Financial Performance - Net income for Q1 2025 was $13.9 million, or $0.82 per diluted share, compared to $7.5 million, or $0.45 per diluted share in Q4 2024, and $6.6 million, or $0.47 per diluted share in Q1 2024[4] - Core net income for Q1 2025 was $14.9 million, or $0.88 per diluted share, down from $15.5 million, or $0.92 per diluted share in Q4 2024[8] - Net income for Q1 2025 reached $13,932,000, representing an 84.9% increase from Q4 2024 and a 112.3% increase from Q1 2024[27] - Earnings per share (Basic) for Q1 2025 was $0.84, an increase of 86.7% from $0.45 in Q4 2024[27] - Core Earnings per Share - Diluted for Q1 2025 was $0.88, compared to $0.92 in Q4 2024, reflecting a decrease of 4.3%[46] Revenue and Income - Total Revenue for Q1 2025 reached $58,596,000, up from $56,240,000 in Q4 2024, indicating a growth of 4.2%[46] - Noninterest income for Q1 2025 was $12,549,000, up 5.3% from Q4 2024 and 110.1% from Q1 2024[27] - Total interest income for Q1 2025 was $62,760,000, an increase of 1.7% from $61,707,000 in Q4 2024[29] - Interest income for Q1 2025 was $62,760,000, an increase of 1.7% from Q4 2024 and 29.8% from Q1 2024[27] Assets and Deposits - Total assets increased to $3.3 billion as of March 31, 2025, up $142.9 million or 18.1% annualized from December 31, 2024, and up $1.0 billion or 44.1% year-over-year[12] - Total deposits grew by $129.4 million, or 19.0% (annualized), from Q4 2024, with year-over-year growth of $885.6 million, including $426.7 million from organic growth and $459.0 million from the IFH acquisition[3] - Total deposits reached $2.89 billion, increasing by $129.4 million or 19.0% annualized from December 31, 2024, and $885.6 million or 44.2% year-over-year, with $459.0 million attributed to the IFH acquisition[12] - Deposits increased to $2,891,333,000, reflecting a 44.2% growth from $2,005,695,000 in Q1 2024[28] Loan Performance - Gross loans increased by $48.2 million, or 7.4% (annualized), in Q1 2025, with a year-over-year growth of $713.9 million, including $340.4 million from organic growth and $373.5 million from the IFH acquisition[3] - Originations of loans held for sale totaled $65.8 million during Q1 2025, with a gain on sale of loans of $1.7 million, representing a 3.07% gain on sale percentage[25] - The portfolio loans receivable, net, reached $2,678,406,000 as of March 31, 2025, showing growth from $2,630,163,000 in the previous quarter[40] Credit Quality - The allowance for credit losses to total loans (ACL Coverage Ratio) was 1.81% at March 31, 2025, down 4 basis points from Q4 2024 and up 32 basis points from Q1 2024[3] - The allowance for credit losses rose to $48,454,000, a 65.1% increase from $29,350,000 in Q1 2024[28] - The company reported a provision for credit losses of $2,246,000 in Q1 2025, down from $7,828,000 in Q4 2024[29] - Nonperforming assets increased to 1.21% of total assets as of March 31, 2025, up 27 basis points from December 31, 2024, and 59 basis points year-over-year[14] - Total Nonperforming Loans reached $40,471 thousand, with a Nonperforming Loans to Total Portfolio Loans ratio of 1.51% as of March 31, 2025, up from 1.15% in the previous quarter[53] Efficiency and Profitability - Efficiency ratio improved to 64.9% for Q1 2025, compared to 66.7% in Q4 2024 and 72.0% in Q1 2024[13] - Return on Average Tangible Common Equity improved to 17.57% for the quarter ended March 31, 2025, up from 9.33% in the previous quarter[56] - Core return on average assets (annualized) for Q1 2025 was 1.87%, compared to 1.24% in Q1 2024[27] - The average yield on interest-earning assets was 8.24%, up 7 basis points from the prior quarter but down 39 basis points year-over-year[15] Acquisitions and Synergies - Estimated total cost synergies from the IFH acquisition reached $1.75 million in Q1 2025, achieving targeted savings earlier than anticipated[11] - Noninterest expense for Q1 2025 was $38.1 million, an increase of $0.5 million from Q4 2024 and $8.6 million from Q1 2024, primarily due to the acquisition of IFH[11] Stockholders' Equity - Stockholders' equity increased to $369,577,000 as of March 31, 2025, compared to $355,139,000 at the end of Q4 2024, reflecting a growth of 4.1%[30] - Tangible Book Value per Share increased to $19.81 as of March 31, 2025, compared to $19.10 at December 31, 2024[55] - The book value per common share increased to $22.19 as of March 31, 2025, up $0.87 from December 31, 2024, and $3.51 year-over-year[16]
Capital Bancorp(CBNK) - 2025 Q1 - Quarterly Results