Capital Bancorp reports Q4 EPS 65c, consensus 64c

Reports Q4 Tangible Book Value Per Share of $18.31 for 4Q 2023 up 15.6% from 4Q 2022..Net interest margin decreased to 6.40% for the three months ended December 31 compared to 6.71% for the three months ended September 30, 2023. Adjusted net interest margin a non-GAAP measure, decreased to 3.92%, compared to 4.05% for the three months ended September 30…Loan Growth of $40.7 M, or 8.7% annualized for 4Q 2023…”Over the past two years, our strategy, which emphasizes both growth and profitability, has led to a 29% increase in book value,” said Ed Barry, Chief Executive Officer of the Company and the Bank. “Despite persistent market volatility, we continue to identify opportunities to generate attractive loans and core deposits and expand our talented team. We are investing in our people and technology to build on our momentum, diversify our business, and achieve profitable expansion.” “While acknowledging that net income year-over-year did not advance, there are many performance indicators that are cause for optimism about the Bank’s future,” said Steven J. Schwartz, Chairman of the Company. “Substantial stability of core net interest margin and core deposits year-over-year positions the Bank for continued outperformance of peers, as does our ongoing commitment to maintain a strong credit culture and eschew the assumption of undue interest rate risk. Moreover, our investment in best-in-class C-suite executives should give us competitive advantages as we seek to meaningfully grow both sides of our balance sheet. Also encouraging is the promise that our ongoing investments in technology applications will enable improvements to our already strong customer-facing and back office functions.”