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Capital Bancorp reports Q1 EPS 68c, consensus 57c
The Fly

Capital Bancorp reports Q1 EPS 68c, consensus 57c

Reports Q1 revenue $40.5M, consensus $51.8M. The company states: "Total deposits at March 31, 2023 increased by $81.7 million, or 4.4%, compared to March 31, 2022. Average noninterest-bearing deposits decreased 16.4% compared to March 31, 2022 and represented 36.3% of total deposits at March 31, 2023. The elevated interest rate environment has driven up the cost of interest-bearing liabilities to 2.93% for the quarter ended March 31, 2023 compared to 0.42% for the same period in 2022." CEO Ed Barry said: "Our capital position remains exceptionally strong and we are pleased that we have ready access to liquidity to fund growth and opportunistic activities. We are also encouraged that we have been able to grow deposits and maintain margin, even as our cost of funds has increased."

Published first on TheFly

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