Business
CBNK Robust Loan Growth Drives Record Profits and Returns
Diluted EPS of $0.79, ROAA of 2.13%, and ROAE of 23.87% for 3Q 2021 ROCKVILLE, Md., Oct. 25, 2021 (GLOBE NEWSWIRE) -- Capital Bancorp, Inc. (the "Company")
About this update from Capital Bancorp, Inc.
[{"type":"text","content":"Diluted EPS of $0.79, ROAA of 2.13%, and ROAE of 23.87% for 3Q 2021\nROCKVILLE, Md., Oct. 25, 2021 (GLOBE NEWSWIRE) -- Capital Bancorp, Inc. (the \"Company\") (NASDAQ: CBNK), the holding company for Capital Bank, N.A. (the \"Bank\"), today reported net income of $11.2 million, or $0.79 per diluted share, for the third quarter of 2021. By comparison, net income was $8.4 million, or $0.61 per diluted share, for the third quarter of 2020. Return on average assets (\"ROAA\") was 2.13% for the third quarter of 2021, compared to 1.89% for the same period in 2020. Return on average equity (\"ROAE\") was 23.87% for the third quarter of 2021, compared to 23.28% for the same period in 2020. “Capital Bancorp’s diversified business model continued to outperform in the third quarter,” said Steven Schwartz, Chairman of the Board of the Company. “The Bank’s results highlight the success of ongoing strategic investments in technology and people that have positioned the Bank for continued profitable growth.” \"The third quarter’s record results were driven by strong growth in the Commercial Bank and OpenSky® which more than made up for the anticipated slowdown of our mortgage business,\" said Ed Barry, CEO of the Company. \"Regional economic activity and strategic hires contributed to 15.8 percent annualized portfolio loan growth quarter over linked-quarter on a consolidated basis. OpenSky® remains an engine of growth as we engage with customers to provide additional value-added services. OpenSky® annualized quarterly loan growth of 44.3 percent marked a return to historical trends. Customer attrition, which resulted in a modest decline in open accounts for the quarter, remains well-below historical levels.” Third Quarter 2021 Highlights Capital Bancorp, Inc. Record Earnings - Continued strong performance by the Commercial Bank and OpenSky® contributed to the third quarter's record results. Quarterly net income increased to $11.2 million from $8.4 million in the third quarter of 2020. Earnings were $0.79 per diluted share for the three months ended September 30, 2021 compared to $0.61 per diluted share for the same period last year.Industry-Leading Performance Ratios - Return on average assets (\"ROAA\") and return on average equity (\"ROAE\") were 2.13% and 23.87%, respectively, for the three months ended September 30, 2021 compared to 1.89% an...