CapStar Financial Holdings, Inc. (“CapStar”)
(NASDAQ:CSTR) reported net income of $2.9 million, or $0.23 per
share on a fully diluted basis, for the three months ended December
31, 2016, compared to $2.1 million, or $0.20 per share, for the
three months ended December 31, 2015. For the year ended
December 31, 2016, CapStar reported net income of $9.1 million, or
$0.81 per share on a fully diluted basis, compared to $7.6 million,
or $0.73 per share, for the year ended December 31, 2015.
“CapStar experienced an exciting year in 2016 with the
completion of our initial public offering in September,” said
Claire W. Tucker, president and chief executive officer of CapStar.
“Our team of experienced bankers did an excellent job delivering
sound, profitable growth as evidenced by 19% growth in loans and
leases and 38% growth in demand and NOW deposits. In addition, 2016
was a record year for net income, excluding the reversal of our
valuation allowance of our deferred tax asset in 2012.”
Profitability
- Return on average assets ("ROAA") for the three months ended
December 31, 2016 was 0.88% compared to 0.73% for the same period
in 2015. ROAA for 2016 was 0.72% compared to 0.66% in 2015.
- Return on average equity ("ROAE") for the three months ended
December 31, 2016 was 8.35% compared to 7.61% for the same period
in 2015. ROAE for 2016 was 7.57% compared to 7.08% in
2015.
- The net interest margin (“NIM”) for the three months ended
December 31, 2016 was 3.17% compared to 3.22% for the same period
in 2015. NIM for 2016 was 3.17% compared to 3.19% in
2015.
- The efficiency ratio for the three months ended December 31,
2016 was 65.8% compared to 68.1% for the same period in 2015.
The efficiency ratio for 2016 was 66.9% compared to 71.0% in
2015.
Growth
- Average gross loans and leases for the quarter increased 18.7%,
to $939 million for the three months ended December 31, 2016
compared to $791 million for the same period in 2015.
- Average total deposits for the quarter increased 17.0%, to $1.1
billion for the three months ended December 31, 2016 compared to
$973 million for the same period in 2015.
- Average Demand and NOW deposits for the quarter increased
38.1%, to $482 million for the three months ended December 31, 2016
compared to $349 million for the same period in 2015.
- Mortgage loan originations increased 36.2%, to $128 million for
the three months ended December 31, 2016 compared to $94 million
for the same period in 2015.
“By many measures, 2016 was a successful year. Our team produced
13% revenue growth, contained expense growth to 7%,
maintained sound credit quality, and delivered 20% net income
growth. We believe our shareholders will be similarly pleased
with these results,” said Rob Anderson, chief financial officer and
chief administrative officer of CapStar.
Soundness
- The allowance for loan and lease losses represented 1.24% of
total loans at December 31, 2016 compared to 1.25% at December 31,
2015.
- Non-performing assets as a percent of total loans and other
real estate owned was 0.39% at December 31, 2016 compared to 0.36%
at December 31, 2015.
- Net recoveries totaled 0.02% for the three months ended
December 31, 2016 compared to 0.04% for the same period in
2015. Net charge-offs for the year ended December 31, 2016
totaled 0.15% compared to 0.36% for the same period in
2015.
- The total risk based capital ratio increased to 12.6% at
December 31, 2016 compared to 11.42% at December 31, 2015.
Conference Call and Webcast Information
CapStar will host a conference call and webcast at 5:00 p.m.
Central Time on Monday, January 30, 2017. During the call,
management will review the fourth quarter results and operational
highlights. Interested parties may listen to the call by
dialing (844) 412-1002. The conference ID number is 50977213.
A simultaneous webcast may be accessed on CapStar’s website
at www.capstarbank.com. An archived version of the
webcast will be available in the same location shortly after the
live call has ended.
About CapStar Financial Holdings, Inc.
CapStar Financial Holdings, Inc. is a bank holding company
headquartered in Nashville, Tennessee, and operates primarily
through its wholly owned subsidiary, CapStar Bank, a
Tennessee-chartered state bank. CapStar Bank is a commercial
bank that seeks to establish and maintain comprehensive
relationships with its clients by delivering customized and
creative banking solutions and superior client service. As of
December 31, 2016, on a consolidated basis, CapStar had total
assets of $1.3 billion, net loans of $923.6 million, total deposits
of $1.1 billion, and shareholders’ equity of $139.2 million.
Visit www.capstarbank.com for more information.
Forward-Looking Statements
Certain statements in this earnings release are forward-looking
statements that reflect CapStar’s current views with respect to,
among other things, future events and CapStar’s financial and
operational performance. These statements are often, but not
always, made through the use of words or phrases such as “may,”
“should,” “could,” “predict,” “potential,” “believe,” “will likely
result,” “expect,” “continue,” “will,” “anticipate,” “seek,”
“estimate,” “intend,” “plan,” “project,” “projection,” “forecast,”
“goal,” “target,” “would,” and “outlook,” or the negative version
of those words or other comparable words of a future or
forward-looking nature. These forward-looking statements are not
historical facts, and are based on current expectations, estimates
and projections about CapStar’s industry, management’s beliefs and
certain assumptions made by management, many of which, by their
nature, are inherently uncertain and beyond CapStar’s control. The
inclusion of these forward-looking statements should not be
regarded as a representation by CapStar or any other person that
such expectations, estimates and projections will be achieved.
Accordingly, CapStar cautions you that any such forward-looking
statements are not guarantees of future performance and are subject
to risks, assumptions and uncertainties that are difficult to
predict. Although CapStar believes that the expectations reflected
in these forward-looking statements are reasonable as of the date
made, actual results may prove to be materially different from the
results expressed or implied by the forward-looking statements.
There are or will be important factors that could cause CapStar’s
actual results to differ materially from those indicated in these
forward-looking statements, including, but not limited to, the risk
factors previously disclosed in the “Risk Factors” section included
in our prospectus filed with the SEC on September 23, 2016 pursuant
to Rule 424(b)(4) under the Securities Act. If one or
more events related to these or other risks or uncertainties
materialize, or if CapStar’s underlying assumptions prove to be
incorrect, actual results may differ materially from our
forward-looking statements. Accordingly, you should not place undue
reliance on any such forward-looking statements. Any
forward-looking statement speaks only as of the date of this
earnings release, and CapStar does not undertake any obligation to
publicly update or review any forward-looking statement, whether as
a result of new information, future developments or otherwise,
except as required by law. New risks and uncertainties may emerge
from time to time, and it is not possible for CapStar to predict
their occurrence or how they will affect CapStar.
CAPSTAR FINANCIAL HOLDINGS, INC. AND
SUBSIDIARY
Consolidated Statements of Income
(unaudited)
Fourth Quarter 2016 Earnings Release
|
|
Three Months Ended |
|
|
Year Ended |
|
|
|
December 31, |
|
|
December 31, |
|
|
|
2016 |
|
|
2015 |
|
|
2016 |
|
|
2015 |
|
Interest income: |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Loans,
including fees |
|
$ |
10,680,975 |
|
|
$ |
9,009,779 |
|
|
$ |
40,212,379 |
|
|
$ |
34,844,200 |
|
Securities: |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Taxable |
|
|
851,621 |
|
|
|
874,971 |
|
|
|
3,447,684 |
|
|
|
4,152,507 |
|
Tax-exempt |
|
|
316,800 |
|
|
|
277,980 |
|
|
|
1,158,061 |
|
|
|
1,080,008 |
|
Federal
funds sold |
|
|
7,052 |
|
|
|
5,342 |
|
|
|
19,159 |
|
|
|
18,480 |
|
Restricted equity securities |
|
|
71,332 |
|
|
|
67,997 |
|
|
|
280,985 |
|
|
|
268,171 |
|
Interest-bearing deposits in financial institutions |
|
|
79,454 |
|
|
|
35,304 |
|
|
|
276,488 |
|
|
|
140,367 |
|
Total
interest income |
|
|
12,007,234 |
|
|
|
10,271,373 |
|
|
|
45,394,756 |
|
|
|
40,503,733 |
|
Interest expense: |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Interest-bearing deposits |
|
|
393,486 |
|
|
|
214,335 |
|
|
|
1,489,470 |
|
|
|
748,082 |
|
Savings
and money market accounts |
|
|
718,660 |
|
|
|
693,235 |
|
|
|
2,859,064 |
|
|
|
2,732,985 |
|
Time
deposits |
|
|
518,398 |
|
|
|
466,514 |
|
|
|
2,084,771 |
|
|
|
2,031,267 |
|
Federal
funds purchased |
|
|
694 |
|
|
|
9,083 |
|
|
|
21,612 |
|
|
|
23,687 |
|
Securities sold under agreements to repurchase |
|
|
— |
|
|
|
1,894 |
|
|
|
1,311 |
|
|
|
14,625 |
|
Federal
Home Loan Bank advances |
|
|
195,723 |
|
|
|
48,865 |
|
|
|
475,308 |
|
|
|
179,866 |
|
Total
interest expense |
|
|
1,826,961 |
|
|
|
1,433,926 |
|
|
|
6,931,536 |
|
|
|
5,730,512 |
|
Net
interest income |
|
|
10,180,273 |
|
|
|
8,837,447 |
|
|
|
38,463,220 |
|
|
|
34,773,221 |
|
Provision for loan and
lease losses |
|
|
69,884 |
|
|
|
350,000 |
|
|
|
2,828,633 |
|
|
|
1,650,675 |
|
Net
interest income after provision for loan and lease losses |
|
|
10,110,389 |
|
|
|
8,487,447 |
|
|
|
35,634,587 |
|
|
|
33,122,546 |
|
Noninterest
income: |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Service
charges on deposit accounts |
|
|
302,831 |
|
|
|
242,282 |
|
|
|
1,108,153 |
|
|
|
909,698 |
|
Loan
commitment fees |
|
|
217,042 |
|
|
|
191,032 |
|
|
|
1,118,565 |
|
|
|
822,162 |
|
Net gain
(loss) on sale of securities |
|
|
— |
|
|
|
(40,561 |
) |
|
|
120,873 |
|
|
|
55,023 |
|
Mortgage
banking income |
|
|
2,033,459 |
|
|
|
1,262,590 |
|
|
|
7,375,064 |
|
|
|
5,961,766 |
|
Other
noninterest income |
|
|
400,689 |
|
|
|
262,814 |
|
|
|
1,361,794 |
|
|
|
1,134,861 |
|
Total
noninterest income |
|
|
2,954,021 |
|
|
|
1,918,157 |
|
|
|
11,084,449 |
|
|
|
8,883,510 |
|
Noninterest
expense: |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Salaries
and employee benefits |
|
|
5,185,016 |
|
|
|
4,650,035 |
|
|
|
20,460,510 |
|
|
|
19,278,328 |
|
Data
processing and software |
|
|
542,300 |
|
|
|
539,752 |
|
|
|
2,372,854 |
|
|
|
2,316,707 |
|
Professional fees |
|
|
405,947 |
|
|
|
355,255 |
|
|
|
1,553,680 |
|
|
|
1,469,031 |
|
Occupancy |
|
|
365,741 |
|
|
|
365,994 |
|
|
|
1,498,405 |
|
|
|
1,538,157 |
|
Equipment |
|
|
442,547 |
|
|
|
397,072 |
|
|
|
1,743,340 |
|
|
|
1,598,156 |
|
Regulatory fees |
|
|
348,427 |
|
|
|
225,994 |
|
|
|
1,090,735 |
|
|
|
914,959 |
|
Other
operating |
|
|
1,351,527 |
|
|
|
788,918 |
|
|
|
4,409,324 |
|
|
|
3,861,435 |
|
Total
noninterest expense |
|
|
8,641,505 |
|
|
|
7,323,020 |
|
|
|
33,128,848 |
|
|
|
30,976,773 |
|
Income
before income taxes |
|
|
4,422,905 |
|
|
|
3,082,584 |
|
|
|
13,590,188 |
|
|
|
11,029,283 |
|
Income tax expense |
|
|
1,495,445 |
|
|
|
989,615 |
|
|
|
4,493,410 |
|
|
|
3,469,847 |
|
Net
income |
|
$ |
2,927,460 |
|
|
$ |
2,092,969 |
|
|
$ |
9,096,778 |
|
|
$ |
7,559,436 |
|
Per share
information: |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Basic net
income per common share |
|
$ |
0.26 |
|
|
$ |
0.24 |
|
|
$ |
0.98 |
|
|
$ |
0.89 |
|
Diluted
net income per common share |
|
$ |
0.23 |
|
|
$ |
0.20 |
|
|
$ |
0.81 |
|
|
$ |
0.73 |
|
Weighted
average shares outstanding: |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Basic |
|
|
11,194,534 |
|
|
|
8,574,964 |
|
|
|
9,328,236 |
|
|
|
8,538,970 |
|
Diluted |
|
|
12,787,677 |
|
|
|
10,434,171 |
|
|
|
11,212,026 |
|
|
|
10,381,895 |
|
This information is preliminary and based on company data
available at the time of the presentation.
CAPSTAR FINANCIAL HOLDINGS, INC. AND
SUBSIDIARY
Selected Quarterly Financial Data
(unaudited)
Fourth Quarter 2016 Earnings Release
|
|
Five Quarter Comparison |
|
|
|
12/31/16 |
|
|
9/30/16 |
|
|
6/30/16 |
|
|
3/31/16 |
|
|
12/31/15 |
|
Income
Statement Data: |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Net
interest income |
|
$ |
10,180,273 |
|
|
$ |
10,125,515 |
|
|
$ |
9,201,155 |
|
|
$ |
8,956,275 |
|
|
$ |
8,837,447 |
|
Provision
for loan and lease losses |
|
|
69,884 |
|
|
|
1,638,669 |
|
|
|
182,863 |
|
|
|
937,216 |
|
|
|
350,000 |
|
Net
interest income after provision for loan and lease losses |
|
|
10,110,389 |
|
|
|
8,486,845 |
|
|
|
9,018,292 |
|
|
|
8,019,059 |
|
|
|
8,487,447 |
|
Service
charges on deposit accounts |
|
|
302,831 |
|
|
|
276,751 |
|
|
|
303,144 |
|
|
|
225,427 |
|
|
|
242,282 |
|
Loan
commitment fees |
|
|
217,042 |
|
|
|
328,785 |
|
|
|
142,618 |
|
|
|
430,122 |
|
|
|
191,032 |
|
Net gain
(loss) on sale of securities |
|
|
— |
|
|
|
(3,964 |
) |
|
|
85,876 |
|
|
|
38,961 |
|
|
|
(40,561 |
) |
Mortgage
banking income |
|
|
2,033,459 |
|
|
|
2,339,310 |
|
|
|
1,654,843 |
|
|
|
1,347,452 |
|
|
|
1,262,590 |
|
Other
noninterest income |
|
|
400,689 |
|
|
|
250,582 |
|
|
|
381,711 |
|
|
|
328,809 |
|
|
|
262,814 |
|
Total
noninterest income |
|
|
2,954,021 |
|
|
|
3,191,463 |
|
|
|
2,568,192 |
|
|
|
2,370,772 |
|
|
|
1,918,157 |
|
Salaries
and employee benefits |
|
|
5,185,016 |
|
|
|
5,119,356 |
|
|
|
4,938,383 |
|
|
|
5,217,755 |
|
|
|
4,650,035 |
|
Data
processing and software |
|
|
542,300 |
|
|
|
627,335 |
|
|
|
634,742 |
|
|
|
568,477 |
|
|
|
539,752 |
|
Professional fees |
|
|
405,947 |
|
|
|
390,862 |
|
|
|
426,132 |
|
|
|
330,738 |
|
|
|
355,255 |
|
Occupancy |
|
|
365,741 |
|
|
|
351,691 |
|
|
|
371,092 |
|
|
|
409,881 |
|
|
|
365,994 |
|
Equipment |
|
|
442,547 |
|
|
|
458,053 |
|
|
|
436,168 |
|
|
|
406,571 |
|
|
|
397,072 |
|
Regulatory fees |
|
|
348,427 |
|
|
|
250,424 |
|
|
|
264,625 |
|
|
|
227,260 |
|
|
|
225,994 |
|
Other
operating |
|
|
1,351,527 |
|
|
|
1,329,084 |
|
|
|
879,652 |
|
|
|
849,059 |
|
|
|
788,918 |
|
Total
noninterest expense |
|
|
8,641,505 |
|
|
|
8,526,805 |
|
|
|
7,950,794 |
|
|
|
8,009,741 |
|
|
|
7,323,020 |
|
Net
income before income tax expense |
|
|
4,422,905 |
|
|
|
3,151,504 |
|
|
|
3,635,690 |
|
|
|
2,380,090 |
|
|
|
3,082,584 |
|
Income
tax expense |
|
|
1,495,445 |
|
|
|
1,042,282 |
|
|
|
1,159,438 |
|
|
|
796,245 |
|
|
|
989,615 |
|
Net
income |
|
$ |
2,927,460 |
|
|
$ |
2,109,222 |
|
|
$ |
2,476,252 |
|
|
$ |
1,583,845 |
|
|
$ |
2,092,969 |
|
Weighted
average shares - basic |
|
|
11,194,534 |
|
|
|
8,792,665 |
|
|
|
8,682,438 |
|
|
|
8,628,683 |
|
|
|
8,574,964 |
|
Weighted
average shares - diluted |
|
|
12,787,677 |
|
|
|
10,799,536 |
|
|
|
10,675,916 |
|
|
|
10,572,193 |
|
|
|
10,434,171 |
|
Net
income per share, basic |
|
$ |
0.26 |
|
|
$ |
0.24 |
|
|
$ |
0.29 |
|
|
$ |
0.18 |
|
|
$ |
0.24 |
|
Net
income per share, diluted |
|
|
0.23 |
|
|
|
0.20 |
|
|
|
0.23 |
|
|
|
0.15 |
|
|
|
0.20 |
|
Balance Sheet
Data (at period end): |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Cash and
cash equivalents |
|
$ |
80,110,806 |
|
|
$ |
73,450,735 |
|
|
$ |
97,546,046 |
|
|
$ |
76,706,579 |
|
|
$ |
100,184,841 |
|
Securities available for sale |
|
|
182,354,987 |
|
|
|
167,213,109 |
|
|
|
171,336,596 |
|
|
|
189,807,985 |
|
|
|
173,382,957 |
|
Securities held to maturity |
|
|
46,863,640 |
|
|
|
46,227,968 |
|
|
|
43,331,042 |
|
|
|
42,953,364 |
|
|
|
43,093,951 |
|
Loans
held for sale |
|
|
42,110,581 |
|
|
|
61,251,662 |
|
|
|
57,014,256 |
|
|
|
29,530,174 |
|
|
|
35,729,353 |
|
Total
loans and leases |
|
|
935,250,703 |
|
|
|
924,030,515 |
|
|
|
887,437,485 |
|
|
|
837,690,395 |
|
|
|
808,396,064 |
|
Allowance
for loan and lease losses |
|
|
(11,633,531 |
) |
|
|
(11,510,464 |
) |
|
|
(10,453,603 |
) |
|
|
(10,298,559 |
) |
|
|
(10,131,729 |
) |
Total
assets |
|
|
1,333,675,063 |
|
|
|
1,318,057,325 |
|
|
|
1,310,417,841 |
|
|
|
1,223,179,646 |
|
|
|
1,206,800,280 |
|
Non-interest-bearing deposits |
|
|
197,787,618 |
|
|
|
191,469,462 |
|
|
|
193,541,662 |
|
|
|
220,686,364 |
|
|
|
190,580,468 |
|
Interest-bearing deposits |
|
|
930,934,634 |
|
|
|
944,590,330 |
|
|
|
949,759,113 |
|
|
|
865,650,400 |
|
|
|
847,879,843 |
|
Federal
Home Loan Bank advances |
|
|
55,000,000 |
|
|
|
30,000,000 |
|
|
|
40,000,000 |
|
|
|
15,000,000 |
|
|
|
45,000,000 |
|
Total
liabilities |
|
|
1,194,467,666 |
|
|
|
1,179,630,825 |
|
|
|
1,196,099,660 |
|
|
|
1,112,320,842 |
|
|
|
1,098,214,173 |
|
Shareholders' equity |
|
$ |
139,207,396 |
|
|
$ |
138,426,500 |
|
|
$ |
114,318,181 |
|
|
$ |
110,858,804 |
|
|
$ |
108,586,107 |
|
Total
common shares outstanding |
|
|
11,204,515 |
|
|
|
11,191,021 |
|
|
|
8,683,902 |
|
|
|
8,677,902 |
|
|
|
8,577,051 |
|
Total
preferred shares outstanding |
|
|
878,049 |
|
|
|
878,049 |
|
|
|
1,609,756 |
|
|
|
1,609,756 |
|
|
|
1,609,756 |
|
Book
value per common share |
|
$ |
11.62 |
|
|
$ |
11.57 |
|
|
$ |
11.26 |
|
|
$ |
10.87 |
|
|
$ |
10.74 |
|
Market
value per common share (1) |
|
|
21.96 |
|
|
|
16.92 |
|
|
|
- |
|
|
|
- |
|
|
|
- |
|
Capital
ratios: |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Total
risk based capital |
|
|
12.60 |
% |
|
|
12.45 |
% |
|
|
10.67 |
% |
|
|
11.26 |
% |
|
|
11.42 |
% |
Tier 1
risk based capital |
|
|
11.61 |
% |
|
|
11.46 |
% |
|
|
9.73 |
% |
|
|
10.26 |
% |
|
|
10.41 |
% |
Common
equity tier 1 capital |
|
|
10.90 |
% |
|
|
10.75 |
% |
|
|
8.34 |
% |
|
|
8.75 |
% |
|
|
8.89 |
% |
Leverage |
|
|
10.46 |
% |
|
|
10.47 |
% |
|
|
8.90 |
% |
|
|
9.16 |
% |
|
|
9.33 |
% |
(1) CapStar Financial Holdings, Inc.
completed its initial public offering during the third quarter of
2016. As such, market values per share of common stock are
not provided for previous periods.
This information is preliminary and based on company data
available at the time of the presentation.
CAPSTAR FINANCIAL HOLDINGS, INC. AND
SUBSIDIARY
Selected Quarterly Financial Data
(unaudited)
Fourth Quarter 2016 Earnings Release
|
|
Five Quarter Comparison |
|
|
|
12/31/16 |
|
|
9/30/16 |
|
|
6/30/16 |
|
|
3/31/16 |
|
|
12/31/15 |
|
Average Balance
Sheet Data: |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Average
cash and cash equivalents |
|
$ |
66,757,676 |
|
|
$ |
55,054,076 |
|
|
$ |
56,458,924 |
|
|
$ |
67,706,162 |
|
|
$ |
63,187,062 |
|
Average
investment securities |
|
|
226,032,691 |
|
|
|
218,462,999 |
|
|
|
232,587,954 |
|
|
|
220,281,801 |
|
|
|
216,982,746 |
|
Average
loans held for sale |
|
|
52,483,255 |
|
|
|
63,640,373 |
|
|
|
43,055,160 |
|
|
|
29,798,738 |
|
|
|
27,338,722 |
|
Average
loans and leases |
|
|
938,887,232 |
|
|
|
918,301,556 |
|
|
|
873,984,373 |
|
|
|
822,111,590 |
|
|
|
790,899,319 |
|
Average
assets |
|
|
1,324,620,495 |
|
|
|
1,296,870,515 |
|
|
|
1,247,076,866 |
|
|
|
1,181,427,683 |
|
|
|
1,140,126,959 |
|
Average
interest bearing deposits |
|
|
942,922,989 |
|
|
|
944,794,017 |
|
|
|
909,027,610 |
|
|
|
837,952,639 |
|
|
|
781,893,266 |
|
Average
total deposits |
|
|
1,138,778,930 |
|
|
|
1,132,037,604 |
|
|
|
1,093,452,418 |
|
|
|
1,027,457,215 |
|
|
|
973,109,277 |
|
Average
Federal Home Loan Bank advances |
|
|
33,478,261 |
|
|
|
29,565,217 |
|
|
|
27,417,582 |
|
|
|
28,021,978 |
|
|
|
39,891,304 |
|
Average
liabilities |
|
|
1,185,091,445 |
|
|
|
1,179,480,497 |
|
|
|
1,134,506,177 |
|
|
|
1,070,607,967 |
|
|
|
1,030,995,222 |
|
Average
shareholders' equity |
|
|
139,529,051 |
|
|
|
117,390,018 |
|
|
|
112,570,689 |
|
|
|
110,819,715 |
|
|
|
109,131,737 |
|
Performance
Ratios: |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Annualized return on average assets |
|
|
0.88 |
% |
|
|
0.65 |
% |
|
|
0.80 |
% |
|
|
0.54 |
% |
|
|
0.73 |
% |
Annualized return on average equity |
|
|
8.35 |
% |
|
|
7.15 |
% |
|
|
8.85 |
% |
|
|
5.75 |
% |
|
|
7.61 |
% |
Net
interest margin |
|
|
3.17 |
% |
|
|
3.23 |
% |
|
|
3.09 |
% |
|
|
3.18 |
% |
|
|
3.22 |
% |
Annualized Non-interest income to average assets |
|
|
0.89 |
% |
|
|
0.98 |
% |
|
|
0.83 |
% |
|
|
0.81 |
% |
|
|
0.67 |
% |
Efficiency ratio |
|
|
65.8 |
% |
|
|
64.0 |
% |
|
|
67.6 |
% |
|
|
70.7 |
% |
|
|
68.1 |
% |
Loans by
Type: |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Commercial and industrial |
|
$ |
379,619,518 |
|
|
$ |
389,717,893 |
|
|
$ |
389,087,927 |
|
|
$ |
381,548,046 |
|
|
$ |
353,442,069 |
|
Commercial real estate - owner occupied |
|
|
106,734,888 |
|
|
|
108,920,619 |
|
|
|
104,345,021 |
|
|
|
104,243,080 |
|
|
|
108,132,048 |
|
Commercial real estate - non-owner occupied |
|
|
195,586,977 |
|
|
|
163,625,512 |
|
|
|
171,426,074 |
|
|
|
161,466,867 |
|
|
|
143,064,438 |
|
Construction and development |
|
|
94,491,256 |
|
|
|
91,366,437 |
|
|
|
63,744,151 |
|
|
|
52,479,785 |
|
|
|
52,521,802 |
|
Consumer
real estate |
|
|
97,014,959 |
|
|
|
96,918,661 |
|
|
|
91,090,508 |
|
|
|
90,393,165 |
|
|
|
93,785,260 |
|
Consumer |
|
|
5,974,465 |
|
|
|
7,045,978 |
|
|
|
7,486,178 |
|
|
|
8,291,223 |
|
|
|
8,668,242 |
|
Other |
|
|
56,795,954 |
|
|
|
67,805,899 |
|
|
|
61,669,965 |
|
|
|
40,698,880 |
|
|
|
50,196,845 |
|
Asset Quality
Data: |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Allowance
for loan and lease losses to total loans |
|
|
1.24 |
% |
|
|
1.25 |
% |
|
|
1.18 |
% |
|
|
1.23 |
% |
|
|
1.25 |
% |
Allowance
for loan and lease losses to non-performing loans |
|
|
321 |
% |
|
|
279 |
% |
|
|
179 |
% |
|
|
184 |
% |
|
|
377 |
% |
Nonaccrual loans |
|
$ |
3,619,422 |
|
|
$ |
4,122,942 |
|
|
$ |
5,829,423 |
|
|
$ |
5,586,503 |
|
|
$ |
2,689,000 |
|
Troubled
debt restructurings |
|
|
1,271,897 |
|
|
|
1,288,324 |
|
|
|
- |
|
|
|
- |
|
|
|
125,000 |
|
Loans -
90 days past due & still accruing |
|
|
- |
|
|
|
- |
|
|
|
- |
|
|
|
- |
|
|
|
- |
|
Total
non-performing loans |
|
|
3,619,422 |
|
|
|
4,122,942 |
|
|
|
5,829,423 |
|
|
|
5,586,503 |
|
|
|
2,689,000 |
|
OREO and
repossessed assets |
|
|
- |
|
|
|
- |
|
|
|
- |
|
|
|
- |
|
|
|
216,254 |
|
Total
non-performing assets |
|
|
3,619,422 |
|
|
|
4,122,942 |
|
|
|
5,829,423 |
|
|
|
5,586,503 |
|
|
|
2,905,000 |
|
Non-performing loans to total loans |
|
|
0.39 |
% |
|
|
0.45 |
% |
|
|
0.66 |
% |
|
|
0.67 |
% |
|
|
0.33 |
% |
Non-performing assets to total assets |
|
|
0.27 |
% |
|
|
0.31 |
% |
|
|
0.44 |
% |
|
|
0.46 |
% |
|
|
0.24 |
% |
Non-performing assets to total loans and OREO |
|
|
0.39 |
% |
|
|
0.45 |
% |
|
|
0.66 |
% |
|
|
0.67 |
% |
|
|
0.36 |
% |
Annualized net charge-offs to average loans |
|
|
-0.02 |
% |
|
|
0.25 |
% |
|
|
0.01 |
% |
|
|
0.38 |
% |
|
|
-0.04 |
% |
Net
charge-offs (recoveries) |
|
$ |
(53,183 |
) |
|
$ |
581,809 |
|
|
$ |
27,819 |
|
|
$ |
770,386 |
|
|
$ |
(81,689 |
) |
Other
Information: |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Full-time
equivalent employees |
|
170 |
|
|
168 |
|
|
166 |
|
|
163 |
|
|
162 |
|
This information is preliminary and based on company data
available at the time of the presentation.
CAPSTAR FINANCIAL HOLDINGS, INC. AND
SUBSIDIARY
Analysis of Interest Income and Expense, Rates and
Yields (unaudited)
Fourth Quarter 2016 Earnings Release
|
|
For the Three Months Ended
December 31, |
|
|
|
2016 |
|
|
2015 |
|
|
|
AverageOutstandingBalance |
|
|
InterestIncome/Expense |
|
|
AverageYield/Rate |
|
|
AverageOutstandingBalance |
|
|
InterestIncome/Expense |
|
|
AverageYield/Rate |
|
Interest-Earning
Assets |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Loans
(1) |
|
$ |
938,887 |
|
|
$ |
10,198 |
|
|
|
4.32 |
% |
|
$ |
790,899 |
|
|
$ |
8,756 |
|
|
|
4.39 |
% |
Loans
held for sale |
|
|
52,483 |
|
|
|
483 |
|
|
|
3.66 |
% |
|
|
27,339 |
|
|
|
254 |
|
|
|
3.69 |
% |
Securities: |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Taxable
investment securities |
|
|
172,771 |
|
|
|
923 |
|
|
|
2.14 |
% |
|
|
175,527 |
|
|
|
943 |
|
|
|
2.15 |
% |
Investment securities exempt from federal income tax (2) |
|
|
53,262 |
|
|
|
317 |
|
|
|
2.38 |
% |
|
|
41,456 |
|
|
|
278 |
|
|
|
2.68 |
% |
Total
securities |
|
|
226,033 |
|
|
|
1,240 |
|
|
|
2.19 |
% |
|
|
216,983 |
|
|
|
1,221 |
|
|
|
2.25 |
% |
Cash
balances in other banks |
|
|
56,263 |
|
|
|
79 |
|
|
|
0.56 |
% |
|
|
51,636 |
|
|
|
35 |
|
|
|
0.27 |
% |
Funds
sold |
|
|
2,449 |
|
|
|
7 |
|
|
|
1.15 |
% |
|
|
3,039 |
|
|
|
5 |
|
|
|
0.70 |
% |
Total interest-earning
assets |
|
|
1,276,115 |
|
|
|
12,007 |
|
|
|
3.74 |
% |
|
|
1,089,896 |
|
|
|
10,271 |
|
|
|
3.74 |
% |
Noninterest-earning assets |
|
|
48,505 |
|
|
|
|
|
|
|
|
|
|
|
50,231 |
|
|
|
|
|
|
|
|
|
Total assets |
|
$ |
1,324,620 |
|
|
|
|
|
|
|
|
|
|
$ |
1,140,127 |
|
|
|
|
|
|
|
|
|
Interest-Bearing
Liabilities |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Interest-bearing transaction accounts |
|
$ |
286,572 |
|
|
|
393 |
|
|
|
0.55 |
% |
|
$ |
158,122 |
|
|
|
214 |
|
|
|
0.54 |
% |
Savings
and money market deposits |
|
|
455,201 |
|
|
|
719 |
|
|
|
0.63 |
% |
|
|
448,667 |
|
|
|
693 |
|
|
|
0.61 |
% |
Time
deposits |
|
|
201,151 |
|
|
|
518 |
|
|
|
1.03 |
% |
|
|
175,103 |
|
|
|
467 |
|
|
|
1.06 |
% |
Borrowings and repurchase agreements |
|
|
33,696 |
|
|
|
197 |
|
|
|
2.32 |
% |
|
|
45,986 |
|
|
|
60 |
|
|
|
0.52 |
% |
Total interest-bearing
liabilities |
|
|
976,620 |
|
|
|
1,827 |
|
|
|
0.74 |
% |
|
|
827,878 |
|
|
|
1,434 |
|
|
|
0.69 |
% |
Noninterest-bearing deposits |
|
|
195,856 |
|
|
|
|
|
|
|
|
|
|
|
191,216 |
|
|
|
|
|
|
|
|
|
Total funding
sources |
|
|
1,172,475 |
|
|
|
|
|
|
|
|
|
|
|
1,019,094 |
|
|
|
|
|
|
|
|
|
Noninterest-bearing liabilities |
|
|
12,617 |
|
|
|
|
|
|
|
|
|
|
|
11,900 |
|
|
|
|
|
|
|
|
|
Shareholders’ equity |
|
|
139,529 |
|
|
|
|
|
|
|
|
|
|
|
109,132 |
|
|
|
|
|
|
|
|
|
Total liabilities and
shareholders’ equity |
|
$ |
1,324,621 |
|
|
|
|
|
|
|
|
|
|
$ |
1,140,126 |
|
|
|
|
|
|
|
|
|
Net interest spread
(3) |
|
|
|
|
|
|
|
|
|
|
3.00 |
% |
|
|
|
|
|
|
|
|
|
|
3.05 |
% |
Net interest
income/margin (4) |
|
|
|
|
|
$ |
10,180 |
|
|
|
3.17 |
% |
|
|
|
|
|
$ |
8,837 |
|
|
|
3.22 |
% |
(1) Average loan balances include nonaccrual loans.
Interest income on loans includes amortization of deferred loan
fees, net of deferred loan costs.(2) Balances for investment
securities exempt from federal income tax are not calculated on a
tax equivalent basis.(3) Net interest spread is the average yield
on total interest-earning assets minus the average rate on total
interest-bearing liabilities.(4) Net interest margin is net
interest income divided by total interest-earning assets.
This information is preliminary and based on company data
available at the time of the presentation.
CAPSTAR FINANCIAL HOLDINGS, INC. AND
SUBSIDIARY
Analysis of Interest Income and Expense, Rates and
Yields (unaudited)
Fourth Quarter 2016 Earnings Release
|
|
For the Year Ended
December 31, |
|
|
|
2016 |
|
|
2015 |
|
|
|
AverageOutstandingBalance |
|
|
InterestIncome/Expense |
|
|
AverageYield/Rate |
|
|
AverageOutstandingBalance |
|
|
InterestIncome/Expense |
|
|
AverageYield/Rate |
|
Interest-Earning
Assets |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Loans
(1) |
|
$ |
888,541 |
|
|
$ |
38,450 |
|
|
|
4.33 |
% |
|
$ |
744,151 |
|
|
$ |
33,722 |
|
|
|
4.53 |
% |
Loans
held for sale |
|
|
47,303 |
|
|
|
1,763 |
|
|
|
3.73 |
% |
|
|
29,324 |
|
|
|
1,123 |
|
|
|
3.83 |
% |
Securities: |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Taxable
investment securities |
|
|
176,977 |
|
|
|
3,729 |
|
|
|
2.11 |
% |
|
|
220,167 |
|
|
|
4,421 |
|
|
|
2.01 |
% |
Investment securities exempt from federal income tax (2) |
|
|
47,353 |
|
|
|
1,158 |
|
|
|
2.45 |
% |
|
|
40,160 |
|
|
|
1,080 |
|
|
|
2.69 |
% |
Total
securities |
|
|
224,330 |
|
|
|
4,887 |
|
|
|
2.18 |
% |
|
|
260,327 |
|
|
|
5,501 |
|
|
|
2.11 |
% |
Cash
balances in other banks |
|
|
51,147 |
|
|
|
276 |
|
|
|
0.54 |
% |
|
|
54,143 |
|
|
|
140 |
|
|
|
0.26 |
% |
Funds
sold |
|
|
2,153 |
|
|
|
19 |
|
|
|
0.89 |
% |
|
|
3,094 |
|
|
|
18 |
|
|
|
0.60 |
% |
Total interest-earning
assets |
|
|
1,213,475 |
|
|
|
45,395 |
|
|
|
3.74 |
% |
|
|
1,091,039 |
|
|
|
40,504 |
|
|
|
3.71 |
% |
Noninterest-earning assets |
|
|
49,288 |
|
|
|
|
|
|
|
|
|
|
|
49,721 |
|
|
|
|
|
|
|
|
|
Total assets |
|
$ |
1,262,763 |
|
|
|
|
|
|
|
|
|
|
$ |
1,140,760 |
|
|
|
|
|
|
|
|
|
Interest-Bearing
Liabilities |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Interest-bearing transaction accounts |
|
$ |
269,113 |
|
|
|
1,489 |
|
|
|
0.55 |
% |
|
$ |
143,939 |
|
|
|
748 |
|
|
|
0.52 |
% |
Savings
and money market deposits |
|
|
445,873 |
|
|
|
2,859 |
|
|
|
0.64 |
% |
|
|
465,622 |
|
|
|
2,733 |
|
|
|
0.59 |
% |
Time
deposits |
|
|
193,881 |
|
|
|
2,085 |
|
|
|
1.08 |
% |
|
|
197,535 |
|
|
|
2,031 |
|
|
|
1.03 |
% |
Borrowings and repurchase agreements |
|
|
32,371 |
|
|
|
499 |
|
|
|
1.54 |
% |
|
|
39,581 |
|
|
|
219 |
|
|
|
0.55 |
% |
Total interest-bearing
liabilities |
|
|
941,238 |
|
|
|
6,932 |
|
|
|
0.74 |
% |
|
|
846,677 |
|
|
|
5,731 |
|
|
|
0.68 |
% |
Noninterest-bearing deposits |
|
|
189,270 |
|
|
|
|
|
|
|
|
|
|
|
176,577 |
|
|
|
|
|
|
|
|
|
Total funding
sources |
|
|
1,130,507 |
|
|
|
|
|
|
|
|
|
|
|
1,023,255 |
|
|
|
|
|
|
|
|
|
Noninterest-bearing liabilities |
|
|
12,133 |
|
|
|
|
|
|
|
|
|
|
|
10,778 |
|
|
|
|
|
|
|
|
|
Shareholders’ equity |
|
|
120,123 |
|
|
|
|
|
|
|
|
|
|
|
106,727 |
|
|
|
|
|
|
|
|
|
Total liabilities and
shareholders’ equity |
|
$ |
1,262,763 |
|
|
|
|
|
|
|
|
|
|
$ |
1,140,760 |
|
|
|
|
|
|
|
|
|
Net interest spread
(3) |
|
|
|
|
|
|
|
|
|
|
3.00 |
% |
|
|
|
|
|
|
|
|
|
|
3.04 |
% |
Net interest
income/margin (4) |
|
|
|
|
|
$ |
38,463 |
|
|
|
3.17 |
% |
|
|
|
|
|
$ |
34,773 |
|
|
|
3.19 |
% |
(1) Average loan balances include nonaccrual loans.
Interest income on loans includes amortization of deferred loan
fees, net of deferred loan costs.(2) Balances for investment
securities exempt from federal income tax are not calculated on a
tax equivalent basis.(3) Net interest spread is the average yield
on total interest-earning assets minus the average rate on total
interest-bearing liabilities.(4) Net interest margin is net
interest income divided by total interest-earning assets.
This information is preliminary and based on company data
available at the time of the presentation.
CONTACT
Rob Anderson
Chief Financial Officer and Chief Administrative Officer
(615) 732-6470
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