Despite net income of $14.2M in 2026Q2, operating cash flow turned negative at -$5.0M, indicating earnings growth is not translating into consistent cash generation and is being offset by active portfolio management.
Capital Bancorp, Inc. (CBNK) cash flow statement — 14-year operating, investing & financing cash flows
| Metric | TTM | Dec'25 | Dec'24 | Dec'23 | Dec'22 | Dec'21 | Dec'20 | Dec'19 | Dec'18 | Dec'17 | Dec'16 | Dec'15 | Dec'06 | Dec'05 | Dec'04 |
|---|
| Cash from Operations | 68.1M | 69.72M | 34.93M | 47.42M | 51.39M | 132.08M | 5.46M | -27.21M | 28.3M | 34.81M | 7.54M | 16.67M | 7.05M | 5.71M | 5.14M |
| Operating CF Growth % | 7138.75% | 99.62% | -26.34% | -7.73% | -61.09% | 2320.3% | 120.05% | -196.15% | -18.71% | 361.99% | -54.79% | 136.27% | 23.62% | 11.05% | - |
| Net Income | 56.37M | 57.17M | 30.97M | 35.87M | 41.8M | 39.98M | 25.82M | 16.89M | 12.77M | 7.11M | 9.44M | 7.49M | 4.18M | 3.22M | 3.37M |
| Depreciation & Amortization | 4.86M | 3.87M | 2.21M | 473K | 1.43M | 1.21M | 1.89M | 2.35M | 1.08M | 983K | 966.08K | 929.35K | 1.11M | 505K | 409K |
| Deferred Taxes | -144K | 1.1M | -1.81M | 142K | 1.24M | -1.93M | -3.17M | -839K | -141K | -239K | -1.26M | -120.86K | 0 | 0 | 0 |
| Other Non-Cash Items | 7.17M | 8.49M | 70K | 8.96M | 15.44M | 96.33M | -23.09M | -48.89M | 11.27M | 27.12M | 5.32M | 2.56M | 518K | 1.58M | 1.51M |
| Working Capital Changes | -2.81M | -2.51M | 1.59M | 215K | -10.19M | -4.86M | 3.02M | 2.48M | 2.75M | -663K | -7.57M | 5.45M | 1.24M | 401K | -150K |
| Cash from Investing | -354.67M | -350.88M | -269.95M | -130.84M | -198.46M | -238.23M | -385.51M | -187.98M | -109.26M | -133.37M | -137.15M | -131.71M | -89.54M | -97.45M | -92.54M |
| Purchase of Investments | -73.98M | -54.88M | -65.4M | -6.96M | -113.08M | -169.67M | -53.93M | -38.59M | 0 | -12.81M | -22.88M | -9.15M | -22.18M | -12.47M | -35.12M |
| Sale/Maturity of Investments | 85.8M | 56.11M | 53.21M | 55.99M | 23.85M | 80.42M | 17.01M | 25.45M | 6.39M | 6.2M | 13.48M | 8.95M | 11.66M | 14.08M | 20.44M |
| Net Investment Activity | 11.82M | 1.23M | -12.19M | 49.03M | -89.23M | -89.26M | -36.92M | -13.14M | 6.39M | -6.61M | -9.4M | -209.12K | -10.52M | 1.61M | -14.68M |
| Acquisitions | 0 | 0 | 65.17M | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 20K |
| Other Investing | -363.63M | -349.74M | -320.78M | -177.71M | -107.67M | -148.95M | -348.33M | -174.49M | -113.92M | -125.34M | -127.07M | -129.54M | -77.83M | -97.97M | -77.74M |
| Cash from Financing | 430.23M | 331.39M | 386.39M | 56.97M | 44.09M | 142.64M | 412.14M | 295.29M | 63.37M | 112.73M | 147.61M | 115.73M | 84.06M | 95.71M | 88.44M |
| Dividends Paid | -7.89M | -7.3M | -5.28M | -3.92M | -3.08M | -1.38M | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 |
| Share Repurchases | -11.84M | -11.73M | -1.4M | -8.83M | 0 | 0 | -3.72M | -371K | -45K | -512K | -3.42M | -1.38M | 0 | 0 | 0 |
| Stock Issued | 1.78M | 1.16M | 0 | 0 | 0 | 967K | 0 | 0 | 19.96M | 0 | 0 | 0 | 951K | 235K | 1.82M |
| Net Stock Activity | -10.06M | -10.57M | -1.4M | -8.83M | 0 | 967K | -3.72M | -371K | 19.92M | -512K | -3.42M | -1.38M | 951K | 235K | 1.82M |
| Debt Issuance (Net) | 1000K | 1000K | -1000K | -1000K | 1000K | -1000K | -1000K | 1000K | 0 | -1000K | -1000K | -1000K | -1000K | -1000K | 1000K |
| Other Financing | 430.17M | 331.26M | 408.07M | 139.72M | -37.83M | 145.01M | 427.63M | 265.44M | 43.46M | 117.24M | 159M | 128.88M | 86.28M | 98.64M | 55.8M |
| Net Change in Cash | 143.65M | 50.23M | 151.37M | -26.45M | -102.98M | 36.48M | 32.09M | 80.1M | -17.59M | 14.18M | 17.99M | 694.61K | 0 | 0 | 0 |
| Exchange Rate Effect | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 |
| Cash at Beginning | 399.31M | 205.33M | 53.96M | 80.42M | 183.4M | 146.91M | 114.82M | 34.72M | 52.31M | 38.13M | 20.15M | 19.45M | 0 | 0 | 0 |
| Cash at End | 418.25M | 255.56M | 205.33M | 53.96M | 80.42M | 183.4M | 146.91M | 114.82M | 34.72M | 52.31M | 38.13M | 20.15M | 0 | 0 | 0 |
| Interest Paid | 49.01M | 65.53M | 54.74M | 37.13M | 9.48M | 7.21M | 13.85M | 15.61M | 10.76M | 7.45M | 0 | 0 | 0 | 0 | 0 |
| Income Taxes Paid | 1.98M | 18.75M | 9.1M | 7.7M | 11.73M | 15.92M | 12M | 5.45M | 2.65M | 7.99M | 0 | 0 | 0 | 0 | 0 |
| Free Cash Flow | 65.23M | 67.35M | 32.77M | 45.26M | 49.84M | 132.05M | 5.19M | -27.52M | 26.57M | 33.39M | 6.87M | 14.71M | 5.87M | 4.61M | 4.99M |
| FCF Growth % | 56.33% | 105.52% | -27.6% | -9.19% | -62.26% | 2444.35% | 118.86% | -203.57% | -20.44% | 386.39% | -53.34% | 150.83% | 27.13% | -7.55% | - |
Quick answers to the most common questions about buying CBNK stock.
Capital Bancorp, Inc. (CBNK) generated $69.7M in net cash from operating activities in 2025. This reflects the cash generated directly from core business operations.
Capital Bancorp, Inc. (CBNK) generated $67.3M in free cash flow in 2025. Free cash flow is the cash left over after capital expenditures, which can be used to pay dividends, repurchase shares, or pay down debt.
Capital Bancorp, Inc. (CBNK) spent $2.4M on capital expenditures in 2025. CapEx represents the cash invested in physical assets like property, plant, and equipment to maintain or grow the business.
In 2025, Capital Bancorp, Inc. (CBNK) returned $7.3M to shareholders via cash dividends and spent $11.7M on share repurchases. This shows the company's commitment to returning capital to its equity investors.
Key Metrics
Top Statement Risk
Operating cash flow volatility
Metrics are mathematically derived from official filings.
Earnings Growth Outpaces Cash Conversion
Despite net income rising 115% year-over-year to $14.2M in 2026Q2, operating cash flow turned negative at -$5.0M, suggesting the bank's earnings growth is not yet translating into consistent, high-quality cash generation for capital building.
The OCF/NI ratio has been highly volatile, swinging from 3.44 in 2024Q4 to -0.35 in 2026Q2, indicating that the bank's reported profitability is heavily influenced by non-cash items or timing differences in balance sheet activity. This inconsistency in cash conversion warrants monitoring, as it may limit the bank's ability to organically fund growth or absorb unexpected losses without tapping external capital markets.
Active Portfolio Management Drains Liquidity
In 2026Q2, the bank deployed $41.5M into investment securities while realizing $52.3M from sales, resulting in a net $10.8M cash inflow from portfolio turnover, which appears to be a key source of liquidity to offset negative operating cash flow.
The pattern of significant purchases followed by larger sales suggests the bank is actively managing its securities portfolio, potentially to realize gains, manage duration, or free up liquidity. This activity has been a consistent source of cash, with net sales providing over $100M cumulatively over the last ten quarters, which may indicate a strategic shift towards a more liquid, trading-oriented portfolio posture.
Loan Growth Consumes Significant Cash
The bank's loan loss provision expense was $0 in 2026Q2, a sharp decline from $8.0M in 2024Q4, which aligns with the prior finding of credit cost normalization and suggests the loan book may be stabilizing after a period of heightened stress.
The absence of provision expense in recent quarters, after a peak in 2024Q4, implies management believes the credit cycle has turned. However, the cash flow statement does not provide direct data on loan originations or deposit inflows, making it difficult to assess whether loan growth is being funded by stable core deposits or more volatile wholesale sources.
Dividend Commitment Steady Amid Buyback Shift
The bank has maintained a consistent quarterly dividend of $2.0M since 2025Q4, while share repurchases have been minimal and erratic, suggesting a prioritization of dividend stability over aggressive capital return via buybacks.
The dividend payout appears sustainable relative to recent net income levels, consuming only 14% of 2026Q2 earnings. The sporadic and small-scale buyback activity, including a net $312K repurchase in 2025Q3 followed by larger outflows, indicates that share repurchases are not a primary capital management tool, which may reflect a focus on preserving capital for balance sheet growth.
Deposit Dynamics Remain Opaque
The cash flow statement provides no direct insight into deposit composition or stability, leaving investors unable to assess the quality of the bank's core funding base or its sensitivity to rising rates.
For a regional bank, the absence of deposit flow data is a significant analytical gap. The prior income statement analysis noted NIM compression from rising funding costs, but without cash flow data on interest-bearing vs. non-interest-bearing deposit trends, it is impossible to determine if the bank is experiencing deposit beta pressure or a mix shift towards more expensive funding.
Cash Flow Statement Hides Key Risks
The negative operating cash flow in 2026Q2, despite strong net income, may mask underlying balance sheet stress, such as the need to fund loan growth or meet deposit outflows through less stable sources.
The cash flow statement does not disclose the bank's level of unused credit commitments, potential unrealized losses in the available-for-sale securities portfolio (AOCI), or the maturity profile of its wholesale funding. These off-balance-sheet and fair value items could represent material risks that are not visible in the cash flow data, particularly in a rising rate environment where deposit stability and securities valuations are under pressure.