Capital Bancorp Inc
For the period ended Mar 31, 2024. Filed May 10, 2024.
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A company's report for each of its first three quarters. The financial statements are not audited. It shows how the business has moved since the last annual report, and what management says changed.
Mar 31, 2024 · Filed May 10, 2024
Extracted filing text, with the paragraph anchors used by the comparison.
See the whole filing, with its images and exhibitsContents
Consolidated Statements of Cash Flows
Capital Bancorp, Inc. and SubsidiariesConsolidated Statements of Cash Flows (unaudited)
| Three Months EndedMarch 31, | ||
|---|---|---|
| (in thousands) | 2024 | 2023 |
| Cash flows from operating activities | ||
| Net income | $6,562 | $9,735 |
| Adjustments to reconcile net income to net cash (used for) provided by operating activities: | ||
| Provision for credit losses | 2,727 | 1,660 |
| Provision for (reversal of) credit losses on unfunded commitments | 142 | (19) |
| Provision for mortgage put-back reserve, net | 13 | 5 |
| Net amortization (accretion) on investments | 60 | (34) |
| Premises and equipment depreciation | 85 | 73 |
| Lease asset amortization | 238 | 266 |
| Increase in cash surrender value of BOLI | (351) | (257) |
| Executive long-term incentive plan expense | 149 | 152 |
| Stock-based compensation expense | 472 | 438 |
| Director and employee compensation paid in Company stock | 515 | 547 |
| Deferred income tax benefit | (7) | (65) |
| Gain on sale of securities available for sale | — | 1 |
| Valuation allowance on derivatives | — | 9 |
| Increase in valuation of loans held for sale carried at fair value | — | 6 |
| Proceeds from sales of loans held for sale | 37,555 | 42,238 |
| Originations of loans held for sale | (40,377) | (44,448) |
| Changes in assets and liabilities: | ||
| Accrued interest receivable | (764) | (496) |
| Taxes payable | 489 | 2,927 |
| Accounts receivable | (10,582) | (105) |
| Other assets | 1,697 | 191 |
| Accrued interest payable | 426 | 946 |
| Other liabilities | (2,461) | (3,414) |
| Net cash (used for) provided by operating activities | (3,412) | 10,356 |
| Cash flows from investing activities | ||
| Purchases of securities available for sale | (15,362) | — |
| Proceeds from calls and maturities of securities available for sale | 20,788 | 490 |
| Net (purchases) sales of restricted investments | (88) | 3,147 |
| Net increase in portfolio loans receivable | (63,224) | (60,023) |
| Net sales (purchases) of premises and equipment | 246 | (2,320) |
| Net cash used in investing activities | (57,640) | (58,706) |
See accompanying Notes to Unaudited Consolidated Financial Statements
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Capital Bancorp, Inc. and SubsidiariesConsolidated Statements of Cash Flows (unaudited) (Continued)
| Three Months EndedMarch 31, | ||
|---|---|---|
| (in thousands) | 2024 | 2023 |
| Cash flows from financing activities | ||
| Net increase (decrease) in: | ||
| Noninterest-bearing deposits | 48,439 | 31,488 |
| Interest-bearing deposits | 61,260 | 154,814 |
| Federal Home Loan Bank repayments | — | (75,000) |
| Other borrowed funds | (15,000) | — |
| Dividends paid | (1,115) | (850) |
| Repurchase of common stock | (1,399) | (2,719) |
| Net proceeds from exercise of stock options | 107 | 589 |
| Net cash provided by financing activities | 92,292 | 108,322 |
| Net increase in cash and cash equivalents | 31,240 | 59,972 |
| Cash and cash equivalents, beginning of year | $53,964 | 80,415 |
| Cash and cash equivalents, end of period | $85,204 | $140,387 |
| Noncash investing and financing activities: | ||
| Change in unrealized (losses) gains on investments | $(589) | $3,736 |
| Cash paid during the period for: | ||
| Taxes | $36 | $35 |
| Interest | $12,935 | $5,920 |
See accompanying Notes to Unaudited Consolidated Financial Statements
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