Business
Capital Bancorp, Inc. Announces 4Q and Full Year 2024 Results; Successful Close of the IFH Acquisition; Robust Organic Loan and Deposit Growth; Diversified Business Model Drives Strong Performance
Fourth Quarter 2024 Results Net Income of $7.5 million, or $0.45 per share, and return on average assets of 0.96% Net Income of $15.5 million, or $0.92 per
About this update from Capital Bancorp, Inc.
[{"type":"text","content":"Fourth Quarter 2024 Results Net Income of $7.5 million, or $0.45 per share, and return on average assets of 0.96% Net Income of $15.5 million, or $0.92 per share, and return on average assets of 1.97% as adjusted to exclude the impact of merger-related expenses, initial Integrated Financial Holdings, Inc. (\"IFH\") Allowance for Credit Losses (\"ACL\") provision, and a non-recurring legacy IFH equity and debt investment write-down (non-GAAP)(1) Tangible Book Value Per Share(1) of $18.77, decreased 6.8%, or $1.36 as compared to $20.13 (3Q 2024), resulting from the acquisition of IFH and related purchase accounting impactsReturn on average equity of 8.50%, and return on average tangible common equity(1) of 9.47% Core return on average equity(1) of 17.68%, and core return on average tangible common equity(1) of 19.19% Net Interest Income increased $6.0 million, or 15.6% (not annualized), from 3Q 2024Net Interest Margin (\"NIM\") decreased to 5.87% as compared to 6.41% (3Q 2024) Core NIM, as adjusted to exclude the impact of credit card loans (non-GAAP)(1) decreased to 4.05% as compared to 4.08% (3Q 2024)Net purchase accounting accretion of $0.7 million for 4Q 2024 accounted for 9 basis points of the reported 5.87% NIM and 10 basis points of the reported 4.05% core NIM, respectively Fee Revenue (noninterest income) totaled $11.9 million, or 21.2% of total revenue for 4Q 2024 Core Fee Revenue of $14.5 million, or 24.7% of total core revenue, increased $7.9 million from 3Q 2024, excluding a non-recurring equity and debt investment write-down of $2.6 million (non-GAAP)(1), primarily due to the acquisition of IFH Gross Loan Growth in the quarter of $522.6 million includes $373.5 million from the acquisition of IFH, and $149.1 million from organic growth, or 28.2% annualized for 4Q 2024 Commercial and industrial loans of $554.6 million, or 21.0% of total gross loans at December 31, 2024 increased $282.7 million from September 30, 2024 Total Deposit Growth in the quarter of $575.7 million includes $459.0 million from the acquisition of IFH, and $116.7 million from organic growth, or 21.2% annualized for 4Q 2024 Noninterest bearing deposits increased $92.8 million, or 51.4% annualized from 3Q 2024 The ratio of allowance for credit losses to total loans equaled 1.85% at December 31, 2024 including 1.44% for the legacy Capital Bank portfolio...