Capital Bancorp Q2 net income, EPS beat estimates as loans and deposits grow
CBNK•Outlook and analyst coverage
The company did not provide specific financial guidance for the current or future periods.
The current average analyst rating on the shares is "buy" and the breakdown of recommendations is 3 "strong buy" or "buy", 1 "hold" and no "sell" or "strong sell".
The average consensus recommendation for the banks peer group is "hold".
Wall Street's median 12-month price target for Capital Bancorp Inc is $35.00, about 3.1% below its July 24 closing price of $36.13.
The stock recently traded at 10 times the next 12-month earnings vs. a P/E of 9 three months ago.
Quarterly results beat expectations
Capital Bancorp said second-quarter net income and diluted earnings per share rose, both beating analyst expectations.
| Metric | Beat/Miss | Actual | Consensus Estimate |
|---|---|---|---|
| Q2 EPS Diluted | Beat | $0.87 | $0.82 (4 Analysts) |
| Q2 Net Income | Beat | $14.3 mln | $13.54 mln (4 Analysts) |
| Q2 Net Interest Income | $50.9 mln | ||
| Q2 Credit Loss Provision | $3.6 mln |
Loan and deposit growth drove the quarter
The U.S. regional bank said Q2 loan growth was broad-based across the portfolio, with customer deposits rising sharply, especially in money market and demand accounts.
Higher government loan servicing and packaging revenue, increased mortgage banking revenue, and contributions from the new SBA team and Windsor drove 29.6% annualized fee income growth.
