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Company Reports Q2 Revenue of $65.29M, Below Consensus
Reports Q2 revenue $65.29M, consensus $66.66M. Reports Q2 CET1 capital ratio 11.34%. Reports Q2 tangible book value per share $23.45. "The Board is very pleased that we were able to deliver another quarter of strong operating performance, highlighted by solid loan and deposit growth, diversified fee income generation, and continued growth in tangible book value per share," said Steven J. Schwartz, Chairman of the Company. "The increase in non-interest expenses year-over-year reflects our continued investment in strategic initiatives, including our unsecured card platform, the expansion of our targeted C&I verticals, and our customer-facing and back-office technology infrastructure. We believe these investments strengthen our franchise and will continue to reduce our exposure to cyber risks, credit losses at OpenSky(TM), enhance our customers' experience, and, ultimately, improve our operating efficiency, all while supporting our robust, organic, long-term growth goals."
Company Reports Q1 Tangible Book Value per Share of $22.63
Reports Q1 tangible book value per share $22.63. Reports Q1 CET1 capital ratio 12.92%. Reports Q1 net charge-offs .40%. "We are pleased that the sustained organic growth at the Commercial Bank permits us to accommodate an increase in noninterest expenses, while, at the same time, providing our stockholders with reasonable returns and a steadily growing TBV," said Steven Schwartz, chairman of the company. "We expect these expenditures to enable technology advancements in customer experience and back office efficiency, and to support the introduction by OpenSky of new products. We remain alert to the possibility that the markets in which we operate remain vulnerable to disruption from geopolitical and other developments, but have not yet seen any macroeconomic signs of credit deterioration in our markets."
Company Reports Q4 Tangible Book Value Per Share of $22.05
Reports Q4 tangible book value per share $22.05. Reports Q4 CET1 capital ratio 12.98%. Reports Q4 net charge-offs .32%. "Our diversified business model continues to be a source of consistency and strength enabling us to perform at a high level in different market conditions," said Ed Barry, CEO of the company. With the IFH integration behind us, our focus on executing our strategic plan remains our top priority. Our growth levers offer us a wide range of options on which we are capitalizing."
Capital Bancorp Renews Ed Barry's Contract Through December 2027
Capital Bancorp announced the renewal of Ed Barry's employment agreement through December 2027. In connection with the renewal of his employment contract, Barry will continue to serve as Chief Executive Officer of Capital Bancorp. In conjunction with the renewal, Steve Poynot, currently President and Chief Operating Officer, will be elevated to Chief Executive Officer of Capital Bank, N.A. "Our long-term growth strategy is built around creating a diversified financial services enterprise comprised of a core commercial bank and a set of differentiated, high-performing businesses," said Steven J. Schwartz, Chairman of the Board. "This leadership alignment acknowledges the complexity of our enterprise and ensures that we continue to harvest the investments that we have made in our commercial banking franchise, while continuing to maximize the growth of our other lines of business."
Jacob Dalaya Appointed CFO of Capital Bancorp
Capital Bancorp announced the appointment of Jacob Dalaya as Executive Vice President and CFO of Capital Bancorp and Capital Bank, National Association, effective immediately. Prior to his appointment, Dalaya served as Chief Strategy Officer, where he played a key role in strategic and financial planning and oversaw the acquisition of IFH. Before joining Capital Bank, Dalaya was a Managing Director at Webster Financial Corporation and held several leadership roles at Sterling Bancorp.
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