Capital Bancorp reports Q3 EPS 70c, consensus 59c

Reports Q3 Net interest income of $36.8 M increased $1.5M compared to $35.3Mfor the second quarter 2023. Interest income of $47.7M increased $2.7M compared to $45.1Mfor the second quarter 2023. Interest expense of $10.9M increased $1.2M compared to $9.7 Mfor the second quarter 2023.”Our business model is proving to be stable and resilient against a challenging backdrop,” said Ed Barry, Chief Executive Officer of the Company and the Bank. “Our focus on core deposit relationships and differentiated lending has enabled profitable growth. We continue to make investments in technology, people, and asset generation that should further strengthen our franchise. Credit remains stable and we maintained high capital levels allowing us to be opportunistic moving forward.” “The Board is pleased with our improved quarter over quarter performance,” said Steven J. Schwartz, Chairman of the Company. “Our continued, stable net interest margin, coupled with growth in loans and deposits, enabled our ROAA and ROE to bounce back nicely and positions the Bank for continued best-in-class performance. In addition, we are gratified by our year-over-year growth in tangible book value per share, particularly considering the challenges facing banks today due to a rapidly changing interest rate environment, and falling values of certain real estate asset classes.”