Financial Performance - The company reported net income of $13.9 million, or $0.82 per diluted share, for Q1 2025, an increase from $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][10] - Core net income for Q1 2025 was $14.9 million, or $0.88 per diluted share, compared to $15.5 million, or $0.92 per diluted share in Q4 2024 [4][10] - Return on average assets (ROA) was 1.75%, and return on average equity (ROE) was 15.56% for Q1 2025, compared to 0.96% and 8.50% respectively in Q4 2024 [24][41] Balance Sheet Highlights - Total assets increased to $3.3 billion at March 31, 2025, up $142.9 million, or 18.1% (annualized), from December 31, 2024 [17] - Total deposits grew to $2.89 billion, an increase of $129.4 million, or 19.0% (annualized), from Q4 2024 [18] - Gross loans increased by $48.2 million, or 7.4% (annualized), during Q1 2025, with a year-over-year growth of $713.9 million [5][18] Income and Expense Analysis - Net interest income for Q1 2025 was $46.0 million, an increase of $1.7 million, or 3.9% (not annualized), from Q4 2024, and $11.0 million, or 31.5%, year-over-year [11][41] - Noninterest income totaled $12.5 million, representing 21.4% of total revenue for Q1 2025, an increase of $0.6 million from Q4 2024 and $6.6 million from Q1 2024 [5][15] - Noninterest expense 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 [15][41] Credit Quality Metrics - The allowance for credit losses (ACL) coverage ratio was 1.81% at March 31, 2025, down 4 bps from Q4 2024 and up 32 bps year-over-year [21] - Nonperforming assets increased to 1.21% of total assets at March 31, 2025, compared to 0.94% at December 31, 2024 [22][31] - Total nonaccrual loans increased to $40.5 million at March 31, 2025, up from $30.2 million at December 31, 2024 [22][31] Capital and Liquidity - The company maintained a Common Equity Tier-1 capital ratio of 13.33% as of March 31, 2025, compared to 13.74% at December 31, 2024 [18] - Cash and cash equivalents increased to $294.0 million at March 31, 2025, up $88.7 million from December 31, 2024 [18] - The average portfolio loans-to-deposit ratio was 95.15% for Q1 2025, compared to 99.27% in Q4 2024 [18]
Capital Bancorp, Inc. Announces Strong First Quarter Results and Successful IFH Conversion; Continued Strong Organic Loan and Deposit Growth; NIM and Fee Income Drives Robust Returns