Published on 24 Apr 2024 on GuruFocus.com via Yahoo Finance
Reported Net Income: $6.6 million for Q1 2024, falling short of the estimated $7.05 million.Earnings Per Share (EPS): Actual EPS of $0.47, below the estimated $0.50; adjusted EPS of $0.51 slightly surpasses the estimate.Revenue: Net interest income slightly increased to $35.0 million from $34.9 million in the previous quarter.Loan Growth: Portfolio loans saw a significant increase of $61.2 million, demonstrating a 12.9% annualized growth rate.Deposit Growth: Total deposits rose by $109.7 million, with noninterest bearing deposits up by $48.4 million or 7.8%.Dividend: Declared a cash dividend of $0.08 per share, payable in May 2024.Merger Update: Announced a pending acquisition of Integrated Financial Holdings, Inc., expected to close in Q4 2024 subject to regulatory approval.
On April 22, 2024, Capital Bancorp Inc (NASDAQ:CBNK) disclosed its first-quarter earnings for 2024 through an 8-K filing. The company reported a net income of $6.6 million, or $0.47 per diluted share, slightly missing the analyst's estimated earnings per share of $0.50. However, when adjusted for merger-related expenses, the earnings per share increased to $0.51, aligning closely with expectations.
Capital Bancorp Inc (CBNK) Q1 2024 Earnings: Mixed Results Amidst Strategic Expansions