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UNITED STATES
SECURITIES AND EXCHANGE COMMISSION
Washington, D.C. 20549
FORM 10-Q
QUARTERLY REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934
For the Quarterly Period ended September 30, 2022         OR
TRANSITION REPORT PURSUANT TO SECTION 13 OR 15 (d) OF THE SECURITIES EXCHANGE ACT OF 1934
For the Transition Period from to
Commission file number 001-38671
cbnk-20220930_g1.jpg
CAPITAL BANCORP INC.
(Exact name of registrant as specified in its charter)
Maryland
52-2083046
(State or other jurisdiction of incorporation or organization)
(IRS Employer Identification No.)
2275 Research Boulevard
Suite 600
Rockville
Maryland
20850
(Address of principal executive offices)
(Zip Code)
(301) 468-8848
Registrant’s telephone number, including area code
Not Applicable
(Former Name or Former Address, if Changed Since Last Report)

    Indicate by check mark whether the registrant (1) has filed all reports required to be filed by Section 13 or 15(d) of the Exchange Act of 1934 during the preceding 12 months (or for such shorter period that the registrant was required to file such reports), and (2) has been subject to such filing requirements for the past 90 days.     Yes x No ¨

    Indicate by check mark whether the registrant has submitted electronically every Interactive Data File required to be submitted pursuant to Rule 405 of Regulation S-T (§232.405 of this chapter) during the preceding 12 months (or for such shorter period that the registrant was required to submit such files).             Yes x No ¨
    Indicate by check mark whether the registrant is a large accelerated filer, an accelerated filer, a non-accelerated filer, a smaller reporting company, or an emerging growth company. See definitions of “large accelerated filer,” “accelerated filer,” “smaller reporting company” and “emerging growth company” in Rule 12b-2 of the Exchange Act.
Large accelerated filer¨Accelerated Filer
Non-accelerated filer¨Smaller reporting company
Emerging growth company
If an emerging growth company, indicate by check mark if the registrant has elected not to use the extended transition period for complying with any new or revised financial accounting standards provided pursuant to Section 13(a) of the Exchange Act.     



Indicate by check mark whether the registrant is a shell company (as defined in Rule 12b-2 of the Exchange Act).         Yes No x

Securities registered pursuant to Section 12(b) of the Act:
Title of each classTrading Symbol(s)Name of each exchange on which registered
Common Stock, par value $0.01 per shareCBNKNASDAQ Stock Market
As of November 7, 2022, the Company had 14,057,645 shares of common stock, par value $0.01 per share, outstanding.


Capital Bancorp, Inc. and Subsidiaries
Form 10-Q
INDEX

PART I - CONSOLIDATED FINANCIAL INFORMATIONPage
Item 1.Consolidated Financial Statements
Item 2.Management’s Discussion and Analysis of Financial Condition and Results of Operations
Item 3.Quantitative and Qualitative Disclosures about Market Risk
Item 4.Controls and Procedures
PART II - OTHER INFORMATION
Item 1.Legal Proceedings
Item 1A.Risk Factors
Item 2.Unregistered Sales of Equity Securities and Use of Proceeds
Item 3.Defaults upon Senior Securities
Item 4.Mine Safety Disclosures
Item 5.Other Information
Item 6.Exhibits




PART I. CONSOLIDATED FINANCIAL INFORMATION
Item 1. CONSOLIDATED FINANCIAL STATEMENTS
Capital Bancorp, Inc. and Subsidiaries
Consolidated Balance Sheets

(in thousands except share data)September 30, 2022 (unaudited)December 31, 2021 (audited)
Assets
Cash and due from banks$14,774 $42,914 
Interest bearing deposits at other financial institutions20,867 136,824 
Federal funds sold1,421 3,657 
Total cash and cash equivalents
37,062 183,395 
Investment securities available for sale269,620 184,455 
Marketable equity securities 232 245 
Restricted investments
3,627 3,498 
Loans held for sale6,875 15,989 
Small Business Administration Payroll Protection Program loans receivable, net of fees and costs2,662 108,285 
Portfolio loans receivable, net of deferred fees and costs1,648,001 1,523,982 
Less allowance for loan losses(26,091)(25,181)
Total portfolio loans held for investment, net1,621,910 1,498,801 
Premises and equipment, net
3,212 3,282 
Accrued interest receivable7,890 7,901 
Deferred tax asset14,047 9,793 
Foreclosed real estate 86 
Bank owned life insurance36,267 35,506 
Other assets5,954 4,064 
Total assets
$2,009,358 $2,055,300 
Liabilities
Deposits
Noninterest-bearing$806,033 $787,650 
Interest-bearing931,558 1,009,487 
Total deposits
1,737,591 1,797,137 
Federal Home Loan Bank advances22,000 22,000 
Other borrowed funds12,062 12,062 
Accrued interest payable481 473 
Other liabilities23,219 25,725 
Total liabilities
1,795,353 1,857,397 
Stockholders' equity
Common stock, $.01 par value; 49,000,000 shares authorized; 14,038,599 and 13,962,334 issued and outstanding
140 140 
Additional paid-in capital56,532 54,306 
Retained earnings174,916 144,533 
Accumulated other comprehensive loss(17,583)(1,076)
Total stockholders' equity
214,005 197,903 
Total liabilities and stockholders' equity
$2,009,358 $2,055,300 


See Notes to Consolidated Financial Statements
2


Capital Bancorp, Inc. and Subsidiaries
Consolidated Statements of Income
(unaudited)
Three Months Ended September 30,Nine Months Ended September 30,
(dollars in thousands except per share data)2022202120222021
Interest income
Loans, including fees$36,451 $32,840 $105,645 $87,549 
Investment securities available for sale1,362 549 2,510 1,571 
Federal funds sold and other527 139 1,143 335 
Total interest income38,340 33,528 109,298 89,455 
Interest expense
Deposits1,386 1,285 3,234 4,874 
Borrowed funds277 184 656 559 
Total interest expense1,663 1,469 3,890 5,433 
Net interest income36,677 32,059 105,408 84,022 
Provision for loan losses1,260 975 4,247 2,259 
Net interest income after provision for loan losses
35,417 31,084 101,161 81,763 
Noninterest income
Service charges on deposits199 160 545 473 
Credit card fees5,524 7,554 17,658 21,208 
Mortgage banking revenue969 4,465 4,312 17,478 
Gain on sale of investment securities available for sale, net   153 
Other fees and charges416 418 1,296 680 
Total noninterest income7,108 12,597 23,811 39,992 
Noninterest expenses
Salaries and employee benefits
10,747 9,962 31,129 27,279 
Occupancy and equipment1,138 998 3,476 3,322 
Professional fees3,848 2,555 8,586 5,542 
Data processing7,178 10,161 22,721 29,594 
Advertising1,632 1,027 5,494 3,153 
Loan processing625 644 1,352 2,670 
Other operating2,926 3,280 9,621 10,012 
Total noninterest expenses28,094 28,627 82,379 81,572 
Income before income taxes14,431 15,054 42,593 40,183 
Income tax expense3,336 3,877 9,779 10,376 
Net income$11,095 $11,177 $32,814 $29,807 
Basic earnings per share$0.79 $0.81 $2.34 $2.16 
Diluted earnings per share$0.77 $0.79 $2.29 $2.11 
Weighted average common shares outstanding:
Basic14,030,408 13,793,087 14,008,885 13,772,261 
Diluted14,374,980 14,228,497 14,328,602 14,110,789 


See Notes to Consolidated Financial Statements
3


Capital Bancorp, Inc. and Subsidiaries
Consolidated Statements of Comprehensive Income
(unaudited)
Three Months Ended September 30,Nine Months Ended September 30,
(in thousands)2022202120222021
Net income$11,095 $11,177 $32,814 $29,807 
Other comprehensive income (loss):
Unrealized (loss) gain on investment securities available for sale(5,684)1,051 (22,026)(913)
Reclassification of realized gain on sale of investment securities available for sale
   (153)
(5,684)1,051 (22,026)(1,066)
Income tax benefit (expense) relating to the items above1,437 (286)5,519 262 
Other comprehensive (loss) income (4,247)765 (16,507)(804)
Comprehensive income$6,848 $11,942 $16,307 $29,003 

See Notes to Consolidated Financial Statements
4


Capital Bancorp, Inc. and Subsidiaries
Consolidated Statements of Changes in Stockholders’ Equity
(unaudited)
Common StockAdditional
Paid-in
Capital
Retained
Earnings
Accumulated Other Comprehensive LossTotal
Stockholders'
Equity
(dollars in thousands)SharesAmount
Balance, December 31, 202013,753,529 $138 $50,602 $106,854 $1,717 $159,311 
Net income— — — 8,982 — 8,982 
Unrealized loss on investment securities available for sale, net of income taxes— — — — (1,699)(1,699)
Stock options exercised, net of repurchased shares1,795 — 21 (31)— (10)
Shares issued as compensation
3,894 — 86 — — 86 
Stock-based compensation
— — 333 — — 333 
Balance, March 31, 202113,759,218 $138 $51,042 $115,805 $18 $167,003 
Net income— — — 9,648 — 9,648 
Unrealized gain on investment securities available for sale, net of income taxes— — — — 130 130 
Stock options exercised, net of repurchased shares10,301 — 121 (22)— 99 
Shares issued as compensation
2,096 — 26 — — 26 
Stock-based compensation
— — 298 — — 298 
Balance, June 30, 202113,771,615 $138 $51,487 $125,431 $148 $177,204 
Net income— — — 11,177 — 11,177 
Unrealized gain on investment securities available for sale, net of income taxes— — — — 765 765 
Stock options exercised, net of repurchased shares30,321 — 261 (13)— 248 
Shares issued as compensation
— — 39 — — 39 
Stock-based compensation
— — 336 — — 336 
Cash dividends to stockholders ($0.05 per share)
(689)(689)
Balance, September 30, 202113,801,936 $138 $52,123 $135,906 $913 $189,080 
See Notes to Consolidated Financial Statements
5


Capital Bancorp, Inc. and Subsidiaries
Consolidated Statements of Changes in Stockholders’ Equity
(unaudited)
Common StockAdditional
Paid-in
Capital
Retained
Earnings
Accumulated Other Comprehensive LossTotal
Stockholders'
Equity
(dollars in thousands)SharesAmount
Balance, December 31, 202113,962,334 $140 $54,306 $144,533 $(1,076)$197,903 
Net income   10,211  10,211 
Unrealized loss on investment securities available for sale, net of income taxes    (6,747)(6,747)
Stock options exercised, net of repurchased shares27,028  339 (95) 244 
Shares issued as compensation
11,158  164   164 
Stock-based compensation
  417   417 
Cash dividends to stockholders ($0.05 per share)
   (700) (700)
Balance, March 31, 202214,000,520 $140 $55,226 $153,949 $(7,823)$201,492 
Net income   11,508  11,508 
Unrealized loss on investment securities available for sale, net of income taxes    (5,513)(5,513)
Stock options exercised, net of repurchased shares6,638  84 (7) 77 
Shares issued as compensation
3,000  37   37 
Stock-based compensation
  415   415 
Cash dividends to stockholders ($0.05 per share)
   (700) (700)
Balance, June 30, 202214,010,158 $140 $55,762 $164,750 $(13,336)$207,316 
Net income   11,095  11,095 
Unrealized loss on investment securities available for sale, net of income taxes    (4,247)(4,247)
Stock options exercised, net of repurchased shares28,441  355 (87) 268 
Stock-based compensation
  415   415 
Cash dividends to stockholders ($0.06 per share)
   (842) (842)
Balance, September 30, 202214,038,599 $140 $56,532 $174,916 $(17,583)$214,005 

See Notes to Consolidated Financial Statements
6

Capital Bancorp, Inc. and Subsidiaries
Consolidated Statements of Cash Flows
(unaudited)
Nine Months Ended September 30,
(in thousands)20222021
Operating activities
Net income$32,814 $29,807 
Adjustments to reconcile net income to net cash provided by operating activities:
Provision for loan losses4,247 2,259 
Provision for mortgage put-back reserve, net6 279 
Reversal of provision for off balance sheet credit commitments(54)(39)
Amortization on investments, net520 358 
Depreciation and amortization1,090 1,013 
Increase in cash surrender value of bank-owned life insurance policies(761)(268)
Stock-based compensation expense1,247 1,006 
Employee compensation paid in Company stock201 26 
Deferred income tax expense (benefit)1,264 (92)
Loss on marketable equity securities13  
Gain on sale of securities available for sale (153)
Valuation (increase) decrease on derivatives5 (60)
(Gain) loss on sale of foreclosed real estate(20)28 
Increase in valuation of loans held for sale carried at fair value(4,312)(17,478)
Proceeds from sales of loans held for sale269,446 925,093 
Originations of loans held for sale(256,020)(836,466)
Changes in assets and liabilities:
Decrease in accrued interest receivable11 306 
(Increase) decrease in other assets(1,880)1,055 
Increase (decrease) in accrued interest payable8 (295)
Decrease in other liabilities(2,473)(3,846)
Net cash provided by operating activities45,352 102,533 
Investing activities
Purchases of securities available for sale(113,078)(169,672)
Proceeds from maturities, calls and paydowns of securities available for sale5,368 12,231 
Proceeds from sale of securities available for sale 66,534 
(Purchases) sales of restricted investments(129)473 
Purchases of bank-owned life insurance (35,000)
Decrease in SBA-PPP loans receivable, net105,623 63,840 
Increase in portfolio loans receivable, net(127,356)(130,564)
Purchases of premises and equipment, net(1,020)(239)
Proceeds from sales of foreclosed real estate106 62 
Net cash used for investing activities(130,486)(192,335)
See Notes to Consolidated Financial Statements
7

Capital Bancorp, Inc. and Subsidiaries
Consolidated Statements of Cash Flows (Continued)
(unaudited)
Nine Months Ended September 30,
(in thousands)20222021
Financing activities
Net increase (decrease) in:
Noninterest-bearing deposits
18,383 224,628 
Interest-bearing deposits
(77,929)44,482 
Repayment of advances from Federal Reserve Bank (1,954)
Dividends paid(2,242)(689)
Net proceeds from exercise of stock options589 423 
Net cash (used for) provided by financing activities(61,199)266,890 
Net (decrease) increase in cash and cash equivalents(146,333)177,088 
Cash and cash equivalents, beginning of year$183,395 146,910 
Cash and cash equivalents, end of period$37,062 $323,998 
Noncash activities:
Change in unrealized losses on investments$(22,026)$(1,066)
Cash paid during the period for:
Taxes$8,797 $12,596 
Interest$3,882 $5,728 
See Notes to Consolidated Financial Statements
8


Capital Bancorp, Inc. and Subsidiaries
Notes to Consolidated Financial Statements
Note 1 - Nature of Business and Basis of Presentation

Nature of operations:
Capital Bancorp, Inc. is a Maryland corporation and the bank holding company (the “Company”) for Capital Bank, N.A. (the “Bank”). The Company's primary operations are conducted by the Bank, which operates branches in Rockville and Columbia, Maryland; Reston, Virginia; and the District of Columbia. The Bank is principally engaged in the business of investing in commercial, real estate, and credit card loans and attracting deposits. The Company originates residential mortgages for sale in the secondary market through Capital Bank Home Loans (“CBHL”), the Bank’s residential mortgage banking arm, and issues credit cards through OpenSky®, a secured, digitally-driven nationwide credit card platform.
The Company formed Church Street Capital, LLC (“Church Street Capital”) in 2014 to provide short-term secured real estate financing to Washington, D.C. area investors and developers that may not meet all Bank credit criteria. At September 30, 2022, Church Street Capital had loans totaling $7.1 million.
In addition, the Company owns all of the stock of Capital Bancorp (MD) Statutory Trust I (the “Trust”). The Trust is a special purpose non-consolidated entity organized for the sole purpose of issuing trust preferred securities.
Basis of presentation:
The accompanying unaudited interim consolidated financial statements have been prepared in accordance with accounting principles generally accepted in the United States of America (“GAAP”) for interim financial information and with rules and regulations of the Securities and Exchange Commission (“SEC”) and include the activity of the Company and its wholly-owned subsidiaries, the Bank and Church Street Capital. The statements do not include all of the information and footnotes required by GAAP for complete financials statements. All adjustments have been made which, in the opinion of management, are necessary for a fair presentation of the results for the interim periods presented. Such adjustments are all of a normal and recurring nature. All significant inter-company accounts and transactions have been eliminated in consolidation. Certain prior period amounts have been reclassified to conform to the current period presentation. The results of operations for the three and nine months ended September 30, 2022 are not necessarily indicative of the results that may be expected for the full year. These consolidated financial statements should be read in conjunction with the Company’s audited financial statements and the notes thereto as of December 31, 2021, included in the Company’s Annual Report on Form 10-K for the fiscal year ended December 31, 2021.
The Company reports its activities as four business segments. In determining the appropriateness of segment definition, the Company considers components of the business about which financial information is available and regularly evaluated relative to resource allocation and performance assessment.
Risks and uncertainties
The Company has been, and may continue to be, impacted by the coronavirus disease 2019 pandemic (“COVID-19”). The direct impacts of COVID-19 appear to be waning, but the pandemic’s residual impact manifests itself in supply chain and labor market imbalances and ongoing inflationary pressures. To address the economic impact of the pandemic in the U.S., multiple stimulus packages have been enacted to provide economic relief to individuals and businesses, including the Coronavirus Aid, Relief and Economic Security Act (“CARES Act”), which established the Small Business Administration
9


Capital Bancorp, Inc. and Subsidiaries
Notes to Consolidated Financial Statements

Note 1 - Nature of Business and Basis of Presentation (continued)
Paycheck Protection Program (“SBA-PPP”), the American Rescue Plan Act of 2021 which was enacted in March 2021, and the Inflation Reduction Act of 2022 which was signed into law in August 2022.
The Company remains watchful of COVID-19 surges and new variants and continues to evaluate processes in place to execute our business continuity plan and promote the health and safety of our employees.
The future direct and indirect impact of the pandemic on the Company’s businesses, results of operations and financial condition continues to remain uncertain as inflationary concerns remain elevated due to continuing supply and demand imbalances associated with the pandemic. Should current economic conditions deteriorate, the macroeconomic environment could have an adverse effect on our businesses, results of operations and financial condition.
Significant accounting policies:
The preparation of consolidated financial statements in accordance with GAAP requires estimates and judgments that affect the reported amounts of assets, liabilities, revenues and expenses and related disclosures of contingent assets and liabilities. The primary reference point for the estimates is historical experience and assumptions believed to be reasonable regarding the value of certain assets and liabilities that are not readily available from other sources. Estimates are evaluated on an ongoing basis. Actual results may materially differ from these estimates under different assumptions or conditions.
Cash and cash equivalents
For purposes of reporting cash flows, cash and cash equivalents include cash on hand, amounts due from financial institutions, interest-bearing deposits with financial institutions and federal funds sold. Generally, federal funds are sold for one-day periods.
Investment securities
Investment securities are classified as available for sale and carried at fair value with unrealized gains and losses included in stockholders’ equity on an after-tax basis. Premiums and discounts on investment securities are amortized or accreted using the interest method. Changes in the fair value of debt securities available for sale are included in stockholders’ equity as unrealized gains and losses, net of the related tax effect. Unrealized losses are periodically reviewed to determine whether the loss represents an other than temporary impairment. Any unrealized losses judged to be other than a temporary impairment are charged to income.
Marketable equity securities
Marketable equity securities are carried at fair value with realized gains and losses included in earnings. Premiums and discounts on in