Capital Bancorp Reports First Quarter 2021 Net Income of $9.0 million

4/22/21

ROCKVILLE, Md., April 22, 2021 (GLOBE NEWSWIRE) -- Capital Bancorp, Inc. (NASDAQ: CBNK), the holding company for Capital Bank, N.A, today reported net income of $9.0 million, or $0.65 per diluted share, for the first quarter of 2021. By comparison, net income was $2.9 million, or $0.21 per diluted share, for the first quarter of 2020. Return on average assets was 1.87% for the first quarter of 2021, compared to 0.84% for the same period in 2020. Return on average equity was 22.3% for the first quarter of 2021, compared to 8.6% for the same period in 2020.

“Capital Bancorp started the year with solid first quarter results and is well-positioned to continue our profitable growth in 2021,” said Steven Schwartz, Chairman of the Board of the Company. “Investments in technology and personnel continue to drive results and support the Bank’s differentiated and diversified business model that has demonstrated resiliency in a variety of economic environments.”

“Strong performance by all of our business lines delivered another quarter of exceptional revenue and earnings,” said Ed Barry, CEO of the Company. “We continue to navigate through the COVID-19 pandemic and are building substantial long-term momentum across all of our lines of business. We are optimistic about the potential of our investments in technology and infrastructure to support continued profitable growth in a post COVID-19, fintech-enabled world.”

First Quarter 2021 Highlights

Capital Bancorp, Inc.

  • Solid Earnings - The Commercial Bank, Capital Bank Home Loans and OpenSky® all continued to perform well. In the first quarter of 2021, net income of $9.0 million more than tripled from $2.9 million in the first quarter of 2020 as the economy continued to recover from COVID-19. Earnings were $0.65 per diluted share for the three months ended March 31, 2021 compared to $0.21 per share for the same period last year. Book value per common share grew 23.2 percent to $12.14 at March 31, 2021 compared to $9.85 per share at March 31, 2020.
  • Robust Performance Ratios - Return on average assets (“ROAA”) and return on average equity (“ROAE”) were 1.87% and 22.30%, respectively, for the three months ended March 31, 2021 compared to 0.84% and 8.59%, respectively, for the three months ended March 31, 2020.
  • Stable Net Interest Margin - The net interest margin was 5.15% for the three months ended March 31, 2021, which is in line with the 5.16% net interest margin for the same three month period last year.
  • Strong Balance Sheet - As of March 31, 2021, the Company reported a common equity tier 1 capital ratio of 13.81% and an allowance for loan and lease losses (“ALLL”) to total loans ratio of 1.49%, or 1.79% excluding Small Business Administration Payroll Protection Program (“SBA-PPP”) loans.

Commercial Bank

  • Continued Portfolio Loan Growth - Portfolio loans, excluding credit cards, increased by $15.4 million, or 5.1 percent annualized, for the quarter ended March 31, 2021 to $1.23 billion compared to $1.21 billion at December 31, 2020. The quarter over quarter growth was mainly due to strong growth in commercial real estate loans which increased by $40.8 million, or 10.4 percent, despite several large loan payoffs.
  • Growth in Core Deposits and Reduced Cost of Funds - Noninterest bearing deposits increased by $163.4 million, or 26.8 percent, during the quarter ended March 31, 2021, due to increases in OpenSky® and SBA-PPP loan-related deposits. At March 31, 2021, noninterest bearing deposits represented 41.4% of total deposits compared to 36.8% at December 31, 2020 and 27.9% at March 31, 2020. Overall, the cost of interest bearing liabilities was reduced 14 bps, from 0.95% for the quarter ended December 31, 2020 to 0.81% for the quarter ended March 31, 2021. This reduction was primarily due to the Bank’s ongoing strategic initiative to improve its funding mix and to reduce overall rates paid.
  • Proactive Management Improves Credit Metrics - We are gaining more clarity into our customers’ ability to rebound from the impact of COVID-19 and as the recovery begins to take hold, our customers are experiencing increased stability in their financial condition. As a result of the improving economic environment, provisions for loan losses declined from $1.9 million for the three months ended March 31, 2020 to $503 thousand in the first quarter of 2021. Non-performing assets (“NPAs”) decreased to 0.58% of total assets in the first quarter of 2021 compared to 0.61% in the same three month period last year.
  • Stable Core Margin - Net interest margin, excluding OpenSky® and SBA-PPP loans was 3.70% for the three months ended March 31, 2021 compared to 3.80% for the three months ended December 31, 2020.
  • SBA-PPP Loans - SBA-PPP loans, net of $6.4 million in fees, totaled $265.7 million at March 31, 2021 which was comprised of $146.1 million from the 2020 vintage and $119.6 million originated thus far this year. Through March 31, 2021, through the SBA, we have obtained forgiveness for $91.6 million of SBA-PPP loans.
  • COVID-19 Related Deferrals - At March 31, 2021, 25 loans with an outstanding balance of $25.4 million remained in deferred status, compared to 43 loans, with an outstanding balance of $30.5 million on December 31, 2020. The majority of deferred loans are in the Accommodation and Food Services sector and are believed to be well-secured by real estate.
Loan Modifications (1)
(dollars in millions)
March 31, 2021 December 31, 2020 September 30, 2020 June 30, 2020
Deferred Loans Deferred Loans Deferred Loans Deferred Loans
Sector Total Loans Outstanding Balance # of Loans Deferred Balance # of Loans Deferred Balance # of Loans Deferred Balance # of Loans Deferred
Accommodation & Food Services $ 112.0 $ 16.1 15 $ 14.7 16 $ 11.2 14 $ 42.6 36
Real Estate and Rental Leasing 462.7 3.2 4 5.5 10 9.3 16 45.6 67
Other Services Including Private Households 282.7 1.1 3 5.6 11 17.3 36
Educational Services 22.5 9.8 6
Construction 244.6 0.3 1 4.2 6
Professional, Scientific, and Technical Services 80.7 1.1 2 1.4 3 1.1 2 5.0 11
Arts, Entertainment & Recreation 40.5 1.3 1 0.7 2 1.4 2 5.0 9
Retail Trade 25.4 0.3 1 3.0 8
Healthcare & Social Assistance 100.4 0.9 1 0.9 1 4.7 11
Wholesale Trade 16.6 0.9 1
All other (1) 197.2 3.7 3 5.9 7 0.5 2 5.9 13
Total $ 1,585.3 $ 25.4 25 $ 30.5 43 $ 30.3 49 $ 144.0 204

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(1)  Excludes modifications and deferrals made for OpenSky® secured card customers.

Capital Bank Home Loans

  • Strong Mortgage Performance - Despite a seasonally slower first quarter, Capital Bank Home Loans originated $354 million of mortgage loans and generated mortgage banking revenue of $7.7 million compared to $382 million in originations and $8.7 million in revenue for the previous quarter, and $180 million in originations and $3.0 million in revenue for the same three month period of the previous year.
  • Resilient Gain on Sale Margin - The first quarter 2021 gain on sale margin was 3.00%, up from 2.52% for the same quarter last year, as active product management benefited results.

OpenSky®

  • Growth in OpenSky® Accounts Remains Robust - OpenSky® increased customer accounts 13.0 percent with net growth during the quarter of 74 thousand accounts, driving total accounts to 642 thousand at March 31, 2021.
  • Government Stimulus Impacted Results - Government stimulus programs have improved the credit performance of our customer base which resulted in lower outstanding balances, reduced fees and lower delinquencies. As a result of this improvement, OpenSky® loan balances decreased by $18.4 million or 18.1 percent to $83.7 million and late fees were adversely impacted compared to the fourth quarter of 2020. The increase in accounts opened drove 12.1 percent growth in deposit balances to $215.9 million. This most recent customer behavior appears similar in nature to what was observed with the previous issuance of stimulus payments during 2020.
COMPARATIVE FINANCIAL HIGHLIGHTS - Unaudited
Quarter Ended
March 31,
(amounts in thousands except per share data) 2021 2020 % Change
Earnings Summary
Interest income $ 26,638 $ 21,744 22.5 %
Interest expense 2,194 4,057 (45.9 )%
Net interest income 24,444 17,687 38.2 %
Provision for loan losses 503 2,409 (79.1 )%
Noninterest income 13,951 5,535 152.1 %
Noninterest expense 25,767 16,799 53.4 %
Income before income taxes 12,125 4,014 202.1 %
Income tax expense 3,143 1,080 191.0 %
Net income $ 8,982 $ 2,934 206.1 %
Pre-tax pre-provision net revenue (“PPNR”) (2) $ 12,628 $ 6,423 96.6 %
Weighted average common shares - Basic 13,757 13,876 (0.9 )%
Weighted average common shares - Diluted 13,899 14,076 (1.3 )%
Earnings per share - Basic $ 0.65 $ 0.21 208.7 %
Earnings per share - Diluted $ 0.65 $ 0.21 210.0 %
Return on average assets (1) 1.87 % 0.84 % 122.6 %
Return on average assets, excluding impact of SBA-PPP loans (1) (2) 1.60 % 0.84 % 90.5 %
Return on average equity 22.30 % 8.59 % 159.6 %
Quarter Ended Quarter Ended
March 31, 1Q21 vs. 1Q20 December 31, September 30, June 30,
(in thousands except per share data) 2021 2020 % Change 2020 2020 2020
Balance Sheet Highlights
Assets $ 2,091,851 $ 1,507,847 38.7 % $ 1,876,593 $ 1,879,029 $ 1,822,365
Investment securities available for sale 128,023 59,524 115.1 % 99,787 53,992 56,796
Mortgage loans held for sale 60,816 73,955 (17.8 )% 107,154 137,717 116,969
SBA-PPP loans, net of fees (3) 265,712 100.0 % 201,018 233,349 229,646
Portfolio loans receivable (3) 1,312,375 1,187,798 10.5 % 1,315,503 1,244,613 1,211,477
Allowance for loan losses 23,550 15,513 51.8 % 23,434 22,016 18,680
Deposits 1,863,069 1,302,913 43.0 % 1,652,128 1,662,211 1,608,726
FHLB borrowings 22,000 28,889 (23.8 )% 22,000 22,222 25,556
Other borrowed funds 12,062 15,430 (21.8 )% 14,016 17,516 17,392
Total stockholders' equity 167,003 136,080 22.7 % 159,311 149,377 142,108
Tangible common equity (2) 167,003 136,080 22.7 % 159,311 149,377 142,108
Common shares outstanding 13,759 13,817 (0.4 )% 13,754 13,682 13,818
Tangible book value per share (2) $ 12.14 $ 9.85 23.2 % $ 11.58 $ 10.92 $ 10.28

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(1)  Annualized. (2)  Refer to Appendix for reconciliation of non-GAAP measures. (3)  Loans are reflected net of deferred fees and costs.

Operating Results - Comparison of Three Months Ended March 31, 2021 and 2020

For the three months ended March 31, 2021, net interest income increased $6.8 million, or 38.2 percent, to $24.4 million from the same period in 2020, primarily due to an increase in interest earning assets and a decrease in rates on interest bearing liabilities. The net interest margin decreased 1 basis point to 5.15% for the three months ended March 31, 2021 from the same period in 2020. Net interest margin, excluding credit card and SBA PPP loans, was 3.70% for the first quarter of 2021 compared to 3.96% for the same period in 2020. For the three months ended March 31, 2021, average interest earning assets increased $544.3 million, or 39.5 percent, to $1.9 billion as compared to the same period in 2020, and the average yield on interest earning assets decreased 73 basis points. Compared to the same period in the prior year, average interest-bearing liabilities increased $156.7 million, or 16.6 percent, while the average cost decreased 92 basis points to 0.81% from 1.73%.

The provision for loan losses of $503 thousand for the three months ended March 31, 2021 was due primarily to a small number of loan charge-offs, which was offset by improving overall credit metrics. Net charge-offs for the first quarter of 2021 were $388 thousand, or 0.12% of average loans on an annualized basis, compared to $197 thousand, or 0.07% of average loans on an annualized basis, for the first quarter of 2020. The $388 thousand in net charge-offs during the quarter, was comprised of $105 thousand in commercial loans and $283 thousand in credit cards.

For the quarter ended March 31, 2021, noninterest income was $14.0 million, an increase of $8.4 million, or 152 percent from $5.5 million in the prior year quarter. The increase was primarily driven by significant growth in mortgage banking revenues of $4.8 million and credit card fees of $3.9 million resulting from the higher number of credit card accounts.

For the three months ended March 31, 2021, OpenSky’s® net growth was 74 thousand secured credit card accounts, increasing the total number of open accounts to 642 thousand. This compares to 43 thousand new originations for the same period last year, which increased total open accounts to 244 thousand. At March 31, 2021 compared to March 31, 2020, credit card loan balances have increased to $83.7 million from $41.9 million, while the related deposit account balances have increased 155 percent to $215.9 million. The growth in open accounts was primarily driven by enhanced marketing and economic conditions that led consumers to recognize the value and convenience of the Bank's secured credit card product.

The efficiency ratio for the three months ended March 31, 2021 improved to 67.1% compared to 73.5% for the three months ended March 31, 2020 on higher levels of revenue and improved operating leverage.

Noninterest expense was $25.8 million for the three months ended March 31, 2021, as compared to $16.8 million for the three months ended March 31, 2020, an increase of $9.0 million, or 53.4 percent. The increase was primarily driven by a $5.2 million, or 126 percent, increase in data processing expenses, a $1.2 million, or 15.6 percent, increase in salaries and benefits, an increase in professional services of $0.9 million or 111 percent, an increase in loan processing fees of $605 thousand, or 135 percent, and an increase in operating expenses of $1.1 million, or 48.0 percent, quarter over quarter. The increase of $5.2 million in data processing expenses was largely attributable to the higher volume of open credit cards, and increased portfolio and mortgage loan processing volumes during the first quarter of 2021. The Company’s organic growth was supported by a 14.7 percent increase in employees to 265 at March 31, 2021, up from 231 at March 31, 2020. Additionally, operating expenses increased $1.1 million due to increases in marketing and advertising, credit expenses, FDIC insurance and miscellaneous expenses.

Financial Condition

Total assets at March 31, 2021 were $2.1 billion, an increase of 38.7 percent from March 31, 2020. Portfolio loans, which exclude mortgage loans held for sale and SBA-PPP loans, totaled $1.3 billion as of March 31, 2021, an increase of 10.5 percent as compared to $1.2 billion at March 31, 2020.

Total deposits at March 31, 2021 were $1.9 billion, an increase of 43.0 percent as compared to $1.3 billion at March 31, 2020. Noninterest bearing deposits increased by $408.5 million, or 112.4 percent, to $771.9 million at March 31, 2021 compared to the level at March 31, 2020. During the quarter, deposit balances grew in certain fiduciary accounts of title and property management companies, as well as noninterest bearing SBA-PPP loan customers and secured card deposits.

The Company recorded a provision for loan losses of $503 thousand during the three months ended March 31, 2021, which increased the allowance for loan losses to $23.5 million, or 1.49% of total loans (1.79%, excluding SBA-PPP loans, on a non-GAAP basis) at March 31, 2021. This level of reserve provides approximately 267.1% coverage of nonperforming loans at March 31, 2021, compared to the reserve at March 31, 2020 of $15.5 million, or 1.31% of total loans, which represented a coverage ratio of 268%. Nonperforming assets were $12.1 million, or 0.58% of total assets, as of March 31, 2021, up from $9.2 million, or 0.61% of total assets, at March 31, 2020. Of the $12.1 million in total nonperforming assets as of March 31, 2021, nonperforming loans represented $8.8 million and foreclosed real estate totaled $3.3 million. Included in nonperforming loans at March 31, 2021 were troubled debt restructurings of $437 thousand.

Stockholders’ equity increased to $167.0 million as of March 31, 2021, compared to $136.1 million at March 31, 2020. This increase was primarily attributable to earnings during the period. As of March 31, 2021, the Bank’s capital ratios continued to exceed the regulatory requirements for a “well-capitalized” institution.
Consolidated Statements of Income (Unaudited)
Three Months Ended March 31,
(in thousands) 2021 2020
Interest income
Loans, including fees $ 26,068  $ 21,074
Investment securities available for sale 478  340
Federal funds sold and other 92  330
Total interest income 26,638  21,744
Interest expense
Deposits 2,006  3,613
Borrowed funds 188  444
Total interest expense 2,194  4,057
Net interest income 24,444  17,687
Provision for loan losses 503  2,409
Net interest income after provision for loan losses 23,941  15,278
Noninterest income
Service charges on deposits 147  149
Credit card fees 5,940  2,008
Mortgage banking revenue 7,743  2,973
Other fees and charges 120  405
Total noninterest income 13,951  5,535
Noninterest expenses
Salaries and employee benefits 8,568  7,413
Occupancy and equipment 1,129  1,178
Professional fees 1,624  770
Data processing 9,311  4,117
Advertising 833  636
Loan processing 1,052  447
Other real estate expenses, net 45
Other operating 3,246  2,193
Total noninterest expenses 25,767  16,799
Income before income taxes 12,125  4,014
Income tax expense 3,143  1,080
Net income $ 8,982  $ 2,934
Consolidated Balance Sheets
(in thousands except share data) (unaudited) March 31, 2021 December 31, 2020
Assets
Cash and due from banks $ 22,678  $ 18,456
Interest bearing deposits at other financial institutions 294,777  126,081
Federal funds sold 567  2,373
Total cash and cash equivalents 318,022  146,910
Investment securities available for sale 128,023  99,787
Restricted investments 3,723  3,958
Loans held for sale 60,816  107,154
U.S. Small Business Administration Payroll Protection Program (“SBA-PPP”) loans receivable, net of fees 265,712  201,018
Portfolio loans receivable, net of deferred fees and costs and net of allowance for loan losses of $23,550 and $23,434 1,288,825  1,292,068
Premises and equipment, net 4,004  4,464
Accrued interest receivable 8,104  8,134
Deferred income taxes, net 7,430  6,818
Other real estate owned 3,293  3,326
Other assets 3,899  2,956
Total assets $ 2,091,851  $ 1,876,593
Liabilities
Deposits
Noninterest bearing $ 771,924  $ 608,559
Interest bearing 1,091,145  1,043,569
Total deposits 1,863,069  1,652,128
Federal Home Loan Bank advances 22,000  22,000
Other borrowed funds 12,062  14,016
Accrued interest payable 1,210  1,134
Other liabilities 26,507  28,004
Total liabilities 1,924,848  1,717,282
Stockholders’ equity
Common stock, $.01 par value; 49,000,000 shares authorized; 13,759,218 and 13,753,529 issued and outstanding 138  138
Additional paid-in capital 51,042  50,602
Retained earnings 115,805  106,854
Accumulated other comprehensive income 18  1,717
Total stockholders’ equity 167,003  159,311
Total liabilities and stockholders’ equity $ 2,091,851  $ 1,876,593

The following table shows the average outstanding balance of each principal category of our assets, liabilities and stockholders’ equity, together with the average yields on our assets and the average costs of our liabilities for the periods indicated. Such yields and costs are calculated by dividing the annualized income or expense by the average daily balances of the corresponding assets or liabilities for the same period.

Three Months Ended March 31,
2021 2020
Average Outstanding Balance Interest Income/ Expense Average Yield/ Rate(1) Average Outstanding Balance Interest Income/ Expense Average Yield/ Rate(1)
(Dollars in thousands)
Assets
Interest earning assets:
Interest bearing deposits $ 205,799  $ 49  0.10  % $ 96,622 $ 259 1.08 %
Federal funds sold 3,871  —  0.01  1,068 4 1.45
Investment securities available for sale 106,704  478  1.82  60,396 340 2.26
Restricted stock 3,906  43  4.43  3,918 67 6.87
Loans held for sale 72,460  481  2.69  42,105 366 3.49
SBA-PPP loans receivable 232,371  2,205  3.85 
Portfolio loans receivable (2) 1,298,352  23,382  7.30  1,175,090 20,708 7.09
Total interest earning assets 1,923,463  26,638  5.62  1,379,199 21,744 6.34
Noninterest earning assets 25,803  18,099
Total assets $ 1,949,266  $ 1,397,298
Liabilities and Stockholders’ Equity
Interest bearing liabilities:
Interest bearing demand accounts $ 256,958  68  0.11  $ 143,875 228 0.64
Savings 5,631  0.05  4,409 3 0.30
Money market accounts 471,154  530  0.46  446,928 1,687 1.52
Time deposits 332,660  1,407  1.72  304,053 1,695 2.24
Borrowed funds 35,343  188  2.15  45,757 444 3.90
Total interest bearing liabilities 1,101,746  2,194  0.81  945,022 4,057 1.73
Noninterest bearing liabilities:
Noninterest bearing liabilities 24,059  19,835
Noninterest bearing deposits 660,086  295,060
Stockholders’ equity 163,375  137,381
Total liabilities and stockholders’ equity $ 1,949,266  $ 1,397,298
Net interest spread 4.81  % 4.61 %
Net interest income $ 24,444  $ 17,687
Net interest margin (3) 5.15  % 5.16 %

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(1)  Annualized. (2)  Includes nonaccrual loans. (3)  For the three months ended March 31, 2021 and March 31, 2020, collectively, SBA-PPP loans and credit card loans accounted for 145 and 120 basis points of the reported net interest margin, respectively.

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HISTORICAL FINANCIAL HIGHLIGHTS - Unaudited
Quarter Ended
(Dollars in thousands except per share data) March 31, 2021 December 31, 2020 September 30, 2020 June 30, 2020 March 31, 2020
Earnings:
Net income $ 8,982 $ 9,689 $ 8,438 $ 4,761 $ 2,934
Earnings per common share, diluted 0.65 0.71 0.61 0.34 0.21
Net interest margin 5.15 % 5.57 % 5.01 % 4.72 % 5.16 %
Net interest margin, excluding credit cards & SBA-PPP loans (1) 3.70 % 3.80 % 3.84 % 3.96 % 3.96 %
Return on average assets (2) 1.87 % 2.08 % 1.89 % 1.19 % 0.84 %
Return on average assets, excluding impact of SBA-PPP loans (1)(2) 1.60 % 1.88 % 1.80 % 1.04 % 0.84 %
Return on average equity (2) 22.30 % 25.26 % 23.28 % 13.70 % 8.59 %
Efficiency ratio 67.11 % 66.63 % 65.17 % 69.74 % 73.53 %
Balance Sheet:
Portfolio loans receivable (3) $ 1,312,375 $ 1,315,503 $ 1,244,613 $ 1,211,477 $ 1,187,798
Deposits 1,863,069 1,652,128 1,662,211 1,608,726 1,302,913
Total assets 2,091,851 1,876,593 1,879,029 1,822,365 1,507,847
Asset Quality Ratios:
Nonperforming assets to total assets 0.58 % 0.67 % 0.79 % 0.50 % 0.61 %
Nonperforming assets to total assets, excluding the SBA-PPP loans (1) 0.66 % 0.75 % 0.90 % 0.58 % 0.61 %
Nonperforming loans to total loans 0.56 % 0.61 % 0.78 % 0.41 % 0.49 %
Nonperforming loans to portfolio loans (1) 0.67 % 0.70 % 0.92 % 0.48 % 0.49 %
Net charge-offs to average portfolio loans (1)(2) 0.12 % 0.19 % 0.06 % 0.05 % 0.07 %
Allowance for loan losses to total loans 1.49 % 1.54 % 1.49 % 1.30 % 1.31 %
Allowance for loan losses to portfolio loans (1) 1.79 % 1.78 % 1.77 % 1.54 % 1.31 %
Allowance for loan losses to non-performing loans 267.07 % 253.71 % 191.78 % 318.25 % 268.13 %
Bank Capital Ratios:
Total risk based capital ratio 13.55 % 12.60 % 12.74 % 12.35 % 12.18 %
Tier 1 risk based capital ratio 12.29 % 11.34 % 11.48 % 11.10 % 10.93 %
Leverage ratio 7.54 % 7.45 % 7.44 % 7.73 % 8.61 %
Common equity Tier 1 capital ratio 12.29 % 11.34 % 11.48 % 11.10 % 10.93 %
Tangible common equity 7.01 % 7.43 % 7.09 % 6.91 % 8.03 %
Holding Company Capital Ratios:
Total risk based capital ratio 16.07 % 15.19 % 15.35 % 15.02 % 13.63 %
Tier 1 risk based capital ratio 13.98 % 13.10 % 12.93 % 12.58 % 12.38 %
Leverage ratio 8.84 % 8.78 % 8.63 % 8.85 % 9.83 %
Common equity Tier 1 capital ratio 13.81 % 12.94 % 12.75 % 12.39 % 12.19 %
Tangible common equity 7.98 % 8.48 % 7.95 % 7.80 % 11.08 %
Composition of Loans:
Residential real estate $ 420,460 $ 437,860 $ 422,698 $ 437,429 $ 430,870
Commercial real estate 433,336 392,550 372,972 364,071 360,601
Construction real estate 221,277 224,904 227,661 212,957 204,047
Commercial and industrial - Other 149,914 157,127 134,889 142,673 151,551
SBA-PPP loans 272,090 204,920 238,735 236,325
Credit card 83,740 102,186 84,964 54,732 41,881
Other consumer loans 4,487 1,649 2,268 947 1,103
Composition of Deposits:
Noninterest bearing $ 771,924 $ 608,559 $ 596,239 $ 563,995 $ 363,423
Interest bearing demand 300,992 257,126 247,150 268,150 175,924
Savings 6,012 4,800 4,941 5,087 4,290
Money Markets