of 2022 in-line with the net income of $11.2 million, or $0.79 per diluted share, for the third quarter of 2021. Net portfolio loans increased $40.3 million, or 10.0 percent annualized, during the third quarter.

"Balance sheet realignment and continued expense management helped drive another quarter of strong results including record net interest income of $36.7 million," said Ed Barry, CEO of the Company and the Bank. "We redeployed excess liquidity to grow our securities portfolio and fund prudent loan growth while managing deposit balances and costs. Our diversified business continues to perform, but we are mindful that economic headwinds will affect our customers. Commercial loan quality remains stable, but we are seeing stress on consumer credit and have increased card-related reserves accordingly. We remain committed to managing the business to maximize shareholder value over the long-term."

Steven Schwartz, Chairman of the Board of the Company said, "The tailwinds of PPP loan fees, excess liquidity and extraordinary low-cost deposits that were present last year are all gone this year. Banks like ours are now facing the headwinds of rising costs of deposits, potential credit deterioration due to the probable recession and continued strong competition for the current moderate loan demand. Considering these factors, I am very pleased with the Company's performance for the quarter and year-to-date. We will continue to strive to provide value and first-class service to our customers, a workplace that facilitates the success and job satisfaction of our employees, and superior overall rates of return to our shareholders."

Third Quarter 2022 Highlights

Capital Bancorp, Inc.

  • Strong Earnings - Continued strong performance by the Commercial Bank and OpenSky® contributed to the third quarter's results. Quarterly net income remained consistent at $11.1 million compared to $11.2 million in the third quarter of 2021. While the Company reported record net interest income of $36.7 million, it also experienced a $5.5 million decrease in noninterest income, with $3.4 million of the decrease attributable to lower mortgage revenue and $2.0 million to lower credit card revenue. Offsetting this net decrease in non-interest income was a reduction in noninterest expense of $533 thousand. For the three months ended September 30, 2022 we earned $0.77 per diluted share compared to $0.79 for the three months ended September 30, 2021.
  • Continued Outstanding Performance Ratios - Return on average assets ("ROAA") and return on average equity ("ROAE") were 2.15% and 20.32%, respectively, for the three months ended September 30, 2022, compared to 2.13% and 23.87%, respectively, for the three months ended September 30, 2021.
  • Expanded Net Interest Margin - Net interest margin was 7.24%, or 4.16% excluding PPP and credit card loans, for the three months ended September 30, 2022, compared to 6.28%, or 3.52% excluding PPP and credit card loans, for the same three month period last year. The margin expansion was primarily driven by increases in the yield on portfolio loans, including credit card loans to customers whose accounts have been open for more than a year as origination costs on these accounts are amortized in the first year and thereafter no longer offset annual renewal fees. Rate increases in our adjustable rate portfolios also contributed to the margin expansion.
  • Robust Capital Positions - As of September 30, 2022, the Company reported a common equity tier 1 capital ratio of 15.36% and an allowance for loan losses to total loans ratio of 1.58%. Tangible book value per common share grew 11.2 percent to $15.24 at September 30, 2022 when compared to the same quarter in 2021.

Commercial Bank

  • Strong Portfolio Loan Growth - Portfolio loans, excluding credit cards, increased by $204.5 million, or 15.5 percent, to $1.5 billion at September 30, 2022 compared to September 30, 2021. This growth was mainly due to a 24.6 percent increase in commercial real estate loans of $123.5 million, of which $63.0 million was owner occupied. Also contributing to the growth was a 34.2 percent increase in commercial and industrial loans of $49.0 million and an 11.6 percent increase in residential real estate loans of $48.6 million when comparing the quarter ended September 30, 2022 to the quarter ended September 30, 2021.
  • Improving Credit Metrics - Non-performing assets ("NPAs") decreased to 0.43% of total assets at September 30, 2022 compared to 0.77% at September 30, 2021 with the disposition of $3.2 million in other real estate owned and a reduction in nonaccrual loans of $5.0 million as management continues to focus on resolving non-performing assets. The provision for loan losses increased $285 thousand compared to the third quarter of 2021. The current provision for the three months ended September 30, 2022 was $1.3 million and was related to the growth in unsecured credit card balances and to increases in charge-offs associated with attrition in the number of active secured card accounts.

OpenSky®

  • Stable Revenues - OpenSky® revenue declined by 2.4 percent to $22.6 million for the quarter ended September 30, 2022 from the same period in 2021 due to the decrease in active customer accounts which led to decreases in interchange, renewal and other fees. Normal customer attrition and aggressive marketing and product strategies by fintech and credit card companies offering unsecured subprime credit cards has resulted in the continued decline in the total number of OpenSky® accounts.
  • Stable OpenSky® Loan Balances - OpenSky® loan balances, net of reserves, increased by $1.7 million to $136.7 million compared to $135.0 million in the third quarter of 2021. Corresponding deposit balances decreased 17.0 percent or $41.1 million from $242.4 million at September 30, 2021 to $201.3 million at September 30, 2022.

2022 Highlights

Capital Bancorp

  • Diversified Businesses Drive Net Income - Net income for the nine months ended September 30, 2022 increased 10.1 percent to $32.8 million, or $2.29 per diluted share, from $29.8 million, or $2.11 per diluted share for the nine months ended September 30, 2021. Continued strong operating results demonstrate the advantages of the Company's diversified business lines that are, in certain respects, non-correlated across economic cycles.
  • Top Tier Performance Ratios - Strong earnings supported ROAA and ROAE of 2.13% and 20.93%, respectively, for the nine months ended September 30, 2022 compared to 1.97% and 22.88%, respectively, for the nine months ended September 30, 2021.
  • Expanded Net Interest Margin - For the nine months ended September 30, 2022, net interest margin increased by 136 basis points to 7.01% compared to 5.65% for the nine months ended September 30, 2021. The margin improvement was primarily driven by increases in the yield on portfolio loans including credit card loans to customers whose accounts have been open for more than a year as origination costs on these accounts are amortized in the first year and thereafter no longer offset annual renewal fees. Rate increases in our adjustable rate portfolios also contributed to the margin expansion.
  • Stable Efficiency Ratio - The efficiency ratio decreased to 63.75% for the nine months ended September 30, 2022 compared to 65.78% for the same nine month period in the prior year.
  • Repositioned Balance Sheet - Total assets decreased $45.9 million, or 2.2 percent during the nine months ended September 30, 2022 due mainly to a $59.5 million decrease in our deposit base. The roll off of higher priced time deposits contributed to $25.3 million of the decrease while a decrease in interest bearing demand deposits not absorbed through realignment into noninterest bearing and money market account balances contributed to the rest of the decline. The year to date cash received for the payoff of SBA-PPP loans totaling $105.6 million was utilized to grow the portfolio loans receivable base by $124.0 million during the nine months ended September 30, 2022. By comparison, for the nine months ended September 30, 2021, deposit growth of $269.1 million funded a growth in portfolio loans of $135.4 million as well as $89.4 million in investment portfolio growth.

Commercial Bank

  • Strong Portfolio Loan Growth - During the first nine months of 2022, portfolio loans, excluding credit card loans, increased by $131.1 million, or 12.6 percent on an annualized basis, to $1.5 billion at September 30, 2022 compared to the first nine months of 2021 when portfolio loans, excluding credit card loans, increased by $102.6 million to $1.3 billion at September 30, 2021. The 2022 growth was primarily due to a $69.7 million increase in commercial real estate loans, of which $51.5 million was owner occupied, a $65.2 million increase in residential real estate, and a $16.3 million increase in commercial and industrial. These increases were offset by a $20.1 million decline in construction real estate.
  • Improved Deposit Franchise - While total deposits at September 30, 2022 decreased during the first nine months, the composition of the deposit portfolio has continued to move away from higher costing time deposits. Noninterest bearing deposits continue to increase as a percent of total deposits and represented 46.4 percent of total deposits at September 30, 2022. The cost of interest bearing liabilities declined to 0.51% from 0.66% for the same period in the prior year, due mainly to the mix of deposits in the portfolio.

OpenSky®

  • Interest Rate Increases Offset Gross Balance Declines - Gross credit card balances decreased by $4.5 million, or 3.2 percent, for the first nine months of 2022 compared to an increase of $32.8 million for the first nine months of 2021 when government stimulus funds contributed to balance growth in the credit card portfolio. For the first nine months of 2022, the increase in average credit card balances as well as an increase in interest rates accounted for the $13.9 million growth in interest income when compared to the same period in 2021. The decrease in overall credit card accounts led to the reduction in credit card fees, which declined by 16.7 percent to $17.7 million compared to $21.2 million for the same nine month period last year.
COMPARATIVE FINANCIAL HIGHLIGHTS - Unaudited            
                   
  Quarter Ended       Nine Months Ended    
  September 30,       September 30,    
(dollars in thousands except per share data)   2022       2021     % Change     2022       2021     % Change
Earnings Summary                      
Interest income $ 38,340     $ 33,528     14.4 %   $ 109,298     $ 89,455     22.2 %
Interest expense   1,663       1,469     13.2 %     3,890       5,433     (28.4 )%
Net interest income   36,677       32,059     14.4 %     105,408       84,022     25.5 %
Provision for loan losses   1,260       975     29.2 %     4,247       2,259     88.0 %
Noninterest income   7,108       12,597     (43.6 )%     23,811       39,992     (40.5 )%
Noninterest expense   28,094       28,627     (1.9 )%     82,379       81,572     1.0 %
Income before income taxes   14,431       15,054     (4.1 )%     42,593       40,183     6.0 %
Income tax expense   3,336       3,877     (14.0 )%     9,779       10,376     (5.8 )%
Net income $ 11,095     $ 11,177     (0.7 )%   $ 32,814     $ 29,807     10.1 %
                       
Pre-tax pre-provision net revenue ("PPNR") (2) $ 15,691     $ 16,029     (2.1 )%   $ 46,840     $ 42,442     10.4 %
Weighted average common shares - Basic   14,030       13,793     1.7 %     14,009       13,772     1.7 %
Weighted average common shares - Diluted   14,375       14,228     1.0 %     14,329       14,111     1.5 %
Earnings per share - Basic $ 0.79     $ 0.81     (2.5 )%   $ 2.34     $ 2.16     8.3 %
Earnings per share - Diluted $ 0.77     $ 0.79     (2.5 )%   $ 2.29     $ 2.11     8.5 %
Return on average assets (1)   2.15 %     2.13 %   0.9 %     2.13 %     1.97 %   8.1 %
Return on average assets, excluding impact of SBA-PPP loans(1) (2)   2.10 %     1.99 %   5.5 %     1.94 %     1.74 %   11.5 %
Return on average equity   20.32 %     23.87 %   (14.9 )%     20.93 %     22.88 %   (8.5 )%


  Quarter Ended   2Q22 vs. 2Q21   Quarter Ended
  September 30,     June 30,   March 31,   December 31,
(in thousands except per share data)   2022     2021   % Change     2022     2022     2021
Balance Sheet Highlights                      
Assets $ 2,009,358   $ 2,169,556   (7.4 )%   $ 2,154,846   $ 2,122,453   $ 2,055,300
Investment securities available for sale   269,620     189,165   42.5 %     226,509     172,712     184,455
Mortgage loans held for sale   6,875     36,005   (80.9 )%     11,708     17,036     15,989
SBA-PPP loans, net of fees   2,662     137,178   (98.1 )%     15,864     51,085     108,285
Portfolio loans receivable (3)   1,648,001     1,445,126   14.0 %     1,607,677     1,526,256     1,523,982
Allowance for loan losses   26,091     24,753   5.4 %     26,419     25,252     25,181
Deposits   1,737,591     1,921,238   (9.6 )%     1,888,920     1,862,722     1,797,137
FHLB borrowings   22,000     22,000   %     22,000     22,000     22,000
Other borrowed funds   12,062     12,062   %     12,062     12,062     12,062
Total stockholders' equity   214,005     189,080   13.2 %     207,316     201,492     197,903
Tangible common equity(2)   214,005     189,080   13.2 %     207,316     201,492     197,903
                       
Common shares outstanding   14,039     13,802   1.7 %     14,010     14,001     13,962
Tangible book value per share (2) $ 15.24   $ 13.70   11.2 %   $ 14.80   $ 14.39   $ 14.17

______________

(1) Annualized for the quarterly periods
(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 September 30, 2022 and 2021

For the three months ended September 30, 2022, net interest income increased $4.6 million, or 14.4 percent, to $36.7 million from the same period in 2021, primarily due to an increase in interest earned on portfolio loans. The net interest margin increased 96 basis points to 7.24% for the three months ended September 30, 2022 from 6.28% for the same period in 2021 due in large part to the growth in portfolio loan balances and an increase in the loan yields on those loans. Net interest margin, excluding credit card and SBA-PPP loans, was 4.16% for the third quarter of 2022 compared to 3.52% for the same period in 2021. For the three months ended September 30, 2022, average interest earning assets decreased $15.2 million, or 0.8 percent, to $2.0 billion as compared to the same period in 2021, and the average yield on interest earning assets increased 100 basis points. Compared to the same period in the prior year, average interest bearing liabilities decreased $85.5 million, or 7.8 percent, while the average cost of interest-bearing liabilities increased 13 basis points to 0.66% from 0.53%.

The provision for loan losses of $1.3 million for the three months ended September 30, 2022 was related to the credit card portfolio and the cycling of credit card accounts. Net charge-offs for the third quarter of 2022 were $1.6 million, or 0.39% on an annualized basis of average portfolio loans, compared to $301 thousand, or 0.08% on an annualized basis of average loans for the third quarter of 2021. All of the $1.6 million in net charge-offs during the quarter were related to the credit card portfolio with $1.5 million related to secured cards and $95 thousand related to unsecured cards.

For the quarter ended September 30, 2022, noninterest income was $7.1 million, a decrease of $5.5 million, or 43.6 percent, from $12.6 million in the prior year quarter. The decrease was primarily the result of a reduction in mortgage banking revenue of $3.5 million due to the decline in home loan sales and home loan refinances brought on by the rising interest rate environment as well as a decline in credit card fees of $2.0 million associated with the decline in active customer accounts and interchange income.

Credit card loan balances, net of reserves increased by $1.7 million to $136.7 million as of September 30, 2022 from $135.0 million at September 30, 2021. The related deposit account balances decreased 17.0 percent to $201.3 million at September 30, 2022 when compared to $242.4 million at September 30, 2021 reflecting the reduction in active customer accounts as well as the migration of customers from the secured card program to the unsecured card program. For the three months ended September 30, 2022, OpenSky® credit card accounts decreased by 40 thousand net compared to a 7 thousand net decrease in accounts for the same period in 2021. Elevated new account originations related to COVID-19 stimulus payments were realized in 2021 did not recur in 2022.

The efficiency ratio for the three months ended September 30, 2022 increased slightly to 64.16% compared to 64.10% for the three months ended September 30, 2021.

Noninterest expense was $28.1 million for the three months ended September 30, 2022, as compared to $28.6 million for the three months ended September 30, 2021, a decrease of $533 thousand, or 1.9 percent. The decrease was primarily driven by decreases in data processing expenses of $3.0 million due to successful contract negotiations in the first quarter of 2022 for OpenSky® and were offset by increases in salaries and employee benefits of $785 thousand, or 7.9 percent; advertising expenses of $605 thousand, or 58.9 percent; and professional fees of $1.3 million, or 50.6 percent.

Operating Results - Comparison of Nine Months Ended September 30, 2022 and 2021

For the nine months ended September 30, 2022, net interest income increased $21.4 million, or 25.5 percent, to $105.4 million from the same period in 2021, primarily due to the $208.4 million increase in average balances in portfolio loans combined with the 79 basis point increase in yield for portfolio loans. The net interest margin increased 136 basis points to 7.01% for the nine months ended September 30, 2022 from the same period in 2021. Net interest margin, excluding credit card and SBA-PPP loans, was 3.94% for the nine months ended September 30, 2022 compared to 3.57% for the same period in 2021. For the nine months ended September 30, 2022, average interest earning assets increased $22.1 million, or 1.1 percent, to $2.0 billion as compared to the same period in 2021, and the average yield on interest earning assets increased 125 basis points. Compared to the same period in the prior year, average interest-bearing liabilities decreased $65.5 million, or 6.0 percent, while the average cost of interest bearing liabilities decreased 15 basis points to 0.51% from 0.66%.

For the nine months ended September 30, 2022, the provision for loan losses was $4.2 million, an increase of $2.0 million from the prior year and was related primarily to the credit card portfolio. Net charge-offs for the nine months ended September 30, 2022 were $3.3 million, or 0.29% annualized of average portfolio loans, compared to $941 thousand, or 0.09% annualized of average portfolio loans, for the same period in 2021. The $3.3 million in net charge-offs during the nine months ended September 30, 2022 was comprised of credit card portfolio net charge-offs with $3.2 million related to secured cards while $116 thousand was related to unsecured cards . Noted deterioration in macro economic conditions caused management to tighten credit policies surrounding the credit card portfolio, and we are beginning to see delinquencies flatten.

For the nine months ended September 30, 2022, noninterest income was $23.8 million, a decrease of $16.2 million, or 40.5 percent, from the same period in 2021. The decrease was primarily driven by the reduction in mortgage banking revenues of $13.2 million due to the decline in home loan sales and home loan refinances brought on by the rising interest rate environment. The rising interest rate environment is expected to continue depressing the contribution made by Capital Bank Home Loans into 2023.

For the nine months ended September 30, 2022, the Bank had a net decrease of 84 thousand OpenSky® net active credit card accounts, decreasing the total number of open accounts to 577 thousand. This compares to 132 thousand net new originations for the same period last year, which increased total open accounts to 700 thousand at September 30, 2021.

The efficiency ratio for the nine months ended September 30, 2022 decreased to 63.75% compared to 65.78% for the nine months ended September 30, 2021 due to increases in interest income.

Noninterest expense was $82.4 million for the nine months ended September 30, 2022, as compared to $81.6 million for the nine months ended September 30, 2021, an increase of $808 thousand, or 1.0 percent. The increase was primarily driven by a $3.8 million, or 14.1 percent, increase in salaries and benefits, an increase in professional fees of 54.9 percent, or $3.0 million, and a $2.3 million, or 74.3 percent, increase in advertising expense. The increase was partially offset by a $6.9 million, or 23.2 percent, decrease in data processing and a $1.3 million, or 49.4 percent, decrease in loan processing. The decrease of $6.9 million in data processing expenses was primarily due to a contract renegotiation entered into in the first quarter of 2022 in the OpenSky® Division.

Financial Condition

Total assets at September 30, 2022 were $2.0 billion, down slightly from the balance at December 31, 2021. Net portfolio loans, which exclude mortgage loans held for sale and SBA-PPP loans, totaled $1.6 billion as of September 30, 2022, an increase of 8.1 percent as compared to $1.5 billion at December 31, 2021.

While total deposits were $1.7 billion for the period ended September 30, 2022, a slight decline from the balance at December 31, 2021, the composition of the deposit portfolio shifted, with a decrease in higher costing time deposits of $25.3 million, or 14.2 percent, when comparing September 30, 2022 to December 31, 2021, to lower costing money market accounts and noninterest bearing accounts.

The Company recorded a provision for loan losses of $4.2 million during the nine months ended September 30, 2022, which increased the allowance for loan losses to $26.1 million, or 1.58% of total loans at September 30, 2022. Nonperforming assets were $8.6 million, or 0.43% of total assets, as of September 30, 2022, down from $11.5 million, or 0.56% of total assets, at December 31, 2021, and was comprised solely of nonperforming loans. Included in nonperforming loans at September 30, 2022 were troubled debt restructurings of $361 thousand.

Stockholders’ equity increased to $214.0 million as of September 30, 2022, compared to $197.9 million at December 31, 2021. This increase was primarily attributable to earnings during the period of $32.8 million which were offset by unrealized losses recorded net of tax on available for sale securities in the rising interest rate environment creating a $16.5 million reduction in accumulated other comprehensive income during the period. As of September 30, 2022, the Bank's capital ratios continued to exceed the regulatory requirements for a “well-capitalized” institution.

Consolidated Statements of Income (Unaudited)    
  Three Months Ended September 30,   Nine Months Ended September 30,
    2022     2021     2022     2021
Interest income              
Loans, including fees $ 36,451   $ 32,840   $ 105,645   $ 87,549
Investment securities available for sale   1,362     549     2,510     1,571
Federal funds sold and other   527     139     1,143     335
Total interest income   38,340     33,528     109,298     89,455
               
Interest expense              
Deposits   1,386     1,285     3,234     4,874
Borrowed funds   277     184     656     559
Total interest expense   1,663     1,469     3,890     5,433
               
Net interest income   36,677     32,059     105,408     84,022
Provision for loan losses   1,260     975     4,247     2,259
Net interest income after provision for loan losses   35,417     31,084     101,161     81,763
               
Noninterest income              
Service charges on deposits   199     160     545     473
Credit card fees   5,524     7,554     17,658     21,208
Mortgage banking revenue   969     4,465     4,312     17,478
Gain on sale of investment securities available for sale, net               153
Other fees and charges   416     418     1,296     680
Total noninterest income   7,108     12,597     23,811     39,992
               
Noninterest expenses              
Salaries and employee benefits   10,747     9,962     31,129     27,279
Occupancy and equipment   1,138     998     3,476     3,322
Professional fees   3,848     2,555     8,586     5,542
Data processing   7,178     10,161     22,721     29,594
Advertising   1,632     1,027     5,494     3,153
Loan processing   625     644     1,352     2,670
Other operating   2,926     3,280     9,621     10,012
Total noninterest expenses   28,094     28,627     82,379     81,572
Income before income taxes   14,431     15,054     42,593     40,183
Income tax expense   3,336     3,877     9,779     10,376
Net income $ 11,095   $ 11,177   $ 32,814   $ 29,807


Consolidated Balance Sheets      
(in thousands except share data) (unaudited)
September 30,
2022
  December 31, 2021
Assets      
Cash and due from banks $ 14,774     $ 42,914  
Interest bearing deposits at other financial institutions   20,867       136,824  
Federal funds sold   1,421       3,657  
Total cash and cash equivalents   37,062       183,395  
Investment securities available for sale   269,620       184,455  
Marketable equity securities   232       245  
Restricted investments   3,627       3,498  
Loans held for sale   6,875       15,989  
SBA-PPP loans receivable, net of fees   2,662       108,285  
Portfolio loans receivable, net of deferred fees and costs   1,648,001       1,523,982  
Less allowance for loan losses   (26,091 )     (25,181 )
Total portfolio loans held for investment, net   1,621,910       1,498,801  
Premises and equipment, net   3,212       3,282  
Accrued interest receivable   7,890       7,901  
Deferred income taxes, net   14,047       9,793  
Other real estate owned         86  
Bank owned life insurance   36,267       35,506  
Other assets   5,954       4,064  
Total assets $ 2,009,358     $ 2,055,300  
       
Liabilities      
Deposits      
Noninterest bearing $ 806,033     $ 787,650  
Interest bearing   931,558       1,009,487  
Total deposits   1,737,591       1,797,137  
Federal Home Loan Bank advances   22,000       22,000  
Other borrowed funds   12,062       12,062  
Accrued interest payable   481       473  
Other liabilities   23,219       25,725  
Total liabilities   1,795,353       1,857,397  
       
Stockholders' equity      
Common stock, $.01 par value; 49,000,000 shares authorized; 14,038,599 and 13,962,334 issued and outstanding   140       140  
Additional paid-in capital   56,532       54,306  
Retained earnings   174,916       144,533  
Accumulated other comprehensive loss   (17,583 )     (1,076 )
Total stockholders' equity   214,005       197,903  
Total liabilities and stockholders' equity $ 2,009,358     $ 2,055,300  


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 September 30,
    2022       2021  
  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 $ 101,187   $ 471   1.85 %   $ 250,326   $ 98   0.15 %
Federal funds sold   1,492     7   1.87       2,421        
Investment securities available for sale   287,944     1,362   1.88       170,151     549   1.28  
Restricted stock and equity securities   4,116     49   4.72       3,480     41   4.64  
Loans held for sale   7,879     102   5.15       32,660     248   3.02  
SBA-PPP loans receivable   5,906     263   17.66       162,217     1,525   3.73  
Portfolio loans receivable(2)   1,601,546     36,086   8.94       1,404,006     31,067   8.78  
Total interest earning assets   2,010,070     38,340   7.57       2,025,261     33,528   6.57  
Noninterest earning assets   39,008             59,511        
Total assets $ 2,049,078           $ 2,084,772        
                       
Liabilities and Stockholders’ Equity                      
Interest bearing liabilities:                      
Interest bearing demand accounts $ 244,929     39   0.06     $ 301,272     45   0.06  
Savings   9,216     1   0.04       7,025     1   0.05  
Money market accounts   555,634     815   0.58       495,534     335   0.27  
Time deposits   155,091     531   1.36       250,836     904   1.43  
Borrowed funds   40,700     277   2.70       36,384     184   2.01  
Total interest bearing liabilities   1,005,570     1,663   0.66       1,091,051     1,469   0.53  
Noninterest bearing liabilities:                      
Noninterest bearing liabilities   24,440             21,138        
Noninterest bearing deposits   802,458             786,784        
Stockholders’ equity   216,610             185,799        
Total liabilities and stockholders’ equity $ 2,049,078           $ 2,084,772        
                       
Net interest spread         6.91 %           6.04 %
Net interest income     $ 36,677           $ 32,059    
Net interest margin(3)         7.24 %           6.28 %

_______________

(1)   Annualized.
(2)   Includes nonaccrual loans.
(3)   For the three months ended September 30, 2022 and September 30, 2021, collectively, SBA-PPP loans and credit card loans accounted for 308 and 276 basis points of the reported net interest margin, respectively.


  Nine Months Ended September 30,
    2022       2021  
  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 $ 172,033   $ 1,001   0.78 %   $ 238,648   $ 211   0.12 %
Federal funds sold   2,590     9   0.48       3,121        
Investment securities available for sale   234,294     2,510   1.43       138,403     1,571   1.52  
Restricted stock and equity securities   3,913     133   4.54       3,620     124   4.59  
Loans held for sale   10,921     347   4.25       49,775     1,043   2.80  
SBA-PPP loans receivable   39,063     3,449   11.80       215,524     6,266   3.89  
Portfolio loans receivable(1)   1,547,386     101,849   8.80       1,339,010     80,240   8.01  
Total interest earning assets   2,010,200     109,298   7.27       1,988,101     89,455   6.02  
Noninterest earning assets   47,936             37,485        
Total assets $ 2,058,136           $ 2,025,586        
                       
Liabilities and Stockholders’ Equity                      
Interest bearing liabilities:                      
Interest bearing demand accounts $ 265,854     114   0.06     $ 280,305     163   0.08  
Savings   9,138     4   0.06       6,435     2   0.05  
Money market accounts   553,794     1,512   0.37       475,875     1,217   0.34  
Time deposits   161,982     1,604   1.32       295,705     3,492   1.58  
Borrowed funds   36,299     656   2.41       34,265     559   2.18  
Total interest bearing liabilities   1,027,067     3,890   0.51       1,092,585     5,433   0.66  
Noninterest bearing liabilities:                      
Noninterest bearing liabilities   23,748             23,327        
Noninterest bearing deposits   797,660             735,509        
Stockholders’ equity   209,661             174,165        
Total liabilities and stockholders’ equity $ 2,058,136           $ 2,025,586        
                       
Net interest spread         6.76 %           5.36 %
Net interest income     $ 105,408           $ 84,022    
Net interest margin(2)         7.01 %           5.65 %

_______________

(1)   Includes nonaccrual loans.
(2)   For the nine months ended September 30, 2022 and September 30, 2021, collectively, SBA-PPP loans and credit card loans accounted for 307 and 208 basis points of the reported net interest margin, respectively.


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. The following schedule presents financial information for each reportable segment for the three and nine months ended September 30, 2022 and September 30, 2021.

Segments                        
                         
For the three months ended September 30, 2022                    
(in thousands)   Commercial Bank   CBHL   OpenSky®   Corporate(2)   Eliminations   Consolidated
Interest income   $ 20,382     $ 102     $ 17,103   $ 812   $ (59 )   $ 38,340
Interest expense     1,449       40           233     (59 )     1,663
Net interest income     18,933       62       17,103     579           36,677
Provision for loan losses     (980 )           2,240               1,260
Net interest income after provision     19,913       62       14,863     579           35,417
Noninterest income     468       1,115       5,524     1           7,108
Noninterest expense(1)     13,798       2,017       12,101     178           28,094
Net income (loss) before taxes   $ 6,583     $ (840 )   $ 8,286   $ 402   $     $ 14,431
                         
Total assets   $ 1,823,049     $ 7,664     $ 128,842   $ 234,731   $ (184,928 )   $ 2,009,358
                         
For the three months ended September 30, 2021                    
Interest income   $ 17,109     $ 248     $ 15,635   $ 574   $ (38 )   $ 33,528
Interest expense     1,160       177           170     (38 )     1,469
Net interest income     15,949       71       15,635     404           32,059
Provision for loan losses                 975               975
Net interest income after provision     15,949       71       14,660     404           31,084
Noninterest income     559       4,484       7,553     1           12,597
Noninterest expense(1)     12,073       2,775       13,677     102           28,627
Net income before taxes   $ 4,435     $ 1,780     $ 8,536   $ 303   $     $ 15,054
                         
Total assets   $ 1,956,340     $ 36,791     $ 135,612   $ 209,070   $ (168,257 )   $ 2,169,556

________________________
(1)   Noninterest expense includes $6.6 million and $9.4 million in data processing expense in OpenSky’s® segment for the three months ended September 30, 2022 and 2021, 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.


For the nine months ended September 30, 2022                
(in thousands)   Commercial Bank   CBHL   OpenSky®   Corporate(2)   Eliminations   Consolidated
Interest income   $ 57,794     $ 347     $ 48,823   $ 2,457   $ (123 )   $ 109,298
Interest expense     3,255       185           573     (123 )     3,890
Net interest income     54,539       162       48,823     1,884           105,408
Provision for loan losses     (980 )           5,227               4,247
Net interest income after provision     55,519       162       43,596     1,884           101,161
Noninterest income     1,571       4,580       17,658     2           23,811
Noninterest expense(1)     38,741       6,364       36,923     351           82,379
Net income (loss) before taxes   $ 18,349     $ (1,622 )   $ 24,331   $ 1,535   $     $ 42,593
                         
Total assets   $ 1,823,049     $ 7,664     $ 128,842   $ 234,731   $ (184,928 )   $ 2,009,358
                         
For the nine months ended September 30, 2021                
Interest income   $ 51,969     $ 1,037     $ 34,944   $ 1,604     (99 )   $ 89,455
Interest expense     4,285       745           502     (99 )     5,433
Net interest income     47,684       292       34,944     1,102           84,022
Provision for loan losses     433             1,756     70           2,259
Net interest income after provision     47,251       292       33,188     1,032           81,763
Noninterest income     1,212       17,529       21,208     43           39,992
Noninterest expense(1)     31,962       9,941       39,379     290           81,572
Net income before taxes   $ 16,501     $ 7,880     $ 15,017   $ 785   $     $ 40,183
                         
Total assets   $ 1,956,340     $ 36,791     $ 135,612   $ 209,070   $ (168,257 )   $ 2,169,556

________________________
(1)   Noninterest expense includes $20.9 million and $27.3 million in data processing expense in OpenSky’s® segment for the nine months ended September 30, 2022 and 2021, 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.


HISTORICAL FINANCIAL HIGHLIGHTS - Unaudited        
    Quarter Ended
(dollars in thousands except per share data)   September 30, 2022   June 30,
2022
  March 31,
2022
  December 31,
2021
  September 30,
2021
Earnings:                    
Net income   $ 11,095     $ 11,508     $ 10,211     $ 10,171     $ 11,177  
Earnings per common share, diluted     0.77       0.80       0.71       0.71       0.79  
Net interest margin     7.24 %     7.06 %     6.79 %     6.49 %     6.28 %
Net interest margin, excluding credit cards & SBA-PPP loans (1)     4.16 %     3.86 %     3.82 %     3.70 %     3.52 %
Return on average assets(2)     2.15 %     2.23 %     2.01 %     1.95 %     2.13 %
Return on average assets, excluding impact of SBA-PPP loans (1)(2)     2.10 %     2.04 %     1.67 %     1.80 %     1.99 %
Return on average equity(2)     20.32 %     22.16 %     20.30 %     20.66 %     23.87 %
Efficiency ratio     64.16 %     62.00 %     65.12 %     65.83 %     64.10 %
Balance Sheet:                    
Total portfolio loans receivable, net deferred fees   $ 1,648,001     $ 1,607,677     $ 1,526,256     $ 1,523,982     $ 1,445,126  
Total deposits     1,737,591       1,888,920       1,862,722       1,797,137       1,921,238  
Total assets     2,009,358       2,154,846       2,122,453       2,055,300       2,169,556  
Total shareholders' equity     214,005       207,316       201,492       197,903       189,080  
Asset Quality Ratios:                    
Nonperforming assets to total assets     0.43 %     0.34 %     0.28 %     0.56 %     0.77 %
Nonperforming assets to total assets, excluding the SBA-PPP loans (1)     0.43 %     0.34 %     0.29 %     0.59 %     0.83 %
Nonperforming loans to total loans     0.52 %     0.45 %     0.38 %     0.70 %     0.85 %
Nonperforming loans to portfolio loans (1)     0.52 %     0.46 %     0.39 %     0.75 %     0.94 %
Net charge-offs to average portfolio loans (1)(2)     0.39 %     0.23 %     0.24 %     0.18 %     0.08 %
Allowance for loan losses to total loans     1.58 %     1.63 %     1.60 %     1.54 %     1.56 %
Allowance for loan losses to portfolio loans (1)     1.58 %     1.64 %     1.65 %     1.65 %     1.71 %
Allowance for loan losses to non-performing loans     303.76 %     360.06 %     422.65 %     220.40 %     182.48 %
Bank Capital Ratios:                    
Total risk based capital ratio     14.65 %     14.34 %     14.36 %     13.79 %     13.86 %
Tier 1 risk based capital ratio     13.39 %     13.09 %     13.10 %     12.53 %     12.60 %
Leverage ratio     9.60 %     9.11 %     8.74 %     8.36 %     7.83 %
Common equity Tier 1 capital ratio     13.39 %     13.09 %     13.10 %     12.53 %     12.60 %
Tangible common equity     9.00 %     8.17 %     8.11 %     8.36 %     7.57 %
Holding Company Capital Ratios:                    
Total risk based capital ratio     17.41 %     17.66 %     17.16 %     16.41 %     15.75 %
Tier 1 risk based capital ratio     15.49 %     15.70 %     15.19 %     14.43 %     14.49 %
Leverage ratio     11.31 %     10.93 %     10.25 %     9.73 %     9.12 %
Common equity Tier 1 capital ratio     15.36 %     15.55 %     15.04 %     14.28 %     14.34 %
Tangible common equity     10.65 %     9.62 %     9.49 %     9.63 %     8.72 %
Composition of Loans:                    
SBA-PPP loans, net   $ 2,662     $ 15,864     $ 51,085     $ 108,285     $ 137,178  
Residential real estate   $ 466,849     $ 430,244     $ 420,242     $ 401,607     $ 418,205  
Commercial real estate     626,030       608,646       564,725       556,339       502,523  
Construction real estate     235,045       241,249       245,722       255,147       251,256  
Commercial and industrial     192,207       193,262       177,504       175,956       143,244  
Credit card, net of reserve     136,658       142,166       123,750       141,120       134,979  
Other consumer loans     1,055       856       909       1,033       1,425  
Portfolio loans receivable   $ 1,657,844     $ 1,616,423     $ 1,532,852     $ 1,531,202     $ 1,451,632  
Deferred origination fees, net     (9,843 )     (8,746 )     (6,596 )     (7,220 )     (6,506 )
Portfolio loans receivable, net   $ 1,648,001     $ 1,607,677     $ 1,526,256     $ 1,523,982     $ 1,445,126  
Composition of Deposits:                    
Noninterest bearing   $ 806,033     $ 842,363     $ 825,174     $ 787,650     $ 833,187  
Interest-bearing demand     252,135       305,377       279,591       330,924       369,812  
Savings     8,861       10,078       9,894       6,994       6,682  
Money markets     518,184       570,298       585,920       493,919       493,029  
Time deposits     152,378       160,804       162,143       177,650       218,528  
Total Deposits   $ 1,737,591     $ 1,888,920     $ 1,862,722     $ 1,797,137     $ 1,921,238  
Capital Bank Home Loan Metrics:                
Origination of loans held for sale   $ 60,516     $ 84,417     $ 111,087     $ 158,051     $ 217,175  
Mortgage loans sold     65,349       89,745       110,039       178,068       229,111  
Gain on sale of loans     1,340       1,918       3,042       4,423       6,108  
Purchase volume as a % of originations     81.85 %     85.23 %     73.16 %     56.44 %     50.98 %
Gain on sale as a % of loans sold(3)     2.05 %     2.14 %     2.77 %     2.48 %     2.67 %
Mortgage commissions   $ 587     $ 772     $ 1,125     $ 1,462     $ 1,884  
OpenSky® Portfolio Metrics:                
Active customer accounts     576,844       616,435       630,709       660,397       700,383  
Secured credit card loans, gross   $ 111,842     $ 118,938     $ 109,978     $ 125,898     $ 125,393  
Unsecured credit card loans, gross     27,335       25,641       16,233       17,682       12,037  
Noninterest secured credit card deposits     201,277       214,110       220,354       229,530       242,405  

_______________

(1)   Refer to Appendix for reconciliation of non-GAAP measures.
(2)   Annualized.
(3)   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 September 30, 2022 June 30, 2022 March 31, 2022 December 31, 2021 September 30, 2021
           
Net Income $ 11,095   $ 11,508   $ 10,211   $ 10,171   $ 11,177  
Less: SBA-PPP loan income   263     1,120     2,066     1,347     1,525  
Net Income, as Adjusted $ 10,832   $ 10,388   $ 8,145   $ 8,824   $ 9,652  
Average Total Assets   2,049,078     2,068,218     2,057,201     2,066,283     2,084,772  
Less: Average SBA-PPP Loans   5,906     28,870     83,264     116,595     162,217  
Average Total Assets, as Adjusted $ 2,043,172   $ 2,039,348   $ 1,973,937   $ 1,949,688   $ 1,922,555  
Return on Average Assets, as Adjusted   2.10 %   2.04 %   1.67 %   1.80 %   1.99 %


Net Interest Margin, as Adjusted Quarters Ended
Dollars in thousands September 30, 2022 June 30, 2022 March 31, 2022 December 31, 2021 September 30, 2021
           
Net Interest Income $ 36,677   $ 35,400   $ 33,331   $ 32,671   $ 32,059  
Less Credit card loan income   16,768     16,376     14,487     15,010     15,086  
Less SBA-PPP loan income   263     1,120     2,066     1,347     1,525  
Net Interest Income, as Adjusted $ 19,646   $ 17,904   $ 16,778   $ 16,314   $ 15,448  
Average Interest Earning Assets   2,010,070     2,011,920     1,990,377     1,996,331     2,026,616  
Less Average credit card loans   132,246     124,548     124,923     131,306     124,771  
Less Average SBA-PPP loans   5,906     28,870     83,264     116,595     162,217  
Total Average Interest Earning Assets, as Adjusted $ 1,871,918   $ 1,858,502   $ 1,782,190   $ 1,748,430   $ 1,739,628  
Net Interest Margin, as Adjusted   4.16 %   3.86 %   3.82 %   3.70 %   3.52 %


Tangible Book Value per Share Quarters Ended
Dollars in thousands, except per share amounts September 30, 2022 June 30, 2022 March 31, 2022 December 31, 2021 September 30, 2021
           
Total Stockholders' Equity $ 214,005 $ 207,316 $ 201,492 $ 197,903 $ 189,080
Less: Preferred equity          
Less: Intangible assets          
Tangible Common Equity $ 214,005 $ 207,316 $ 201,492 $ 197,903 $ 189,080
Period End Shares Outstanding   14,038,599   14,010,158   14,000,520   13,962,334   13,801,936
Tangible Book Value per Share $ 15.24 $ 14.80 $ 14.39 $ 14.17 $ 13.70


Allowance for Loan Losses to Total Portfolio Loans Quarters Ended
Dollars in thousands September 30, 2022 June 30, 2022 March 31, 2022 December 31, 2021 September 30, 2021
           
Allowance for Loan Losses $ 26,091   $ 26,419   $ 25,252   $ 25,181   $ 24,753  
Total Loans   1,650,663     1,623,541     1,577,341     1,632,267     1,582,304  
Less: SBA-PPP loans   2,662     15,864     51,085     108,285     137,178  
Total Portfolio Loans $ 1,648,001   $ 1,607,677   $ 1,526,256   $ 1,523,982   $ 1,445,126  
Allowance for Loan Losses to Total Portfolio Loans   1.58 %   1.64 %   1.65 %   1.65 %   1.71 %
           
           
Nonperforming Assets to Total Assets, net SBA-PPP Loans Quarters Ended
Dollars in thousands September 30, 2022 June 30, 2022 March 31, 2022 December 31, 2021 September 30, 2021
           
Total Nonperforming Assets $ 8,589   $ 7,338   $ 5,975   $ 11,512   $ 16,801  
Total Assets   2,009,358     2,154,846     2,122,453     2,055,300     2,169,556  
Less: SBA-PPP loans   2,662     15,864     51,085     108,285     137,178  
Total Assets, net SBA-PPP Loans $ 2,006,696   $ 2,138,982   $ 2,071,368   $ 1,947,015   $ 2,032,378  
Nonperforming Assets to Total Assets, net SBA-PPP Loans   0.43 %   0.34 %   0.29 %   0.59 %   0.83 %
           
           
Nonperforming Loans to Total Portfolio Loans Quarters Ended
Dollars in thousands September 30, 2022 June 30, 2022 March 31, 2022 December 31, 2021 September 30, 2021
           
Total Nonperforming Loans $ 8,589   $ 7,338   $ 5,975   $ 11,425   $ 13,565  
Total Loans   1,650,663     1,623,541     1,577,341     1,632,267     1,582,304  
Less: SBA-PPP loans   2,662     15,864     51,085     108,285     137,178  
Total Portfolio Loans $ 1,648,001   $ 1,607,677   $ 1,526,256   $ 1,523,982   $ 1,445,126  
Nonperforming Loans to Total Portfolio Loans   0.52 %   0.46 %   0.39 %   0.75 %   0.94 %
           
           
Net Charge-offs to Average Portfolio Loans Quarters Ended
Dollars in thousands September 30, 2022 June 30, 2022 March 31, 2022 December 31, 2021 September 30, 2021
           
Total Net Charge-offs $ 1,588   $ 868   $ 881   $ 672   $ 301  
Total Average Loans   1,607,452     1,561,541     1,590,166     1,582,473     1,569,198  
Less: Average SBA-PPP loans   5,906     28,870     83,264     116,595     162,217  
Total Average Portfolio Loans $ 1,601,546   $ 1,532,671   $ 1,506,902   $ 1,465,878   $ 1,406,981  
Net Charge-offs to Average Portfolio Loans   0.39 %   0.23 %   0.24 %   0.18 %   0.08 %
           
           
Pre-tax, Pre-Provision Net Revenue ("PPNR") Quarters Ended
Dollars in thousands September 30, 2022 June 30, 2022 March 31, 2022 December 31, 2021 September 30, 2021
           
Net income $ 11,095   $ 11,508   $ 10,211   $ 10,171   $ 11,177  
Add: Income Tax Expense   3,336     3,089     3,354     3,522     3,877  
Add: Provision for Loan Losses   1,260     2,035     952     1,100     975  
Pre-tax, Pre-Provision Net Revenue ("PPNR") $ 15,691   $ 16,632   $ 14,517   $ 14,793   $ 16,029  

ABOUT CAPITAL BANCORP, INC.

Capital Bancorp, Inc., Rockville, Maryland is a registered bank holding company incorporated under the laws of Maryland. The Company’s wholly-owned subsidiary, Capital Bank, N.A., is the fourth largest bank headquartered in Maryland at September 30, 2022. 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 $2.0 billion at September 30, 2022 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 war in Ukraine; the magnitude and duration of the COVID-19 pandemic and related variants and mutations and their impact on the global economy and financial market conditions and our business, results of operations, and financial condition; 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; the transition away from USD LIBOR and uncertainty regarding potential alternative reference rates, including SOFR; 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; 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: Alan Jackson (240) 283-0402

MEDIA CONTACT: Ed Barry (240) 283-1912

WEB SITE: www.CapitalBankMD.com

 


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Source: Capital Bancorp, Inc.