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Capital Bancorp Inc. (CBNK+0.62%) has submitted its 10-K filing for the fiscal year ended December 31, 2024.
The filing includes financial statements for the year, showing an increase in total assets to $3.2 billion from $2.2 billion in the previous year, primarily due to the acquisition of Integrated Financial Holdings, Inc. (IFH).
Net income for the year was $31.0 million, down from $35.9 million in the prior year, impacted by merger-related expenses and a non-recurring investment write-down.
Net interest income increased to $154.7 million from $141.5 million, driven by loan growth, while the net interest margin decreased to 6.22% from 6.60%.
Noninterest income rose to $31.4 million, with contributions from the IFH acquisition, including government loan servicing and lending revenue.
Noninterest expense increased to $126.2 million, largely due to the acquisition, with notable increases in salaries and merger-related expenses.
The allowance for credit losses was $48.7 million, up from $28.6 million, reflecting the integration of IFH's loan portfolio.
Deposits grew to $2.8 billion, with noninterest-bearing deposits representing 29.4% of total deposits.
The company reported a return on average assets of 1.21% and a return on average equity of 10.78%.
Capital Bancorp's regulatory capital ratios remained strong, with a Tier 1 leverage ratio of 11.07% and a total capital ratio of 15.48%.
The company continues to focus on its core business segments, including commercial banking, mortgage banking, credit cards, and government loan servicing.
This content was summarized by generative artificial intelligence using public filings retrieved from SEC.gov. The original data was derived from the Capital Bancorp Inc. annual 10-K report dated March 17, 2025. To report an error, please email earnings@qz.com.