What changed in this filing

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Item 5. Market for Registrant’s Common Equity

2022-02-09 compared with 2021-02-09 · 1 added, 67 removed, 13 unchanged (84% of the section changed)

2 unchanged sentences

On February 8, 2022, there were approximately 158 holders of record of our common stock.

We have not paid any cash dividends on our common stock since we commenced operations and have no plans to do so in the foreseeable future.

Stock Performance Graph

8 unchanged sentences

Nasdaq Bank Index (CBNK) 100.00 103.66 85.75 103.79 93.14 129.47

SELECTED CONSOLIDATED FINANCIAL DATA

You should read the selected financial data presented below in conjunction with “Management’s Discussion and Analysis of Financial Condition and Results of Operations” and our consolidated financial statements and the related notes appearing elsewhere in this Form 10-K.

At or For the Year Ended December 31,

(in thousands) 2020 2019 2018 2017 2016

Consolidated Operating Data

Interest income $ 1,056,912 $ 1,365,312 $ 1,164,193 $ 879,299 $ 703,408

Interest expense 188,086 385,592 249,333 117,971 63,594

Net interest income 868,826 979,720 914,860 761,328 639,814

Provision for credit losses 258,000 75,000 87,000 44,000 77,000

Net interest income after provision for credit losses 610,826 904,720 827,860 717,328 562,814

Non-interest income 185,516 92,440 78,024 74,256 60,780

Non-interest expense 704,396 600,850 532,533 466,858 384,097

Income before income taxes 91,946 396,310 373,351 324,726 239,497

Income tax expense 25,657 84,295 79,964 128,645 86,078

Net income 66,289 312,015 293,387 196,081 153,419

Preferred stock dividends 9,750 9,750 9,750 9,750 9,750

Net income available to common stockholders $ 56,539 $ 302,265 $ 283,637 $ 186,331 $ 143,669

Consolidated Balance Sheet Data

Total assets $ 37,726,096 $ 32,548,069 $ 28,257,767 $ 25,075,645 $ 21,697,134

Loans held for sale 283,165 2,577,134 1,969,474 1,011,004 968,929

Loans held for investment (LHI) 15,351,451 16,476,413 16,690,550 15,366,252 13,001,011

Loans held for investment, mortgage finance 9,079,409 8,169,849 5,877,524 5,308,160 4,497,338

Liquidity assets(1) 9,032,807 4,263,766 2,865,874 2,727,581 2,725,645

Investment securities 3,196,970 239,871 120,216 23,511 24,874

Demand deposits 12,740,947 9,438,459 7,317,161 7,812,660 7,994,201

Total deposits 30,996,589 26,478,593 20,606,113 19,123,180 17,016,831

Federal funds purchased and repurchase agreements 111,751 141,766 641,174 365,040 109,575

Other borrowings 3,000,000 2,400,000 3,900,000 2,800,000 2,000,000

Subordinated notes 282,490 282,129 281,767 281,406 281,044

Trust preferred subordinated debentures 113,406 113,406 113,406 113,406 113,406

Stockholders’ equity 2,871,224 2,801,321 2,480,308 2,190,072 1,997,890

(1) Liquidity assets include federal funds sold and interest-bearing deposits in other banks.

At or For the Year Ended December 31,

2020 2019 2018 2017 2016

Other Financial Data

Income per share

Basic $ 1.12 $ 6.01 $ 5.68 $ 3.76 $ 3.10

Diluted 1.12 5.99 5.64 3.71 3.07

Book value per common share 53.92 52.67 46.42 41.09 37.33

Tangible book value per common share(1) 53.57 52.31 46.05 40.71 36.93

Weighted average shares

Basic 50,430,326 50,286,300 49,936,702 49,587,169 46,239,210

Diluted 50,582,979 50,419,204 50,272,872 50,259,834 46,765,902

Selected Financial Ratios

Performance Ratios

Net interest margin 2.39 % 3.28 % 3.78 % 3.49 % 3.14 %

Return on average assets 0.18 % 1.01 % 1.16 % 0.86 % 0.73 %

Return on average common equity 2.10 % 11.95 % 12.80 % 9.46 % 9.16 %

Efficiency ratio(2) 66.81 % 56.04 % 53.63 % 55.87 % 54.82 %

Non-interest expense to average earning assets 1.93 % 2.00 % 2.19 % 2.12 % 1.88 %

Asset Quality Ratios

Allowance for credit losses on loans to LHI 1.04 % 0.79 % 0.85 % 0.89 % 0.96 %

Net charge-offs (recoveries) to average LHI 0.80 % 0.31 % 0.37 % 0.16 % 0.29 %

Allowance for credit losses on loans to non-accrual loans 2.1x .9x 2.4x 1.8x 1.0x

Non-accrual loans to LHI 0.50 % 0.91 % 0.36 % 0.49 % 0.96 %

Total NPAs to LHI plus OREO 0.50 % 0.91 % 0.36 % 0.55 % 1.07 %

Capital and Liquidity Ratios

CET1 9.35 % 8.88 % 8.58 % 8.45 % 8.97 %

Total capital ratio 12.09 % 11.37 % 11.31 % 11.50 % 12.48 %

Tier 1 capital ratio 10.25 % 9.75 % 9.53 % 9.52 % 10.23 %

Tier 1 leverage ratio 7.52 % 8.42 % 9.87 % 9.15 % 9.34 %

Total common equity to total assets 7.21 % 8.15 % 8.25 % 8.14 % 8.52 %

Tangible common equity to total tangible assets(3) 7.13 % 8.07 % 8.18 % 8.06 % 8.43 %

Average LHI, net to average total deposits 80.07 % 95.73 % 102.74 % 97.56 % 95.82 %

(1) Stockholders' equity excluding preferred stock, less goodwill and intangibles, divided by shares outstanding at period end.

(2) Non-interest expense divided by the sum of net interest income and non-interest income.

(3) Stockholders' equity excluding preferred stock, less accumulated other comprehensive income and goodwill and intangibles, divided by total assets, less accumulated other comprehensive income and goodwill and intangibles.

Compared sentence by sentence after normalising whitespace, quotation marks, case and digits, so re-formatting and restated figures do not read as changed language. Wording changes appear as one removal and one addition. The current filing and the prior one are authoritative.

What changed 10-K

Item 5. Market for Registrant’s Common Equity