Apr. 22 at 8:21 PM
$CBNK Capital Bancorp reports Q1 EPS 51c, consensus 50c
Reports Q1 net interest income of
$35.0M increased
$0.1 M compared to
$34.9 Mfor the fourth quarter 2023. Interest income of
$48.4M increased
$1.4M compared to
$47.0M for the fourth quarter 2023 as interest income from portfolio loans increased
$0.9 M and interest income from interest-bearing deposits held at other financial institutions increased
$0.4M . Interest expense of
$13.4M increased
$1.3M compared to
$12.1M for the fourth quarter 2023 as interest expense from time deposits increased
$1.1 million and the average rate of time deposits increased 27 basis points to 4.99% as growth in average time deposits totaled
$69.2 million for the first quarter 2024.
"We had another strong quarter of performance with robust strong loan and deposit growth, increasing credit card accounts and continued credit stability," said Ed Barry, Chief Executive Officer of the Company and the Bank. "The announced acquisition of Integrated Financial Holdings, Inc. diversifies our business while prudently deploying capital. IFHI's expertise in niche C&I lending complements our strategy and extends our capabilities. At the same time, CBNK continues to make the investments in people and technology that will enable us to elevate our franchise while maintaining a strong growth and profitability profile." "Notwithstanding the significant headwinds currently facing many community and regional banks, we continue to be well positioned for continued value creation," said Steven J Schwartz, Chairman of the Company.
"Our net cardholder growth for the quarter plus strong loan and deposit growth and a resilient core net interest margin are all positive signs for the future. Moreover, we anticipate that the acquisition of Integrated Financial Holdings, Inc., if approved by the regulators, will set us on a path of additional strategic acquisitions that, together with organic growth, will assure we can continue to deliver top tier performance. The Board reiterates its thanks and appreciation to our extremely hard working and dedicated employees."
