CapStar Financial Holdings, Inc. (“CapStar”)
(NASDAQ:CSTR) today reported second quarter net income
of $6.2 million and pre-tax pre-provision income of $9.6
million. Diluted earnings per share were $0.34, an increase
of $0.03 from the second quarter of 2019. Excluding merger-related
charges, diluted operating(1) earnings per share were $0.36, a
decline of $0.02 from the second quarter of 2019. Return on average
assets and return on average equity for the second quarter of 2020
were 1.06% and 8.83%, respectively. On an operating basis,
return on average assets was 1.11% and return on average tangible
common equity was 11.02%. Net income for the quarter included
provision for loan losses of $1.6 million, severance expense of
$1.4 million, and merger related expenses of $448,000.
“I am proud of the CapStar team for their remarkable dedication
during an extremely challenging operating environment,” said
Timothy K. Schools, CapStar’s president and CEO. “In keeping
with our vision, mission and values, we have been unwavering in our
commitment to support our employees, clients and communities
through the public health crisis. Our non-financial center work
force mobilized to working 100% remotely and continues to provide
outstanding service. Importantly, we prioritized client assistance
by offering loan deferrals and took a leadership position in
facilitating PPP loans to protect all local business – both clients
and non-clients – as they navigate the challenges presented by
COVID-19. Our inclusive and response-driven approach is
supporting our communities and presents the prospect for many new
and expanded relationships.”
“In the second quarter, we delivered solid financial results
with strong pre-tax pre-provision revenue led by our mortgage and
Tri-Net divisions,” continued Schools. “During the quarter,
we saw a significant rise in both loans related to PPP and in
deposits which will bring short-term compression to our net
interest margin and we continued to actively monitor our portfolio
to identify potential weaknesses. On July 1, we completed our
merger with The Bank of Waynesboro and The First National Bank of
Manchester, creating an approximately $3 billion financial
institution which will enhance our funding profile, diversify our
loan portfolio, expand our geographic reach, and improve our net
interest margin, efficiency ratio, and return on assets."
Soundness
- Allowance for loan losses to total loans was 1.32% at June 30,
2020 compared to 0.90% at June 30, 2019.
- Annualized net charge-offs to average loans were 0.18% for the
three months ended June 30, 2020 compared to 0.02% for the same
period in 2019.
- Non-performing assets to total loans and OREO were 0.20% at
June 30, 2020 compared to 0.16% at June 30, 2019.
- The leverage ratio was 10.08% at June 30, 2020 compared to
11.01% at June 30, 2019.
- The total risk based capital ratio was 16.76% at June 30, 2020
compared to 13.29% at June 30, 2019.
Profitability
- Operating annualized return on average assets for the three
months ended June 30, 2020 was 1.11% compared to 1.40% for the same
period in 2019.
- Operating annualized return on average tangible equity for the
three months ended June 30, 2020 was 11.02% compared to 13.05% for
the same period in 2019.
- Net interest margin for the three months ended June 30, 2020
was 3.23% compared to 3.68% for the same period in 2019;
approximately 17 bps of the decline is attributed to the impact of
PPP loans and an increase in cash due to significant deposit growth
during the quarter.
- The operating efficiency ratio for the three months ended June
30, 2020 was 64.87% compared to 61.39% for the same period in
2019.
- Operating annualized pre-tax pre-provision income to average
assets for the three months ended June 30, 2020 was 1.71% compared
to 1.86% for the same period in 2019.
Growth
- Average deposits for the quarter ended June 30, 2020 increased
21.1% to $2.03 billion, compared to $1.68 billion for the same
period in 2019.
- Average gross loans for the quarter ended June 30, 2020
increased 6.3% to $1.56 billion, compared to $1.47 billion for the
same period in 2019.
- Pre-tax pre-provision earnings for the quarter ended June 30,
2020 increased 26.3% to $9.6 million, compared to $7.6 million for
the quarter ended June 30, 2019.
- Tangible book value per share for the quarter ended June 30,
2020 increased 9.7% to $13.02, compared to $11.87 for the quarter
ended June 30, 2019.
Dividend
On July 23, 2020, the board of directors of CapStar approved a
quarterly dividend of $0.05 per common share that will be paid on
August 27, 2020 to shareholders of record of CapStar’s common stock
as of the close of business on August 13, 2020.
Conference Call and Webcast Information
CapStar will host a conference call and webcast at 9:00 a.m.
Central Time on Friday, July 24, 2020. During the call, management
will review the second quarter results and operational highlights.
Interested parties may listen to the call by dialing (844)
412-1002. The conference ID number is 4376815. A simultaneous
webcast may be accessed on CapStar’s website
at ir.capstarbank.com by clicking on “News & Events.” 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 June 30, 2020, on a
consolidated basis, CapStar had total assets of $2.45 billion,
gross loans of $1.59 billion, total deposits of $2.10 billion, and
shareholders’ equity of $282.0 million. Visit www.capstarbank.com
for more information.
FORWARD-LOOKING STATEMENTSThis release contains
forward-looking statements, as defined by federal securities laws,
including statements about CapStar and its financial outlook and
business environment. These statements are based on current
expectations and are provided to assist in the understanding of our
operations and future financial performance. Our operations and
such performance involves risks and uncertainties, including but in
no way limited to the effect of the COVID-19 pandemic, that may
cause actual results to differ materially from those expressed or
implied in any such statements. For a discussion of some of the
risks and other factors that may cause such forward-looking
statements to differ materially from actual results, please refer
to CapStar’s filings with the Securities and Exchange Commission,
including its 2019 Annual Report on Form 10-K under the sections
entitled “Forward-Looking Statements” and “Item 1A Risk
Factors.” Forward-looking statements speak only as of the
date they are made, and except as otherwise required by applicable
law, we undertake no obligation to update or revise forward-looking
statements.
NON-GAAP MEASURESThis release includes
financial information determined by methods other than in
accordance with generally accepted accounting principles (“GAAP”).
This financial information includes certain operating performance
measures, which exclude merger-related and other charges that are
not considered part of recurring operations. Such measures include:
“Efficiency ratio – operating,” “Expenses – operating,” “Earnings
per share – operating,” “Diluted earnings per share – operating,”
“Tangible book value per share,” “Return on common equity –
operating,” “Return on tangible common equity – operating,” “Return
on assets – operating,” and “Tangible common equity to tangible
assets.”
Management has included these non-GAAP measures because it
believes these measures may provide useful supplemental information
for evaluating CapStar’s underlying performance trends. Further,
management uses these measures in managing and evaluating CapStar’s
business and intends to refer to them in discussions about our
operations and performance. Operating performance measures should
be viewed in addition to, and not as an alternative to or
substitute for, measures determined in accordance with GAAP, and
are not necessarily comparable to non-GAAP measures that may be
presented by other companies. To the extent applicable,
reconciliations of these non-GAAP measures to the most directly
comparable GAAP measures can be found in the ‘Non-GAAP
Reconciliation Tables’ included in the exhibits to this
presentation.
CAPSTAR FINANCIAL HOLDINGS, INC. AND
SUBSIDIARYConsolidated Statements of Income
(unaudited) (dollars in thousands, except share
data)Second quarter 2020 Earnings
Release
|
|
Three Months Ended |
|
|
Six Months Ended |
|
|
|
June 30, |
|
|
June 30, |
|
|
|
2020 |
|
|
2019 |
|
|
2020 |
|
|
2019 |
|
Interest income: |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Loans, including fees |
|
$ |
19,086 |
|
|
$ |
20,999 |
|
|
$ |
38,823 |
|
|
$ |
41,591 |
|
Securities: |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Taxable |
|
|
1,096 |
|
|
|
1,165 |
|
|
|
2,272 |
|
|
|
2,512 |
|
Tax-exempt |
|
|
312 |
|
|
|
363 |
|
|
|
633 |
|
|
|
739 |
|
Federal funds sold |
|
|
— |
|
|
|
6 |
|
|
|
— |
|
|
|
25 |
|
Restricted equity securities |
|
|
140 |
|
|
|
214 |
|
|
|
282 |
|
|
|
401 |
|
Interest-bearing deposits in financial institutions |
|
|
107 |
|
|
|
411 |
|
|
|
469 |
|
|
|
857 |
|
Total interest income |
|
|
20,741 |
|
|
|
23,158 |
|
|
|
42,479 |
|
|
|
46,125 |
|
Interest expense: |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Interest-bearing deposits |
|
|
831 |
|
|
|
1,827 |
|
|
|
2,732 |
|
|
|
3,420 |
|
Savings and money market accounts |
|
|
731 |
|
|
|
1,782 |
|
|
|
2,283 |
|
|
|
3,500 |
|
Time deposits |
|
|
1,416 |
|
|
|
2,217 |
|
|
|
2,897 |
|
|
|
4,030 |
|
Federal funds purchased |
|
|
— |
|
|
|
— |
|
|
|
— |
|
|
|
4 |
|
Securities sold under agreements to repurchase |
|
|
— |
|
|
|
— |
|
|
|
— |
|
|
|
5 |
|
Federal Home Loan Bank advances |
|
|
88 |
|
|
|
324 |
|
|
|
231 |
|
|
|
1,156 |
|
Total interest expense |
|
|
3,066 |
|
|
|
6,150 |
|
|
|
8,143 |
|
|
|
12,115 |
|
Net interest income |
|
|
17,675 |
|
|
|
17,008 |
|
|
|
34,336 |
|
|
|
34,010 |
|
Provision for loan losses |
|
|
1,624 |
|
|
|
— |
|
|
|
9,177 |
|
|
|
886 |
|
Net interest income after provision for loan losses |
|
|
16,051 |
|
|
|
17,008 |
|
|
|
25,159 |
|
|
|
33,124 |
|
Noninterest income: |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Treasury management and other deposit service charges |
|
|
691 |
|
|
|
813 |
|
|
|
1,466 |
|
|
|
1,611 |
|
Net gain (loss) on sale of securities |
|
|
13 |
|
|
|
(121 |
) |
|
|
40 |
|
|
|
(108 |
) |
Tri-Net fees |
|
|
1,260 |
|
|
|
1,024 |
|
|
|
1,860 |
|
|
|
1,664 |
|
Mortgage banking income |
|
|
7,123 |
|
|
|
3,087 |
|
|
|
9,376 |
|
|
|
4,472 |
|
Wealth management fees |
|
|
374 |
|
|
|
334 |
|
|
|
781 |
|
|
|
639 |
|
Interchange and debit card transaction fees |
|
|
729 |
|
|
|
991 |
|
|
|
1,454 |
|
|
|
1,569 |
|
Other noninterest income |
|
|
633 |
|
|
|
904 |
|
|
|
1,720 |
|
|
|
1,920 |
|
Total noninterest income |
|
|
10,823 |
|
|
|
7,032 |
|
|
|
16,697 |
|
|
|
11,767 |
|
Noninterest expense: |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Salaries and employee benefits |
|
|
12,305 |
|
|
|
8,563 |
|
|
|
20,307 |
|
|
|
16,995 |
|
Data processing and software |
|
|
2,100 |
|
|
|
1,862 |
|
|
|
3,964 |
|
|
|
3,336 |
|
Professional fees |
|
|
581 |
|
|
|
501 |
|
|
|
1,216 |
|
|
|
1,043 |
|
Occupancy |
|
|
797 |
|
|
|
809 |
|
|
|
1,616 |
|
|
|
1,692 |
|
Equipment |
|
|
680 |
|
|
|
1,026 |
|
|
|
1,431 |
|
|
|
1,878 |
|
Regulatory fees |
|
|
333 |
|
|
|
272 |
|
|
|
496 |
|
|
|
546 |
|
Merger related expenses |
|
|
448 |
|
|
|
1,711 |
|
|
|
738 |
|
|
|
2,305 |
|
Amortization of intangibles |
|
|
375 |
|
|
|
419 |
|
|
|
761 |
|
|
|
850 |
|
Other operating |
|
|
1,315 |
|
|
|
1,307 |
|
|
|
2,616 |
|
|
|
2,551 |
|
Total noninterest expense |
|
|
18,934 |
|
|
|
16,470 |
|
|
|
33,145 |
|
|
|
31,196 |
|
Income before income taxes |
|
|
7,940 |
|
|
|
7,570 |
|
|
|
8,711 |
|
|
|
13,695 |
|
Income tax expense |
|
|
1,759 |
|
|
|
1,814 |
|
|
|
1,184 |
|
|
|
3,160 |
|
Net income |
|
$ |
6,181 |
|
|
$ |
5,756 |
|
|
$ |
7,527 |
|
|
$ |
10,535 |
|
Per share information: |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Basic net income per share of common stock |
|
$ |
0.34 |
|
|
$ |
0.33 |
|
|
$ |
0.41 |
|
|
$ |
0.59 |
|
Diluted net income per share of common stock |
|
$ |
0.34 |
|
|
$ |
0.31 |
|
|
$ |
0.41 |
|
|
$ |
0.56 |
|
Weighted average shares outstanding: |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Basic |
|
|
18,307,083 |
|
|
|
17,663,992 |
|
|
|
18,349,998 |
|
|
|
17,723,286 |
|
Diluted |
|
|
18,320,006 |
|
|
|
18,650,706 |
|
|
|
18,381,866 |
|
|
|
18,740,322 |
|
This information is preliminary and based on CapStar data
available at the time of this earnings release.
CAPSTAR FINANCIAL HOLDINGS, INC. AND
SUBSIDIARYSelected Quarterly Financial Data
(unaudited) (dollars in thousands, except share
data)Second quarter 2020 Earnings
Release
|
|
Five Quarter Comparison |
|
|
|
6/30/20 |
|
|
3/31/20 |
|
|
12/31/19 |
|
|
9/30/19 |
|
|
6/30/19 |
|
Income Statement
Data: |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Net interest income |
|
$ |
17,675 |
|
|
$ |
16,661 |
|
|
$ |
16,581 |
|
|
$ |
17,156 |
|
|
$ |
17,008 |
|
Provision for loan losses |
|
|
1,624 |
|
|
|
7,553 |
|
|
|
— |
|
|
|
(125 |
) |
|
|
— |
|
Net interest income after provision for loan losses |
|
|
16,051 |
|
|
|
9,108 |
|
|
|
16,581 |
|
|
|
17,281 |
|
|
|
17,008 |
|
Treasury management and other deposit service charges |
|
|
691 |
|
|
|
775 |
|
|
|
736 |
|
|
|
788 |
|
|
|
813 |
|
Net gain (loss) on sale of securities |
|
|
13 |
|
|
|
27 |
|
|
|
9 |
|
|
|
— |
|
|
|
(121 |
) |
Tri-Net fees |
|
|
1,260 |
|
|
|
599 |
|
|
|
274 |
|
|
|
847 |
|
|
|
1,024 |
|
Mortgage banking income |
|
|
7,123 |
|
|
|
2,253 |
|
|
|
2,316 |
|
|
|
2,679 |
|
|
|
3,087 |
|
Wealth management fees |
|
|
374 |
|
|
|
407 |
|
|
|
407 |
|
|
|
379 |
|
|
|
334 |
|
Interchange and debit card transaction fees |
|
|
729 |
|
|
|
724 |
|
|
|
928 |
|
|
|
754 |
|
|
|
991 |
|
Other noninterest income |
|
|
633 |
|
|
|
1,089 |
|
|
|
1,049 |
|
|
|
1,341 |
|
|
|
904 |
|
Total noninterest income |
|
|
10,823 |
|
|
|
5,874 |
|
|
|
5,719 |
|
|
|
6,788 |
|
|
|
7,032 |
|
Salaries and employee benefits |
|
|
12,305 |
|
|
|
8,002 |
|
|
|
9,318 |
|
|
|
9,229 |
|
|
|
8,563 |
|
Data processing and software |
|
|
2,100 |
|
|
|
1,864 |
|
|
|
1,835 |
|
|
|
1,790 |
|
|
|
1,862 |
|
Professional fees |
|
|
581 |
|
|
|
636 |
|
|
|
531 |
|
|
|
528 |
|
|
|
501 |
|
Occupancy |
|
|
797 |
|
|
|
820 |
|
|
|
795 |
|
|
|
858 |
|
|
|
809 |
|
Equipment |
|
|
680 |
|
|
|
751 |
|
|
|
834 |
|
|
|
1,012 |
|
|
|
1,026 |
|
Regulatory fees |
|
|
333 |
|
|
|
163 |
|
|
|
28 |
|
|
|
18 |
|
|
|
272 |
|
Merger related expenses |
|
|
448 |
|
|
|
290 |
|
|
|
163 |
|
|
|
187 |
|
|
|
1,711 |
|
Amortization of intangibles |
|
|
375 |
|
|
|
386 |
|
|
|
397 |
|
|
|
408 |
|
|
|
419 |
|
Other operating |
|
|
1,315 |
|
|
|
1,299 |
|
|
|
1,365 |
|
|
|
1,501 |
|
|
|
1,307 |
|
Total noninterest expense |
|
|
18,934 |
|
|
|
14,211 |
|
|
|
15,266 |
|
|
|
15,531 |
|
|
|
16,470 |
|
Net income before income tax expense |
|
|
7,940 |
|
|
|
771 |
|
|
|
7,034 |
|
|
|
8,538 |
|
|
|
7,570 |
|
Income tax (benefit) expense |
|
|
1,759 |
|
|
|
(575 |
) |
|
|
1,613 |
|
|
|
2,072 |
|
|
|
1,814 |
|
Net income |
|
$ |
6,181 |
|
|
$ |
1,346 |
|
|
$ |
5,421 |
|
|
$ |
6,466 |
|
|
$ |
5,756 |
|
Weighted average shares - basic |
|
|
18,307,083 |
|
|
|
18,392,913 |
|
|
|
18,350,994 |
|
|
|
17,741,778 |
|
|
|
17,663,992 |
|
Weighted average shares - diluted |
|
|
18,320,006 |
|
|
|
18,443,725 |
|
|
|
18,443,916 |
|
|
|
18,532,479 |
|
|
|
18,650,706 |
|
Net income per share, basic |
|
$ |
0.34 |
|
|
$ |
0.07 |
|
|
$ |
0.30 |
|
|
$ |
0.36 |
|
|
$ |
0.33 |
|
Net income per share, diluted |
|
|
0.34 |
|
|
|
0.07 |
|
|
|
0.29 |
|
|
|
0.35 |
|
|
|
0.31 |
|
Balance Sheet Data (at
period end): |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Cash and cash equivalents |
|
$ |
368,820 |
|
|
$ |
91,450 |
|
|
$ |
101,269 |
|
|
$ |
154,021 |
|
|
$ |
156,085 |
|
Securities available-for-sale |
|
|
223,034 |
|
|
|
219,213 |
|
|
|
213,129 |
|
|
|
203,500 |
|
|
|
194,957 |
|
Securities held-to-maturity |
|
|
2,699 |
|
|
|
3,306 |
|
|
|
3,313 |
|
|
|
3,319 |
|
|
|
3,721 |
|
Loans held for sale |
|
|
129,807 |
|
|
|
186,937 |
|
|
|
168,222 |
|
|
|
129,613 |
|
|
|
89,629 |
|
Total loans |
|
|
1,592,725 |
|
|
|
1,446,835 |
|
|
|
1,420,102 |
|
|
|
1,411,768 |
|
|
|
1,440,617 |
|
Allowance for loan losses |
|
|
(21,035 |
) |
|
|
(20,114 |
) |
|
|
(12,604 |
) |
|
|
(12,828 |
) |
|
|
(12,903 |
) |
Total assets |
|
|
2,445,172 |
|
|
|
2,072,585 |
|
|
|
2,037,201 |
|
|
|
2,033,911 |
|
|
|
2,018,421 |
|
Non-interest-bearing deposits |
|
|
546,974 |
|
|
|
442,789 |
|
|
|
312,096 |
|
|
|
352,266 |
|
|
|
326,550 |
|
Interest-bearing deposits |
|
|
1,548,591 |
|
|
|
1,320,920 |
|
|
|
1,417,355 |
|
|
|
1,379,497 |
|
|
|
1,396,220 |
|
Federal Home Loan Bank advances and other borrowings |
|
|
39,464 |
|
|
|
10,000 |
|
|
|
10,000 |
|
|
|
10,000 |
|
|
|
10,000 |
|
Total liabilities |
|
|
2,163,222 |
|
|
|
1,796,795 |
|
|
|
1,764,155 |
|
|
|
1,765,829 |
|
|
|
1,755,757 |
|
Shareholders' equity |
|
$ |
281,950 |
|
|
$ |
275,790 |
|
|
$ |
273,046 |
|
|
$ |
268,082 |
|
|
$ |
262,664 |
|
Total shares of common stock outstanding |
|
|
18,302,188 |
|
|
|
18,307,802 |
|
|
|
18,361,922 |
|
|
|
18,343,403 |
|
|
|
17,561,476 |
|
Total shares of preferred stock outstanding |
|
|
— |
|
|
|
— |
|
|
|
— |
|
|
|
— |
|
|
|
878,048 |
|
Book value per share of common stock |
|
$ |
15.41 |
|
|
$ |
15.06 |
|
|
$ |
14.87 |
|
|
$ |
14.61 |
|
|
$ |
14.44 |
|
Tangible book value per share of common stock* |
|
|
13.02 |
|
|
|
12.66 |
|
|
|
12.45 |
|
|
|
12.17 |
|
|
|
11.87 |
|
Market value per share of common stock |
|
$ |
12.00 |
|
|
$ |
9.89 |
|
|
$ |
16.65 |
|
|
$ |
16.58 |
|
|
$ |
15.15 |
|
Capital
ratios: |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Total risk based capital |
|
|
16.76 |
% |
|
|
13.68 |
% |
|
|
13.45 |
% |
|
|
13.46 |
% |
|
|
13.29 |
% |
Tier 1 risk based capital |
|
|
13.76 |
% |
|
|
12.56 |
% |
|
|
12.73 |
% |
|
|
12.71 |
% |
|
|
12.53 |
% |
Common equity tier 1 capital |
|
|
13.76 |
% |
|
|
12.56 |
% |
|
|
12.73 |
% |
|
|
12.71 |
% |
|
|
12.01 |
% |
Leverage |
|
|
10.08 |
% |
|
|
11.23 |
% |
|
|
11.37 |
% |
|
|
11.24 |
% |
|
|
11.01 |
% |
_____________________*This metric is a non-GAAP financial
measure. See Non-GAAP disclaimer in this earnings release and
below for discussion and reconciliation to the most directly
comparable GAAP financial measure.This information is preliminary
and based on CapStar data available at the time of this earnings
release.
CAPSTAR FINANCIAL HOLDINGS, INC. AND
SUBSIDIARYSelected Quarterly Financial Data
(unaudited) (dollars in thousands, except share
data)Second quarter 2020 Earnings
Release
|
|
Five Quarter Comparison |
|
|
|
6/30/20 |
|
|
3/31/20 |
|
|
12/31/19 |
|
|
9/30/19 |
|
|
6/30/19 |
|
Average Balance Sheet
Data: |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Cash and cash equivalents |
|
$ |
257,709 |
|
|
$ |
114,272 |
|
|
$ |
115,100 |
|
|
$ |
129,114 |
|
|
$ |
93,523 |
|
Investment securities |
|
|
238,762 |
|
|
|
226,537 |
|
|
|
225,265 |
|
|
|
211,460 |
|
|
|
228,283 |
|
Loans held for sale |
|
|
176,193 |
|
|
|
180,401 |
|
|
|
140,731 |
|
|
|
101,835 |
|
|
|
91,585 |
|
Loans |
|
|
1,560,626 |
|
|
|
1,421,256 |
|
|
|
1,431,027 |
|
|
|
1,445,755 |
|
|
|
1,469,210 |
|
Assets |
|
|
2,350,021 |
|
|
|
2,059,306 |
|
|
|
2,030,231 |
|
|
|
2,005,950 |
|
|
|
2,004,207 |
|
Interest bearing deposits |
|
|
1,519,877 |
|
|
|
1,411,666 |
|
|
|
1,388,496 |
|
|
|
1,370,988 |
|
|
|
1,364,211 |
|
Deposits |
|
|
2,031,924 |
|
|
|
1,735,635 |
|
|
|
1,711,021 |
|
|
|
1,704,873 |
|
|
|
1,678,240 |
|
Federal Home Loan Bank advances and other borrowings |
|
|
10,966 |
|
|
|
20,989 |
|
|
|
22,391 |
|
|
|
12,174 |
|
|
|
42,088 |
|
Liabilities |
|
|
2,068,408 |
|
|
|
1,780,756 |
|
|
|
1,758,663 |
|
|
|
1,739,509 |
|
|
|
1,743,010 |
|
Shareholders' equity |
|
|
281,614 |
|
|
|
278,550 |
|
|
|
271,568 |
|
|
|
266,441 |
|
|
|
261,197 |
|
Performance
Ratios: |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Annualized return on average assets |
|
|
1.06 |
% |
|
|
0.26 |
% |
|
|
1.06 |
% |
|
|
1.28 |
% |
|
|
1.15 |
% |
Annualized return on average equity |
|
|
8.83 |
% |
|
|
1.94 |
% |
|
|
7.92 |
% |
|
|
9.63 |
% |
|
|
8.84 |
% |
Net interest margin (1) |
|
|
3.23 |
% |
|
|
3.50 |
% |
|
|
3.49 |
% |
|
|
3.66 |
% |
|
|
3.68 |
% |
Annualized Noninterest income to average assets |
|
|
1.85 |
% |
|
|
1.15 |
% |
|
|
1.12 |
% |
|
|
1.34 |
% |
|
|
1.41 |
% |
Efficiency ratio |
|
|
66.44 |
% |
|
|
63.06 |
% |
|
|
68.46 |
% |
|
|
64.87 |
% |
|
|
68.51 |
% |
Loans by Type (at
period end): |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Commercial and industrial |
|
$ |
621,541 |
|
|
$ |
447,311 |
|
|
$ |
394,408 |
|
|
$ |
382,816 |
|
|
$ |
404,745 |
|
Commercial real estate - owner occupied |
|
|
147,682 |
|
|
|
166,652 |
|
|
|
172,456 |
|
|
|
169,370 |
|
|
|
173,316 |
|
Commercial real estate - non-owner occupied |
|
|
408,402 |
|
|
|
378,170 |
|
|
|
387,443 |
|
|
|
407,378 |
|
|
|
421,496 |
|
Construction and development |
|
|
117,830 |
|
|
|
141,087 |
|
|
|
143,111 |
|
|
|
132,222 |
|
|
|
123,901 |
|
Consumer real estate |
|
|
238,696 |
|
|
|
248,243 |
|
|
|
256,097 |
|
|
|
254,736 |
|
|
|
255,043 |
|
Consumer |
|
|
27,542 |
|
|
|
27,739 |
|
|
|
28,426 |
|
|
|
29,059 |
|
|
|
26,704 |
|
Other |
|
|
31,032 |
|
|
|
37,633 |
|
|
|
38,161 |
|
|
|
36,187 |
|
|
|
35,412 |
|
Asset Quality
Data: |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Allowance for loan losses to total loans |
|
|
1.32 |
% |
|
|
1.39 |
% |
|
|
0.89 |
% |
|
|
0.91 |
% |
|
|
0.90 |
% |
Allowance for loan losses to non-performing loans |
|
|
705 |
% |
|
|
550 |
% |
|
|
861 |
% |
|
|
754 |
% |
|
|
894 |
% |
Nonaccrual loans |
|
$ |
2,982 |
|
|
$ |
3,658 |
|
|
$ |
1,464 |
|
|
$ |
1,701 |
|
|
$ |
1,443 |
|
Troubled debt restructurings |
|
|
1,228 |
|
|
|
1,306 |
|
|
|
2,717 |
|
|
|
2,725 |
|
|
|
1,238 |
|
Loans - over 89 days past due and accruing |
|
|
639 |
|
|
|
399 |
|
|
|
38 |
|
|
|
551 |
|
|
|
302 |
|
Total non-performing loans |
|
|
2,982 |
|
|
|
3,658 |
|
|
|
1,464 |
|
|
|
1,701 |
|
|
|
1,443 |
|
OREO and repossessed assets |
|
|
147 |
|
|
|
147 |
|
|
|
1,044 |
|
|
|
914 |
|
|
|
914 |
|
Total non-performing assets |
|
|
3,129 |
|
|
|
3,805 |
|
|
|
2,508 |
|
|
|
2,615 |
|
|
|
2,357 |
|
Non-performing loans to total loans |
|
|
0.19 |
% |
|
|
0.25 |
% |
|
|
0.10 |
% |
|
|
0.12 |
% |
|
|
0.10 |
% |
Non-performing assets to total assets |
|
|
0.13 |
% |
|
|
0.18 |
% |
|
|
0.12 |
% |
|
|
0.13 |
% |
|
|
0.12 |
% |
Non-performing assets to total loans and OREO |
|
|
0.20 |
% |
|
|
0.26 |
% |
|
|
0.18 |
% |
|
|
0.19 |
% |
|
|
0.16 |
% |
Annualized net charge-offs (recoveries) to average loans |
|
|
0.18 |
% |
|
|
0.01 |
% |
|
|
0.06 |
% |
|
|
(0.01 |
)% |
|
|
0.02 |
% |
Net charge-offs (recoveries) |
|
$ |
703 |
|
|
$ |
43 |
|
|
$ |
224 |
|
|
$ |
(50 |
) |
|
$ |
56 |
|
Interest Rates and
Yields: |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Loans |
|
|
4.50 |
% |
|
|
5.10 |
% |
|
|
5.24 |
% |
|
|
5.48 |
% |
|
|
5.44 |
% |
Securities (1) |
|
|
2.73 |
% |
|
|
3.04 |
% |
|
|
3.00 |
% |
|
|
3.14 |
% |
|
|
3.22 |
% |
Total interest-earning assets (1) |
|
|
3.78 |
% |
|
|
4.56 |
% |
|
|
4.67 |
% |
|
|
4.95 |
% |
|
|
5.00 |
% |
Deposits |
|
|
0.59 |
% |
|
|
1.14 |
% |
|
|
1.27 |
% |
|
|
1.38 |
% |
|
|
1.39 |
% |
Borrowings and repurchase agreements |
|
|
3.16 |
% |
|
|
2.77 |
% |
|
|
2.88 |
% |
|
|
4.12 |
% |
|
|
3.09 |
% |
Total interest-bearing liabilities |
|
|
0.81 |
% |
|
|
1.43 |
% |
|
|
1.58 |
% |
|
|
1.74 |
% |
|
|
1.75 |
% |
Other
Information: |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Full-time equivalent employees |
|
|
286 |
|
|
|
288 |
|
|
|
289 |
|
|
|
290 |
|
|
|
290 |
|
_____________________
This information is preliminary and based on CapStar data
available at the time of this earnings release.
(1) Net Interest Margin, Securities yields, and Total
interest-earning asset yields are calculated on a tax-equivalent
basis.
CAPSTAR FINANCIAL HOLDINGS, INC. AND
SUBSIDIARYAnalysis of Interest Income and Expense,
Rates and Yields (unaudited) (dollars in
thousands)Second quarter 2020 Earnings
Release
|
|
For the Three Months Ended June 30, |
|
|
|
2020 |
|
|
2019 |
|
|
|
AverageOutstandingBalance |
|
|
InterestIncome/Expense |
|
|
AverageYield/Rate |
|
|
AverageOutstandingBalance |
|
|
InterestIncome/Expense |
|
|
AverageYield/Rate |
|
Interest-Earning Assets |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Loans (1) |
|
$ |
1,560,626 |
|
|
$ |
17,459 |
|
|
|
4.50 |
% |
|
$ |
1,469,210 |
|
|
$ |
19,931 |
|
|
|
5.44 |
% |
Loans held for sale |
|
|
176,193 |
|
|
|
1,627 |
|
|
|
3.71 |
% |
|
|
91,585 |
|
|
|
1,068 |
|
|
|
4.68 |
% |
Securities: |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Taxable investment securities (2) |
|
|
194,876 |
|
|
|
1,236 |
|
|
|
2.54 |
% |
|
|
175,742 |
|
|
|
1,379 |
|
|
|
3.14 |
% |
Investment securities exempt from federal income tax (3) |
|
|
43,886 |
|
|
|
312 |
|
|
|
3.60 |
% |
|
|
52,541 |
|
|
|
363 |
|
|
|
3.50 |
% |
Total securities |
|
|
238,762 |
|
|
|
1,548 |
|
|
|
2.73 |
% |
|
|
228,283 |
|
|
|
1,742 |
|
|
|
3.22 |
% |
Cash balances in other banks |
|
|
237,738 |
|
|
|
107 |
|
|
|
0.18 |
% |
|
|
75,485 |
|
|
|
411 |
|
|
|
2.18 |
% |
Funds sold |
|
|
1 |
|
|
|
— |
|
|
|
1.27 |
% |
|
|
767 |
|
|
|
6 |
|
|
|
2.96 |
% |
Total interest-earning
assets |
|
|
2,213,320 |
|
|
|
20,741 |
|
|
|
3.78 |
% |
|
|
1,865,330 |
|
|
|
23,158 |
|
|
|
5.00 |
% |
Noninterest-earning assets |
|
|
136,701 |
|
|
|
|
|
|
|
|
|
|
|
138,877 |
|
|
|
|
|
|
|
|
|
Total assets |
|
$ |
2,350,021 |
|
|
|
|
|
|
|
|
|
|
$ |
2,004,207 |
|
|
|
|
|
|
|
|
|
Interest-Bearing Liabilities |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Interest-bearing deposits: |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Interest-bearing transaction accounts |
|
$ |
691,063 |
|
|
|
831 |
|
|
|
0.48 |
% |
|
$ |
467,326 |
|
|
|
1,827 |
|
|
|
1.57 |
% |
Savings and money market deposits |
|
|
492,682 |
|
|
|
731 |
|
|
|
0.60 |
% |
|
|
479,012 |
|
|
|
1,782 |
|
|
|
1.49 |
% |
Time deposits |
|
|
336,132 |
|
|
|
1,416 |
|
|
|
1.69 |
% |
|
|
417,873 |
|
|
|
2,217 |
|
|
|
2.13 |
% |
Total interest-bearing deposits |
|
|
1,519,877 |
|
|
|
2,978 |
|
|
|
0.79 |
% |
|
|
1,364,211 |
|
|
|
5,826 |
|
|
|
1.71 |
% |
Borrowings and repurchase agreements |
|
|
11,131 |
|
|
|
88 |
|
|
|
3.16 |
% |
|
|
42,117 |
|
|
|
324 |
|
|
|
3.09 |
% |
Total interest-bearing
liabilities |
|
|
1,531,008 |
|
|
|
3,066 |
|
|
|
0.81 |
% |
|
|
1,406,328 |
|
|
|
6,150 |
|
|
|
1.75 |
% |
Noninterest-bearing deposits |
|
|
512,046 |
|
|
|
|
|
|
|
|
|
|
|
314,029 |
|
|
|
|
|
|
|
|
|
Total funding sources |
|
|
2,043,054 |
|
|
|
|
|
|
|
|
|
|
|
1,720,357 |
|
|
|
|
|
|
|
|
|
Noninterest-bearing liabilities |
|
|
25,353 |
|
|
|
|
|
|
|
|
|
|
|
22,653 |
|
|
|
|
|
|
|
|
|
Shareholders’ equity |
|
|
281,614 |
|
|
|
|
|
|
|
|
|
|
|
261,197 |
|
|
|
|
|
|
|
|
|
Total liabilities and
shareholders’ equity |
|
$ |
2,350,021 |
|
|
|
|
|
|
|
|
|
|
$ |
2,004,207 |
|
|
|
|
|
|
|
|
|
Net interest spread (4) |
|
|
|
|
|
|
|
|
|
|
2.98 |
% |
|
|
|
|
|
|
|
|
|
|
3.25 |
% |
Net interest income/margin
(5) |
|
|
|
|
|
$ |
17,675 |
|
|
|
3.23 |
% |
|
|
|
|
|
$ |
17,008 |
|
|
|
3.68 |
% |
- Average loan balances include nonaccrual loans. Interest
income on loans includes amortization of deferred loan fees, net of
deferred loan costs.
- Taxable investment securities include restricted equity
securities.
- Yields on tax exempt securities, total securities, and total
interest-earning assets are shown on a tax equivalent basis.
- Net interest spread is the average yield on total average
interest-earning assets minus the average rate on total average
interest-bearing liabilities.
- Net interest margin is annualized net interest income
calculated on a tax equivalent basis divided by total average
interest-earning assets for the period.
This information is preliminary and based on CapStar data
available at the time of this earnings release.
CAPSTAR FINANCIAL HOLDINGS, INC. AND
SUBSIDIARYNon-GAAP Financial Measures (unaudited)
(dollars in thousands except share data)Second
quarter 2020 Earnings Release
|
|
Three Months Ended |
|
|
|
June 30, 2020 |
|
|
March 31, 2020 |
|
|
December 31, 2019 |
|
|
September 30, 2019 |
|
|
June 30, 2019 |
|
Operating net income: |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Net income |
|
$ |
6,181 |
|
|
$ |
1,346 |
|
|
$ |
5,421 |
|
|
$ |
6,466 |
|
|
$ |
5,756 |
|
Add: merger related expenses |
|
|
448 |
|
|
|
290 |
|
|
|
163 |
|
|
|
187 |
|
|
|
1,711 |
|
Less: income tax impact of merger related expenses |
|
|
(117 |
) |
|
|
(76 |
) |
|
|
(43 |
) |
|
|
(49 |
) |
|
|
(447 |
) |
Operating net income |
|
$ |
6,512 |
|
|
$ |
1,560 |
|
|
$ |
5,541 |
|
|
$ |
6,604 |
|
|
$ |
7,020 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Operating diluted net income
per share of common stock: |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Operating net income |
|
$ |
6,512 |
|
|
$ |
1,560 |
|
|
$ |
5,541 |
|
|
$ |
6,604 |
|
|
$ |
7,020 |
|
Weighted average shares - diluted |
|
|
18,320,006 |
|
|
|
18,443,725 |
|
|
|
18,443,916 |
|
|
|
18,532,479 |
|
|
|
18,650,706 |
|
Operating diluted net income per share of common stock |
|
$ |
0.36 |
|
|
$ |
0.08 |
|
|
$ |
0.30 |
|
|
$ |
0.36 |
|
|
$ |
0.38 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Operating annualized return on
average assets: |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Operating net income |
|
$ |
6,512 |
|
|
$ |
1,560 |
|
|
$ |
5,541 |
|
|
$ |
6,604 |
|
|
$ |
7,020 |
|
Average assets |
|
$ |
2,350,021 |
|
|
$ |
2,059,306 |
|
|
$ |
2,030,231 |
|
|
$ |
2,005,950 |
|
|
$ |
2,004,207 |
|
Operating annualized return on average assets |
|
|
1.11 |
% |
|
|
0.30 |
% |
|
|
1.08 |
% |
|
|
1.31 |
% |
|
|
1.40 |
% |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Operating annualized return
on average tangible equity: |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Average total shareholders' equity |
|
$ |
281,614 |
|
|
$ |
278,550 |
|
|
$ |
271,568 |
|
|
$ |
266,441 |
|
|
$ |
261,197 |
|
Less: average intangible assets |
|
|
(43,871 |
) |
|
|
(44,253 |
) |
|
|
(44,646 |
) |
|
|
(45,050 |
) |
|
|
(45,456 |
) |
Average tangible equity |
|
|
237,743 |
|
|
|
234,297 |
|
|
|
226,922 |
|
|
|
221,391 |
|
|
|
215,741 |
|
Operating net income |
|
$ |
6,512 |
|
|
$ |
1,560 |
|
|
$ |
5,541 |
|
|
$ |
6,604 |
|
|
$ |
7,020 |
|
Operating annualized return on average tangible equity |
|
|
11.02 |
% |
|
|
2.68 |
% |
|
|
9.69 |
% |
|
|
11.83 |
% |
|
|
13.05 |
% |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Operating efficiency ratio: |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Total noninterest expense |
|
$ |
18,934 |
|
|
$ |
14,211 |
|
|
$ |
15,266 |
|
|
$ |
15,531 |
|
|
$ |
16,470 |
|
Less: merger related expenses |
|
|
(448 |
) |
|
|
(290 |
) |
|
|
(163 |
) |
|
|
(187 |
) |
|
|
(1,711 |
) |
Total operating noninterest expense |
|
|
18,486 |
|
|
|
13,921 |
|
|
|
15,103 |
|
|
|
15,344 |
|
|
|
14,759 |
|
Net interest income |
|
|
17,675 |
|
|
|
16,661 |
|
|
|
16,581 |
|
|
|
17,156 |
|
|
|
17,008 |
|
Total noninterest income |
|
|
10,823 |
|
|
|
5,874 |
|
|
|
5,719 |
|
|
|
6,788 |
|
|
|
7,032 |
|
Total revenues |
|
$ |
28,498 |
|
|
$ |
22,535 |
|
|
$ |
22,300 |
|
|
$ |
23,944 |
|
|
$ |
24,040 |
|
Operating efficiency ratio: |
|
|
64.87 |
% |
|
|
61.78 |
% |
|
|
67.73 |
% |
|
|
64.08 |
% |
|
|
61.39 |
% |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Operating annualized pre-tax
pre-provision income to average assets: |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Income before income taxes |
|
$ |
7,940 |
|
|
$ |
771 |
|
|
$ |
7,034 |
|
|
$ |
8,538 |
|
|
$ |
7,570 |
|
Add: merger related expenses |
|
|
448 |
|
|
|
290 |
|
|
|
163 |
|
|
|
187 |
|
|
|
1,711 |
|
Add: provision for loan losses |
|
|
1,624 |
|
|
|
7,553 |
|
|
|
— |
|
|
|
(125 |
) |
|
|
— |
|
Operating pre-tax pre-provision income |
|
|
10,012 |
|
|
|
8,614 |
|
|
|
7,197 |
|
|
|
8,600 |
|
|
|
9,281 |
|
Average assets |
|
$ |
2,350,021 |
|
|
$ |
2,059,306 |
|
|
$ |
2,030,231 |
|
|
$ |
2,005,950 |
|
|
$ |
2,004,207 |
|
Operating annualized pre-tax pre-provision income to average
assets: |
|
|
1.71 |
% |
|
|
1.68 |
% |
|
|
1.41 |
% |
|
|
1.70 |
% |
|
|
1.86 |
% |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
June 30, 2020 |
|
|
March 31,2020 |
|
|
December 31, 2019 |
|
|
September 30, 2019 |
|
|
June 30, 2019 |
|
Tangible Equity: |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Total shareholders' equity |
|
$ |
281,950 |
|
|
$ |
275,790 |
|
|
$ |
273,046 |
|
|
$ |
268,082 |
|
|
$ |
262,664 |
|
Less: intangible assets |
|
|
(43,633 |
) |
|
|
(44,008 |
) |
|
|
(44,393 |
) |
|
|
(44,790 |
) |
|
|
(45,199 |
) |
Tangible equity |
|
$ |
238,317 |
|
|
$ |
231,782 |
|
|
$ |
228,653 |
|
|
$ |
223,292 |
|
|
$ |
217,465 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Tangible Common Equity: |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Tangible equity |
|
$ |
238,317 |
|
|
$ |
231,782 |
|
|
$ |
228,653 |
|
|
$ |
223,292 |
|
|
$ |
217,465 |
|
Less: preferred equity |
|
|
— |
|
|
|
— |
|
|
|
— |
|
|
|
— |
|
|
|
(9,000 |
) |
Tangible common equity |
|
$ |
238,317 |
|
|
$ |
231,782 |
|
|
$ |
228,653 |
|
|
$ |
223,292 |
|
|
$ |
208,465 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Tangible Book Value per Share of
Common Stock: |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Tangible common equity |
|
$ |
238,317 |
|
|
$ |
231,782 |
|
|
$ |
228,653 |
|
|
$ |
223,292 |
|
|
$ |
208,465 |
|
Total shares of common stock outstanding |
|
|
18,302,188 |
|
|
|
18,307,802 |
|
|
|
18,361,922 |
|
|
|
18,343,403 |
|
|
|
17,561,476 |
|
Tangible book value per share of common stock |
|
$ |
13.02 |
|
|
$ |
12.66 |
|
|
$ |
12.45 |
|
|
$ |
12.17 |
|
|
$ |
11.87 |
|
CAPSTAR FINANCIAL HOLDINGS, INC. AND
SUBSIDIARYNon-GAAP Financial Measures (unaudited)
(dollars in thousands except share data)Second
quarter 2020 Earnings Release
|
|
Six Months Ended |
|
|
|
June 30, 2020 |
|
|
June 30, 2019 |
|
Operating net income: |
|
|
|
|
|
|
|
|
Net income |
|
$ |
7,527 |
|
|
$ |
10,535 |
|
Add: merger related expenses |
|
|
738 |
|
|
|
2,305 |
|
Less: income tax impact of merger related expenses |
|
|
(193 |
) |
|
|
(603 |
) |
Operating net income |
|
$ |
8,072 |
|
|
$ |
12,237 |
|
|
|
|
|
|
|
|
|
|
Operating diluted net income
per share of common stock: |
|
|
|
|
|
|
|
|
Operating net income |
|
$ |
8,072 |
|
|
$ |
12,237 |
|
Weighted average shares - diluted |
|
|
18,381,866 |
|
|
|
18,740,322 |
|
Operating diluted net income per share of common stock |
|
$ |
0.44 |
|
|
$ |
0.65 |
|
|
|
|
|
|
|
|
|
|
Operating annualized return on
average assets: |
|
|
|
|
|
|
|
|
Operating net income |
|
$ |
8,072 |
|
|
$ |
12,237 |
|
Average assets |
|
$ |
2,204,663 |
|
|
$ |
1,996,386 |
|
Operating annualized return on average assets |
|
|
0.74 |
% |
|
|
1.24 |
% |
|
|
|
|
|
|
|
|
|
Operating annualized return
on average tangible equity: |
|
|
|
|
|
|
|
|
Average total shareholders' equity |
|
$ |
280,082 |
|
|
$ |
259,162 |
|
Less: average intangible assets |
|
|
(44,062 |
) |
|
|
(45,672 |
) |
Average tangible equity |
|
|
236,020 |
|
|
|
213,490 |
|
Operating net income |
|
$ |
8,072 |
|
|
$ |
12,237 |
|
Operating annualized return on average tangible equity |
|
|
6.88 |
% |
|
|
11.56 |
% |
|
|
|
|
|
|
|
|
|
Operating efficiency ratio: |
|
|
|
|
|
|
|
|
Total noninterest expense |
|
$ |
33,145 |
|
|
$ |
31,196 |
|
Less: merger related expenses |
|
|
(738 |
) |
|
|
(2,305 |
) |
Total operating noninterest expense |
|
|
32,407 |
|
|
|
28,891 |
|
Net interest income |
|
|
34,336 |
|
|
|
34,010 |
|
Total noninterest income |
|
|
16,697 |
|
|
|
11,767 |
|
Total revenues |
|
$ |
51,033 |
|
|
$ |
45,777 |
|
Operating efficiency ratio: |
|
|
63.50 |
% |
|
|
63.11 |
% |
CONTACT
Mike Fowler Chief Financial
Officer(615) 732-7404
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