CapStar Financial Holdings, Inc. (“CapStar”)
(NASDAQ:CSTR) today
reported third quarter net income of $7.5 million and pre-tax
pre-provision income of $11.7 million. Diluted earnings per share
were $0.34, a decrease of $0.01 from the third quarter of 2019.
Return on average assets and return on average equity for the third
quarter of 2020 was 0.98% and 9.26%, respectively.
Excluding merger-related charges of $2.5 million, diluted
operating(1) earnings per share were $0.43, an increase of $0.07
from the third quarter of 2019. On an operating basis, return on
average assets was 1.22% and return on average tangible common
equity was 13.76%. Net income and operating earnings for the
quarter include a loss on previously terminated interest rate swaps
of $1.9 million which will improve earnings through mid-2023 by
approximately $700,000 per year, gain on sale of $394,000 for two
dormant branches acquired in the Athens Federal acquisition, and
provision for loan losses of $2.1 million.
“I am extremely proud of our team and continued accomplishments
during what has been an unexpected and challenging year,” said
Timothy K. Schools, President and Chief Executive Officer. “Through
a difficult economic and interest rate environment, we have
remained focused on taking care of our customers, practicing sound
risk management, and producing strong pre-tax pre-provision income,
while continuing to invest in growth. This quarter, our operating
pre-tax pre-provision income to assets, excluding the swap related
expense and branch gain on sale, rose to 2.06%. This is the result
of record mortgage banking revenue as well as improvements within
the overall bank. Importantly, we have made significant investments
in growth with our Knoxville expansion, hiring of additional Middle
Tennessee Relationship Managers, and our FCB acquisition. Each of
these present a substantial opportunity and have begun to
capitalize on our non-customer PPP relationships.”
“While the economic and political outlook remain uncertain, we
are observing stabilization and a gradual increase in economic
activity. Our credit quality remains strong as a result of sound
underwriting, proactive portfolio management, and the benefits of
economic stimulus. As anticipated, we have seen an increase in our
criticized loans due to the pandemic. However, past dues remain
stable and loan deferrals are now in place for only about 40
customers totaling 4.7% of total loans held for investment. It has
been inspiring to observe the commitment our employees have to
serving our customers, communities, and shareholders during this
challenging time. Our team is energized and excited to build on the
momentum we have put into place over the past year.”
Profitability
- Operating annualized pre-tax pre-provision income to average
assets for the three months ended September 30, 2020 was 1.86%
compared to 1.70% for the same period in 2019.
- Operating annualized return on average assets for the three
months ended September 30, 2020 was 1.22% compared to 1.31% for the
same period in 2019.
- Operating annualized return on average tangible equity for the
three months ended September 30, 2020 was 13.76% compared to 11.83%
for the same period in 2019.
- Adjusted for the terminated interest rate swaps, net interest
margin was 2.98% compared to 3.66% for the same period in 2019.
Increased cash due to significant deposit growth since March 31,
2020 negatively impacted net interest margin by 42 bps.
- The operating efficiency ratio for the three months ended
September 30, 2020 was 58.59% compared to 64.08% for the same
period in 2019.
Growth
- Pre-tax pre-provision earnings for the quarter ended September
30, 2020 increased 39.3% to $11.7 million, compared to $8.4 million
for the quarter ended September 30, 2019.
- Deposit growth for the quarter ended September 30, 2020, was
$80.6 million or 12.8% annualized, subsequent to the FCB
acquisition.
- Loan growth for the quarter ended September 30, 2020, was $17.5
million or 3.7% annualized, subsequent to the FCB acquisition.
- Tangible book value per share for the quarter ended September
30, 2020 increased 6.2% to $12.92, compared to $12.17 for the
quarter ended September 30, 2019.
Soundness
- The total risk-based capital ratio was 15.96% at September 30,
2020 compared to 13.46% at September 30, 2019.
- The allowance for loan losses plus the fair value mark on
acquired loans to total loans, less PPP loans, was 1.61%.
- Non-performing assets to total loans and OREO were 0.16% at
September 30, 2020 compared to 0.19% at September 30, 2019.
- Annualized net charge offs to average loans were (0.00)% for
the three months ended September 30, 2020 compared to (0.01)% for
the same period in 2019.
(1) Operating measures exclude merger-related expenses unrelated
to CapStar’s normal operations. For a discussion and reconciliation
of the Non-GAAP operating measures that exclude merger-related
costs unrelated to CapStar’s normal operations, see the section
titled “Non-GAAP Disclaimer” and the Non-GAAP financial measures
section of the financial statements.
Dividend
On October 22, 2020, the board of directors of CapStar approved
a quarterly dividend of $0.05 per common share that will be paid on
November 25, 2020 to shareholders of record of CapStar’s common
stock as of the close of business on November 11, 2020.
Conference Call and Webcast Information
CapStar will host a conference call and webcast at 9:00 a.m.
Central Time on Friday, October 23, 2020. During the call,
management will review the third quarter results and operational
highlights. Interested parties may listen to the call by dialing
(844) 412-1002. The conference ID number is 5490625. 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 September 30, 2020, on
a consolidated basis, CapStar had total assets of $3.02 billion,
total loans of $1.91 billion, total deposits of $2.62 billion, and
shareholders’ equity of $333.9 million. Visit www.capstarbank.com
for more information.
FORWARD-LOOKING STATEMENTS
All statements, other than statements of historical fact,
included in this release and any oral statements made regarding the
subject of this release, including in the conference call
referenced herein, that address activities, events or developments
that the Company expects, believes or anticipates will or may occur
in the future are “forward-looking statements“ within the meaning
of Section 27A of the Securities Act of 1933, as amended, and
Section 21E of the Securities Exchange Act of 1934, as amended, and
are made pursuant to the safe harbor provisions of the Private
Securities Litigation Reform Act of 1955. The words “expect“,
“anticipate”, “intend”, “may”, “should”, “plan”, “believe”, “seek“,
“estimate“ and similar expressions are intended to identify such
forward-looking statements, but other statements not based on
historical information may also be considered forward-looking
statements. These forward-looking statements are subject to known
and unknown risks, uncertainties and other factors that could cause
the actual results to differ materially from the statements,
including, but not limited to: (I) deterioration
in the financial condition of borrowers of the Company and its
subsidiaries, resulting in significant increases in loan losses and
provisions for those losses; (II) the effects of the emergence of
widespread health emergencies or pandemics, including the magnitude
and duration of the Covid-19 pandemic and its impact on general
economic and financial market conditions and on the Company’s
customer’s business, results of operations, asset quality and
financial condition; (III) the ability to grow and retain low-cost,
core deposits and retain large, uninsured deposits, including
during times when the Company is seeking to lower rates it pays on
deposits; (IV) the impact of competition with other financial
institutions, including pricing pressures and the resulting impact
on the Company’s results, including as a result of compression to
net interest margin; (V) fluctuations or differences in interest
rates on loans or deposits from those that the Company is modeling
or anticipating, including as a result of the Company’s inability
to better match deposit rates with the changes in the short term
rate environment, or that affect the yield curve; (VI) difficulties
and delays in integrating required businesses or fully realizing
cost savings or other benefits from acquisitions; (VII) the
Company‘s ability to profitably grow its business and successfully
execute on its business plans; (VIII) any matter that would cause
the Company to conclude that there was impairment of any asset,
including goodwill or other intangible assets; (IX) the
vulnerability of the Company’s network and online banking portals,
and the systems of customers or parties with whom the Company
contracts, to unauthorized access, computer viruses, phishing
schemes, spam attacks, human error, natural disasters, power loss
and other security breaches; (X) the availability of and access to
capital; (XI) adverse results (including costs, fines, reputational
harm, inability to obtain necessary approvals, and/or other
negative affects) from current or future litigation, regulatory
examinations or other legal and/or regulatory actions, including as
a result of the Company’s participation in and execution of
government programs related to the Covid-19 pandemic; and (XII)
general competitive, economic, political and market conditions.
Additional factors which could affect the forward-looking
statements can be found in the Company’s Annual Report on Form
10-K, Quarterly Reports on Form 10-Q, and Current Reports on Form
8-K, filed with the SEC. The Company disclaims any obligation to
update or revise any forward-looking statements contained in this
press release (we speak only as of the date hereof ), whether as a
result of new information, future events, or otherwise.
NON-GAAP MEASURES
This 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.
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CAPSTAR FINANCIAL HOLDINGS, INC.
AND SUBSIDIARYConsolidated
Statements of Income
(unaudited) (dollars in thousands, except
share data)Third quarter
2020 Earnings Release |
|
|
|
|
|
|
|
|
|
Three Months Ended |
|
|
Nine Months Ended |
|
|
|
September 30, |
|
|
September 30, |
|
|
|
2020 |
|
|
2019 |
|
|
2020 |
|
|
2019 |
|
Interest income: |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Loans, including fees |
|
$ |
22,796 |
|
|
$ |
21,005 |
|
|
$ |
61,620 |
|
|
$ |
62,596 |
|
Securities: |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Taxable |
|
|
1,193 |
|
|
|
1,028 |
|
|
|
3,465 |
|
|
|
3,540 |
|
Tax-exempt |
|
|
343 |
|
|
|
354 |
|
|
|
975 |
|
|
|
1,093 |
|
Federal funds sold |
|
|
— |
|
|
|
1 |
|
|
|
— |
|
|
|
26 |
|
Restricted equity securities |
|
|
139 |
|
|
|
183 |
|
|
|
421 |
|
|
|
584 |
|
Interest-bearing deposits in financial institutions |
|
|
171 |
|
|
|
645 |
|
|
|
640 |
|
|
|
1,502 |
|
Total interest income |
|
|
24,642 |
|
|
|
23,216 |
|
|
|
67,121 |
|
|
|
69,341 |
|
Interest expense: |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Interest-bearing deposits |
|
|
640 |
|
|
|
2,102 |
|
|
|
3,371 |
|
|
|
5,523 |
|
Savings and money market accounts |
|
|
2,537 |
|
|
|
1,944 |
|
|
|
4,819 |
|
|
|
5,445 |
|
Time deposits |
|
|
1,299 |
|
|
|
1,887 |
|
|
|
4,197 |
|
|
|
5,917 |
|
Federal funds purchased |
|
|
— |
|
|
|
— |
|
|
|
— |
|
|
|
4 |
|
Securities sold under agreements to repurchase |
|
|
— |
|
|
|
— |
|
|
|
— |
|
|
|
5 |
|
Federal Home Loan Bank advances |
|
|
116 |
|
|
|
127 |
|
|
|
348 |
|
|
|
1,281 |
|
Subordinated notes |
|
|
394 |
|
|
|
— |
|
|
|
394 |
|
|
|
— |
|
Total interest expense |
|
|
4,986 |
|
|
|
6,060 |
|
|
|
13,129 |
|
|
|
18,175 |
|
Net interest income |
|
|
19,656 |
|
|
|
17,156 |
|
|
|
53,992 |
|
|
|
51,166 |
|
Provision for loan losses |
|
|
2,119 |
|
|
|
(125 |
) |
|
|
11,295 |
|
|
|
761 |
|
Net interest income after provision for loan losses |
|
|
17,537 |
|
|
|
17,281 |
|
|
|
42,697 |
|
|
|
50,405 |
|
Noninterest income: |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Treasury management and other deposit service charges |
|
|
1,064 |
|
|
|
788 |
|
|
|
2,531 |
|
|
|
2,399 |
|
Net gain (loss) on sale of securities |
|
|
34 |
|
|
|
— |
|
|
|
74 |
|
|
|
(108 |
) |
Tri-Net fees |
|
|
668 |
|
|
|
847 |
|
|
|
2,528 |
|
|
|
2,511 |
|
Mortgage banking income |
|
|
9,686 |
|
|
|
2,679 |
|
|
|
19,063 |
|
|
|
7,151 |
|
Wealth management fees |
|
|
382 |
|
|
|
379 |
|
|
|
1,162 |
|
|
|
1,018 |
|
Interchange and debit card transaction fees |
|
|
936 |
|
|
|
754 |
|
|
|
2,389 |
|
|
|
2,323 |
|
Other noninterest income |
|
|
2,034 |
|
|
|
1,341 |
|
|
|
3,753 |
|
|
|
3,261 |
|
Total noninterest income |
|
|
14,804 |
|
|
|
6,788 |
|
|
|
31,500 |
|
|
|
18,555 |
|
Noninterest expense: |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Salaries and employee benefits |
|
|
12,949 |
|
|
|
9,229 |
|
|
|
33,256 |
|
|
|
26,224 |
|
Data processing and software |
|
|
2,353 |
|
|
|
1,790 |
|
|
|
6,317 |
|
|
|
5,126 |
|
Professional fees |
|
|
638 |
|
|
|
528 |
|
|
|
1,854 |
|
|
|
1,571 |
|
Occupancy |
|
|
999 |
|
|
|
858 |
|
|
|
2,615 |
|
|
|
2,550 |
|
Equipment |
|
|
864 |
|
|
|
1,012 |
|
|
|
2,295 |
|
|
|
2,890 |
|
Regulatory fees |
|
|
397 |
|
|
|
18 |
|
|
|
893 |
|
|
|
564 |
|
Merger related expenses |
|
|
2,548 |
|
|
|
187 |
|
|
|
3,286 |
|
|
|
2,491 |
|
Amortization of intangibles |
|
|
539 |
|
|
|
408 |
|
|
|
1,300 |
|
|
|
1,258 |
|
Other operating |
|
|
1,452 |
|
|
|
1,501 |
|
|
|
4,067 |
|
|
|
4,054 |
|
Total noninterest expense |
|
|
22,739 |
|
|
|
15,531 |
|
|
|
55,883 |
|
|
|
46,728 |
|
Income before income taxes |
|
|
9,602 |
|
|
|
8,538 |
|
|
|
18,314 |
|
|
|
22,232 |
|
Income tax expense |
|
|
2,115 |
|
|
|
2,072 |
|
|
|
3,299 |
|
|
|
5,231 |
|
Net income |
|
$ |
7,487 |
|
|
$ |
6,466 |
|
|
$ |
15,015 |
|
|
$ |
17,001 |
|
Per share information: |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Basic net income per share of common stock |
|
$ |
0.34 |
|
|
$ |
0.36 |
|
|
$ |
0.77 |
|
|
$ |
0.96 |
|
Diluted net income per share of common stock |
|
$ |
0.34 |
|
|
$ |
0.35 |
|
|
$ |
0.77 |
|
|
$ |
0.91 |
|
Weighted average shares outstanding: |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Basic |
|
|
21,948,579 |
|
|
|
17,741,778 |
|
|
|
19,558,281 |
|
|
|
17,729,518 |
|
Diluted |
|
|
21,960,490 |
|
|
|
18,532,479 |
|
|
|
19,583,448 |
|
|
|
18,670,280 |
|
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)Third
quarter 2020 Earnings
Release |
|
|
|
Five Quarter Comparison |
|
|
|
9/30/20 |
|
|
6/30/20 |
|
|
3/31/20 |
|
|
12/31/19 |
|
|
9/30/19 |
|
Income Statement Data: |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Net interest income |
|
$ |
19,656 |
|
|
$ |
17,675 |
|
|
$ |
16,661 |
|
|
$ |
16,581 |
|
|
$ |
17,156 |
|
Provision for loan losses |
|
|
2,119 |
|
|
|
1,624 |
|
|
|
7,553 |
|
|
|
— |
|
|
|
(125 |
) |
Net interest income after provision for loan losses |
|
|
17,537 |
|
|
|
16,051 |
|
|
|
9,108 |
|
|
|
16,581 |
|
|
|
17,281 |
|
Treasury management and other deposit service charges |
|
|
1,064 |
|
|
|
691 |
|
|
|
775 |
|
|
|
736 |
|
|
|
788 |
|
Net gain on sale of securities |
|
|
34 |
|
|
|
13 |
|
|
|
27 |
|
|
|
9 |
|
|
|
— |
|
Tri-Net fees |
|
|
668 |
|
|
|
1,260 |
|
|
|
599 |
|
|
|
274 |
|
|
|
847 |
|
Mortgage banking income |
|
|
9,686 |
|
|
|
7,123 |
|
|
|
2,253 |
|
|
|
2,316 |
|
|
|
2,679 |
|
Wealth management fees |
|
|
382 |
|
|
|
374 |
|
|
|
407 |
|
|
|
407 |
|
|
|
379 |
|
Interchange and debit card transaction fees |
|
|
936 |
|
|
|
729 |
|
|
|
724 |
|
|
|
928 |
|
|
|
754 |
|
Other noninterest income |
|
|
2,034 |
|
|
|
633 |
|
|
|
1,089 |
|
|
|
1,049 |
|
|
|
1,341 |
|
Total noninterest income |
|
|
14,804 |
|
|
|
10,823 |
|
|
|
5,874 |
|
|
|
5,719 |
|
|
|
6,788 |
|
Salaries and employee benefits |
|
|
12,949 |
|
|
|
12,305 |
|
|
|
8,002 |
|
|
|
9,318 |
|
|
|
9,229 |
|
Data processing and software |
|
|
2,353 |
|
|
|
2,100 |
|
|
|
1,864 |
|
|
|
1,835 |
|
|
|
1,790 |
|
Professional fees |
|
|
638 |
|
|
|
581 |
|
|
|
636 |
|
|
|
531 |
|
|
|
528 |
|
Occupancy |
|
|
999 |
|
|
|
797 |
|
|
|
820 |
|
|
|
795 |
|
|
|
858 |
|
Equipment |
|
|
864 |
|
|
|
680 |
|
|
|
751 |
|
|
|
834 |
|
|
|
1,012 |
|
Regulatory fees |
|
|
397 |
|
|
|
333 |
|
|
|
163 |
|
|
|
28 |
|
|
|
18 |
|
Merger related expenses |
|
|
2,548 |
|
|
|
448 |
|
|
|
290 |
|
|
|
163 |
|
|
|
187 |
|
Amortization of intangibles |
|
|
539 |
|
|
|
375 |
|
|
|
386 |
|
|
|
397 |
|
|
|
408 |
|
Other operating |
|
|
1,452 |
|
|
|
1,315 |
|
|
|
1,299 |
|
|
|
1,365 |
|
|
|
1,501 |
|
Total noninterest expense |
|
|
22,739 |
|
|
|
18,934 |
|
|
|
14,211 |
|
|
|
15,266 |
|
|
|
15,531 |
|
Net income before income tax expense |
|
|
9,602 |
|
|
|
7,940 |
|
|
|
771 |
|
|
|
7,034 |
|
|
|
8,538 |
|
Income tax (benefit) expense |
|
|
2,115 |
|
|
|
1,759 |
|
|
|
(575 |
) |
|
|
1,613 |
|
|
|
2,072 |
|
Net income |
|
$ |
7,487 |
|
|
$ |
6,181 |
|
|
$ |
1,346 |
|
|
$ |
5,421 |
|
|
$ |
6,466 |
|
Weighted average shares - basic |
|
|
21,948,579 |
|
|
|
18,307,083 |
|
|
|
18,392,913 |
|
|
|
18,350,994 |
|
|
|
17,741,778 |
|
Weighted average shares - diluted |
|
|
21,960,490 |
|
|
|
18,320,006 |
|
|
|
18,443,725 |
|
|
|
18,443,916 |
|
|
|
18,532,479 |
|
Net income per share, basic |
|
$ |
0.34 |
|
|
$ |
0.34 |
|
|
$ |
0.07 |
|
|
$ |
0.30 |
|
|
$ |
0.36 |
|
Net income per share, diluted |
|
|
0.34 |
|
|
|
0.34 |
|
|
|
0.07 |
|
|
|
0.29 |
|
|
|
0.35 |
|
Balance Sheet Data (at
period end): |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Cash and cash equivalents |
|
$ |
455,925 |
|
|
$ |
368,820 |
|
|
$ |
91,450 |
|
|
$ |
101,269 |
|
|
$ |
154,021 |
|
Securities available-for-sale |
|
|
308,337 |
|
|
|
223,034 |
|
|
|
219,213 |
|
|
|
213,129 |
|
|
|
203,500 |
|
Securities held-to-maturity |
|
|
2,413 |
|
|
|
2,699 |
|
|
|
3,306 |
|
|
|
3,313 |
|
|
|
3,319 |
|
Loans held for sale |
|
|
198,603 |
|
|
|
129,807 |
|
|
|
186,937 |
|
|
|
168,222 |
|
|
|
129,613 |
|
Total loans |
|
|
1,906,603 |
|
|
|
1,592,725 |
|
|
|
1,446,835 |
|
|
|
1,420,102 |
|
|
|
1,411,768 |
|
Allowance for loan losses |
|
|
(23,167 |
) |
|
|
(21,035 |
) |
|
|
(20,114 |
) |
|
|
(12,604 |
) |
|
|
(12,828 |
) |
Total assets |
|
|
3,024,348 |
|
|
|
2,445,172 |
|
|
|
2,072,585 |
|
|
|
2,037,201 |
|
|
|
2,033,911 |
|
Non-interest-bearing deposits |
|
|
716,707 |
|
|
|
546,974 |
|
|
|
442,789 |
|
|
|
312,096 |
|
|
|
352,266 |
|
Interest-bearing deposits |
|
|
1,900,835 |
|
|
|
1,548,591 |
|
|
|
1,320,920 |
|
|
|
1,417,355 |
|
|
|
1,379,497 |
|
Federal Home Loan Bank advances and other borrowings |
|
|
39,418 |
|
|
|
39,464 |
|
|
|
10,000 |
|
|
|
10,000 |
|
|
|
10,000 |
|
Total liabilities |
|
|
2,690,453 |
|
|
|
2,163,222 |
|
|
|
1,796,795 |
|
|
|
1,764,155 |
|
|
|
1,765,829 |
|
Shareholders' equity |
|
$ |
333,895 |
|
|
$ |
281,950 |
|
|
$ |
275,790 |
|
|
$ |
273,046 |
|
|
$ |
268,082 |
|
Total shares of common stock outstanding |
|
|
21,947,805 |
|
|
|
18,302,188 |
|
|
|
18,307,802 |
|
|
|
18,361,922 |
|
|
|
18,343,403 |
|
Book value per share of common stock |
|
$ |
15.21 |
|
|
$ |
15.41 |
|
|
$ |
15.06 |
|
|
$ |
14.87 |
|
|
$ |
14.61 |
|
Tangible book value per share of common stock* |
|
|
12.92 |
|
|
|
13.02 |
|
|
|
12.66 |
|
|
|
12.45 |
|
|
|
12.17 |
|
Market value per share of common stock |
|
$ |
9.81 |
|
|
$ |
12.00 |
|
|
$ |
9.89 |
|
|
$ |
16.65 |
|
|
$ |
16.58 |
|
Capital
ratios: |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Total risk based capital |
|
|
15.96 |
% |
|
|
16.76 |
% |
|
|
13.68 |
% |
|
|
13.45 |
% |
|
|
13.46 |
% |
Tier 1 risk based capital |
|
|
13.39 |
% |
|
|
13.76 |
% |
|
|
12.56 |
% |
|
|
12.73 |
% |
|
|
12.71 |
% |
Common equity tier 1 capital |
|
|
13.39 |
% |
|
|
13.76 |
% |
|
|
12.56 |
% |
|
|
12.73 |
% |
|
|
12.71 |
% |
Leverage |
|
|
9.23 |
% |
|
|
10.08 |
% |
|
|
11.23 |
% |
|
|
11.37 |
% |
|
|
11.24 |
% |
_____________________*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)Third
quarter 2020 Earnings
Release |
|
|
|
Five Quarter Comparison |
|
|
|
9/30/20 |
|
|
6/30/20 |
|
|
3/31/20 |
|
|
12/31/19 |
|
|
9/30/19 |
|
Average Balance Sheet Data: |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Cash and cash equivalents |
|
$ |
526,409 |
|
|
$ |
257,709 |
|
|
$ |
114,272 |
|
|
$ |
115,100 |
|
|
$ |
129,114 |
|
Investment securities |
|
|
323,689 |
|
|
|
238,762 |
|
|
|
226,537 |
|
|
|
225,265 |
|
|
|
211,460 |
|
Loans held for sale |
|
|
156,123 |
|
|
|
176,193 |
|
|
|
180,401 |
|
|
|
140,731 |
|
|
|
101,835 |
|
Loans |
|
|
1,906,449 |
|
|
|
1,560,626 |
|
|
|
1,421,256 |
|
|
|
1,431,027 |
|
|
|
1,445,755 |
|
Assets |
|
|
3,043,847 |
|
|
|
2,350,021 |
|
|
|
2,059,306 |
|
|
|
2,030,231 |
|
|
|
2,005,950 |
|
Interest bearing deposits |
|
|
1,957,259 |
|
|
|
1,519,877 |
|
|
|
1,411,666 |
|
|
|
1,388,496 |
|
|
|
1,370,988 |
|
Deposits |
|
|
2,648,465 |
|
|
|
2,031,924 |
|
|
|
1,735,635 |
|
|
|
1,711,021 |
|
|
|
1,704,873 |
|
Federal Home Loan Bank advances and other borrowings |
|
|
39,431 |
|
|
|
10,966 |
|
|
|
20,989 |
|
|
|
22,391 |
|
|
|
12,174 |
|
Liabilities |
|
|
2,722,341 |
|
|
|
2,068,408 |
|
|
|
1,780,756 |
|
|
|
1,758,663 |
|
|
|
1,739,509 |
|
Shareholders' equity |
|
|
321,506 |
|
|
|
281,614 |
|
|
|
278,550 |
|
|
|
271,568 |
|
|
|
266,441 |
|
Performance
Ratios: |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Annualized return on average assets |
|
|
0.98 |
% |
|
|
1.06 |
% |
|
|
0.26 |
% |
|
|
1.06 |
% |
|
|
1.28 |
% |
Annualized return on average equity |
|
|
9.26 |
% |
|
|
8.83 |
% |
|
|
1.94 |
% |
|
|
7.92 |
% |
|
|
9.63 |
% |
Net interest margin (1) |
|
|
2.72 |
% |
|
|
3.23 |
% |
|
|
3.50 |
% |
|
|
3.49 |
% |
|
|
3.66 |
% |
Annualized Noninterest income to average assets |
|
|
1.93 |
% |
|
|
1.85 |
% |
|
|
1.15 |
% |
|
|
1.12 |
% |
|
|
1.34 |
% |
Efficiency ratio |
|
|
65.99 |
% |
|
|
66.44 |
% |
|
|
63.06 |
% |
|
|
68.46 |
% |
|
|
64.87 |
% |
Loans by Type (at
period end): |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Commercial and industrial |
|
$ |
648,018 |
|
|
$ |
621,541 |
|
|
$ |
447,311 |
|
|
$ |
394,408 |
|
|
$ |
382,816 |
|
Commercial real estate - owner occupied |
|
|
164,336 |
|
|
|
147,682 |
|
|
|
166,652 |
|
|
|
172,456 |
|
|
|
169,370 |
|
Commercial real estate - non-owner occupied |
|
|
480,106 |
|
|
|
408,402 |
|
|
|
378,170 |
|
|
|
387,443 |
|
|
|
407,378 |
|
Construction and development |
|
|
176,751 |
|
|
|
117,830 |
|
|
|
141,087 |
|
|
|
143,111 |
|
|
|
132,222 |
|
Consumer real estate |
|
|
350,238 |
|
|
|
238,696 |
|
|
|
248,243 |
|
|
|
256,097 |
|
|
|
254,736 |
|
Consumer |
|
|
42,104 |
|
|
|
27,542 |
|
|
|
27,739 |
|
|
|
28,426 |
|
|
|
29,059 |
|
Other |
|
|
45,050 |
|
|
|
31,032 |
|
|
|
37,633 |
|
|
|
38,161 |
|
|
|
36,187 |
|
Asset Quality
Data: |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Allowance for loan losses to total loans |
|
|
1.22 |
% |
|
|
1.32 |
% |
|
|
1.39 |
% |
|
|
0.89 |
% |
|
|
0.91 |
% |
Allowance for loan losses to non-performing loans |
|
|
787 |
% |
|
|
705 |
% |
|
|
550 |
% |
|
|
861 |
% |
|
|
754 |
% |
Nonaccrual loans |
|
$ |
2,945 |
|
|
$ |
2,982 |
|
|
$ |
3,658 |
|
|
$ |
1,464 |
|
|
$ |
1,701 |
|
Troubled debt restructurings |
|
|
1,886 |
|
|
|
1,228 |
|
|
|
1,306 |
|
|
|
2,717 |
|
|
|
2,725 |
|
Loans - over 89 days past due and accruing |
|
|
541 |
|
|
|
639 |
|
|
|
399 |
|
|
|
38 |
|
|
|
551 |
|
Total non-performing loans |
|
|
2,945 |
|
|
|
2,982 |
|
|
|
3,658 |
|
|
|
1,464 |
|
|
|
1,701 |
|
OREO and repossessed assets |
|
|
171 |
|
|
|
147 |
|
|
|
147 |
|
|
|
1,044 |
|
|
|
914 |
|
Total non-performing assets |
|
|
3,116 |
|
|
|
3,129 |
|
|
|
3,805 |
|
|
|
2,508 |
|
|
|
2,615 |
|
Non-performing loans to total loans |
|
|
0.15 |
% |
|
|
0.19 |
% |
|
|
0.25 |
% |
|
|
0.10 |
% |
|
|
0.12 |
% |
Non-performing assets to total assets |
|
|
0.10 |
% |
|
|
0.13 |
% |
|
|
0.18 |
% |
|
|
0.12 |
% |
|
|
0.13 |
% |
Non-performing assets to total loans and OREO |
|
|
0.16 |
% |
|
|
0.20 |
% |
|
|
0.26 |
% |
|
|
0.18 |
% |
|
|
0.19 |
% |
Annualized net charge-offs (recoveries) to average loans |
|
|
(0.00 |
)% |
|
|
0.18 |
% |
|
|
0.01 |
% |
|
|
0.06 |
% |
|
|
(0.01 |
)% |
Net charge-offs (recoveries) |
|
$ |
(13 |
) |
|
$ |
703 |
|
|
$ |
43 |
|
|
$ |
224 |
|
|
$ |
(50 |
) |
Interest Rates and
Yields: |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Loans |
|
|
4.47 |
% |
|
|
4.50 |
% |
|
|
5.10 |
% |
|
|
5.24 |
% |
|
|
5.48 |
% |
Securities (1) |
|
|
2.18 |
% |
|
|
2.73 |
% |
|
|
3.04 |
% |
|
|
3.00 |
% |
|
|
3.14 |
% |
Total interest-earning assets (1) |
|
|
3.41 |
% |
|
|
3.78 |
% |
|
|
4.56 |
% |
|
|
4.67 |
% |
|
|
4.95 |
% |
Deposits |
|
|
0.67 |
% |
|
|
0.59 |
% |
|
|
1.14 |
% |
|
|
1.27 |
% |
|
|
1.38 |
% |
Borrowings and repurchase agreements |
|
|
5.14 |
% |
|
|
3.16 |
% |
|
|
2.77 |
% |
|
|
2.88 |
% |
|
|
4.12 |
% |
Total interest-bearing liabilities |
|
|
0.99 |
% |
|
|
0.81 |
% |
|
|
1.43 |
% |
|
|
1.58 |
% |
|
|
1.74 |
% |
Other
Information: |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Full-time equivalent employees |
|
|
403 |
|
|
|
286 |
|
|
|
288 |
|
|
|
289 |
|
|
|
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)Third
quarter 2020 Earnings
Release |
|
|
|
For the Three Months Ended September 30, |
|
|
|
2020 |
|
|
2019 |
|
|
|
AverageOutstandingBalance |
|
|
InterestIncome/Expense |
|
|
AverageYield/Rate |
|
|
AverageOutstandingBalance |
|
|
InterestIncome/Expense |
|
|
AverageYield/Rate |
|
Interest-Earning Assets |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Loans (1) |
|
$ |
1,906,449 |
|
|
$ |
21,398 |
|
|
4.47 |
% |
|
$ |
1,445,755 |
|
|
$ |
19,955 |
|
|
5.48 |
% |
Loans held for sale |
|
|
156,123 |
|
|
|
1,398 |
|
|
3.56 |
% |
|
|
101,835 |
|
|
|
1,050 |
|
|
4.09 |
% |
Securities: |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Taxable investment securities (2) |
|
|
271,838 |
|
|
|
1,332 |
|
|
1.96 |
% |
|
|
160,528 |
|
|
|
1,211 |
|
|
3.02 |
% |
Investment securities exempt from federal income tax (3) |
|
|
51,851 |
|
|
|
343 |
|
|
3.35 |
% |
|
|
50,932 |
|
|
|
354 |
|
|
3.52 |
% |
Total securities |
|
|
323,689 |
|
|
|
1,675 |
|
|
2.18 |
% |
|
|
211,460 |
|
|
|
1,565 |
|
|
3.14 |
% |
Cash balances in other banks |
|
|
499,770 |
|
|
|
171 |
|
|
0.14 |
% |
|
|
110,690 |
|
|
|
645 |
|
|
2.31 |
% |
Funds sold |
|
|
— |
|
|
|
— |
|
|
— |
|
|
|
144 |
|
|
|
1 |
|
|
3.46 |
% |
Total interest-earning
assets |
|
|
2,886,031 |
|
|
|
24,642 |
|
|
3.41 |
% |
|
|
1,869,884 |
|
|
|
23,216 |
|
|
4.95 |
% |
Noninterest-earning assets |
|
|
157,816 |
|
|
|
|
|
|
|
|
|
|
136,066 |
|
|
|
|
|
|
|
|
Total assets |
|
$ |
3,043,847 |
|
|
|
|
|
|
|
|
|
$ |
2,005,950 |
|
|
|
|
|
|
|
|
Interest-Bearing Liabilities |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Interest-bearing deposits: |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Interest-bearing transaction accounts |
|
$ |
840,926 |
|
|
|
640 |
|
|
0.30 |
% |
|
$ |
527,759 |
|
|
|
2,102 |
|
|
1.58 |
% |
Savings and money market deposits |
|
|
610,942 |
|
|
|
2,537 |
|
|
1.65 |
% |
|
|
494,183 |
|
|
|
1,944 |
|
|
1.56 |
% |
Time deposits |
|
|
505,391 |
|
|
|
1,299 |
|
|
1.02 |
% |
|
|
349,046 |
|
|
|
1,887 |
|
|
2.14 |
% |
Total interest-bearing deposits |
|
|
1,957,259 |
|
|
|
4,476 |
|
|
0.91 |
% |
|
|
1,370,988 |
|
|
|
5,933 |
|
|
1.72 |
% |
Borrowings and repurchase agreements |
|
|
39,431 |
|
|
|
510 |
|
|
5.14 |
% |
|
|
12,174 |
|
|
|
127 |
|
|
4.12 |
% |
Total interest-bearing
liabilities |
|
|
1,996,690 |
|
|
|
4,986 |
|
|
0.99 |
% |
|
|
1,383,162 |
|
|
|
6,060 |
|
|
1.74 |
% |
Noninterest-bearing deposits |
|
|
691,205 |
|
|
|
|
|
|
|
|
|
|
333,885 |
|
|
|
|
|
|
|
|
Total funding sources |
|
|
2,687,895 |
|
|
|
|
|
|
|
|
|
|
1,717,047 |
|
|
|
|
|
|
|
|
Noninterest-bearing liabilities |
|
|
34,446 |
|
|
|
|
|
|
|
|
|
|
22,462 |
|
|
|
|
|
|
|
|
Shareholders’ equity |
|
|
321,506 |
|
|
|
|
|
|
|
|
|
|
266,441 |
|
|
|
|
|
|
|
|
Total liabilities and
shareholders’ equity |
|
$ |
3,043,847 |
|
|
|
|
|
|
|
|
|
$ |
2,005,950 |
|
|
|
|
|
|
|
|
Net interest spread (4) |
|
|
|
|
|
|
|
|
|
2.42 |
% |
|
|
|
|
|
|
|
|
|
3.21 |
% |
Net interest income/margin
(5) |
|
|
|
|
|
$ |
19,656 |
|
|
2.72 |
% |
|
|
|
|
|
$ |
17,156 |
|
|
3.66 |
% |
_____________________(1) Average loan balances
include nonaccrual loans. Interest income on loans includes
amortization of deferred loan fees, net of deferred loan
costs.(2) Taxable investment securities include
restricted equity securities.(3) Yields on tax
exempt securities, total securities, and total interest-earning
assets are shown on a tax equivalent basis.(4) Net
interest spread is the average yield on total average
interest-earning assets minus the average rate on total average
interest-bearing liabilities.(5) 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)Third quarter
2020 Earnings Release |
|
|
|
Three Months Ended |
|
|
|
September 30,2020 |
|
|
June 30,2020 |
|
|
March 31,2020 |
|
|
December 31,2019 |
|
|
September 30,2019 |
|
Operating net income: |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Net income |
|
$ |
7,487 |
|
|
$ |
6,181 |
|
|
$ |
1,346 |
|
|
$ |
5,421 |
|
|
$ |
6,466 |
|
Add: merger related expenses |
|
|
2,548 |
|
|
|
448 |
|
|
|
290 |
|
|
|
163 |
|
|
|
187 |
|
Less: income tax impact of merger related expenses |
|
|
(666 |
) |
|
|
(117 |
) |
|
|
(76 |
) |
|
|
(43 |
) |
|
|
(49 |
) |
Operating net income |
|
$ |
9,369 |
|
|
$ |
6,512 |
|
|
$ |
1,560 |
|
|
$ |
5,541 |
|
|
$ |
6,604 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Operating diluted net income
per share of common stock: |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Operating net income |
|
$ |
9,369 |
|
|
$ |
6,512 |
|
|
$ |
1,560 |
|
|
$ |
5,541 |
|
|
$ |
6,604 |
|
Weighted average shares - diluted |
|
|
21,960,490 |
|
|
|
18,320,006 |
|
|
|
18,443,725 |
|
|
|
18,443,916 |
|
|
|
18,532,479 |
|
Operating diluted net income per share of common stock |
|
$ |
0.43 |
|
|
$ |
0.36 |
|
|
$ |
0.08 |
|
|
$ |
0.30 |
|
|
$ |
0.36 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Operating annualized return on
average assets: |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Operating net income |
|
$ |
9,369 |
|
|
$ |
6,512 |
|
|
$ |
1,560 |
|
|
$ |
5,541 |
|
|
$ |
6,604 |
|
Average assets |
|
|
3,043,847 |
|
|
|
2,350,021 |
|
|
|
2,059,306 |
|
|
|
2,030,231 |
|
|
|
2,005,950 |
|
Operating annualized return on average assets |
|
|
1.22 |
% |
|
|
1.11 |
% |
|
|
0.30 |
% |
|
|
1.08 |
% |
|
|
1.31 |
% |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Operating annualized return on
average tangible equity: |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Average total shareholders' equity |
|
$ |
321,506 |
|
|
$ |
281,614 |
|
|
$ |
278,550 |
|
|
$ |
271,568 |
|
|
$ |
266,441 |
|
Less: average intangible assets |
|
|
(50,577 |
) |
|
|
(43,871 |
) |
|
|
(44,253 |
) |
|
|
(44,646 |
) |
|
|
(45,050 |
) |
Average tangible equity |
|
|
270,929 |
|
|
|
237,743 |
|
|
|
234,297 |
|
|
|
226,922 |
|
|
|
221,391 |
|
Operating net income |
|
$ |
9,369 |
|
|
$ |
6,512 |
|
|
$ |
1,560 |
|
|
$ |
5,541 |
|
|
$ |
6,604 |
|
Operating annualized return on average tangible equity |
|
|
13.76 |
% |
|
|
11.02 |
% |
|
|
2.68 |
% |
|
|
9.69 |
% |
|
|
11.83 |
% |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Operating efficiency ratio: |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Total noninterest expense |
|
$ |
22,739 |
|
|
$ |
18,934 |
|
|
$ |
14,211 |
|
|
$ |
15,266 |
|
|
$ |
15,531 |
|
Less: merger related expenses |
|
|
(2,548 |
) |
|
|
(448 |
) |
|
|
(290 |
) |
|
|
(163 |
) |
|
|
(187 |
) |
Total operating noninterest expense |
|
|
20,191 |
|
|
|
18,486 |
|
|
|
13,921 |
|
|
|
15,103 |
|
|
|
15,344 |
|
Net interest income |
|
|
19,656 |
|
|
|
17,675 |
|
|
|
16,661 |
|
|
|
16,581 |
|
|
|
17,156 |
|
Total noninterest income |
|
|
14,804 |
|
|
|
10,823 |
|
|
|
5,874 |
|
|
|
5,719 |
|
|
|
6,788 |
|
Total revenues |
|
$ |
34,460 |
|
|
$ |
28,498 |
|
|
$ |
22,535 |
|
|
$ |
22,300 |
|
|
$ |
23,944 |
|
Operating efficiency ratio: |
|
|
58.59 |
% |
|
|
64.87 |
% |
|
|
61.78 |
% |
|
|
67.73 |
% |
|
|
64.08 |
% |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Operating annualized pre-tax
pre-provision income to average assets: |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Income before income taxes |
|
$ |
9,602 |
|
|
$ |
7,940 |
|
|
$ |
771 |
|
|
$ |
7,034 |
|
|
$ |
8,538 |
|
Add: merger related expenses |
|
|
2,548 |
|
|
|
448 |
|
|
|
290 |
|
|
|
163 |
|
|
|
187 |
|
Add: provision for loan losses |
|
|
2,119 |
|
|
|
1,624 |
|
|
|
7,553 |
|
|
|
— |
|
|
|
(125 |
) |
Operating pre-tax pre-provision income |
|
|
14,269 |
|
|
|
10,012 |
|
|
|
8,614 |
|
|
|
7,197 |
|
|
|
8,600 |
|
Average assets |
|
$ |
3,043,847 |
|
|
$ |
2,350,021 |
|
|
$ |
2,059,306 |
|
|
$ |
2,030,231 |
|
|
$ |
2,005,950 |
|
Operating annualized pre-tax pre-provision income to average
assets: |
|
|
1.86 |
% |
|
|
1.71 |
% |
|
|
1.68 |
% |
|
|
1.41 |
% |
|
|
1.70 |
% |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
September 30,2020 |
|
|
June 30,2020 |
|
|
March 31,2020 |
|
|
December 31,2019 |
|
|
September 30,2019 |
|
Tangible Equity: |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Total shareholders' equity |
|
$ |
333,895 |
|
|
$ |
281,950 |
|
|
$ |
275,790 |
|
|
$ |
273,046 |
|
|
$ |
268,082 |
|
Less: intangible assets |
|
|
(50,222 |
) |
|
|
(43,633 |
) |
|
|
(44,008 |
) |
|
|
(44,393 |
) |
|
|
(44,790 |
) |
Tangible equity |
|
$ |
283,673 |
|
|
$ |
238,317 |
|
|
$ |
231,782 |
|
|
$ |
228,653 |
|
|
$ |
223,292 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Tangible Common Equity: |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Tangible equity |
|
$ |
283,673 |
|
|
$ |
238,317 |
|
|
$ |
231,782 |
|
|
$ |
228,653 |
|
|
$ |
223,292 |
|
Less: preferred equity |
|
|
— |
|
|
|
— |
|
|
|
— |
|
|
|
— |
|
|
|
— |
|
Tangible common equity |
|
$ |
283,673 |
|
|
$ |
238,317 |
|
|
$ |
231,782 |
|
|
$ |
228,653 |
|
|
$ |
223,292 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Tangible Book Value per Share of
Common Stock: |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Tangible common equity |
|
$ |
283,673 |
|
|
$ |
238,317 |
|
|
$ |
231,782 |
|
|
$ |
228,653 |
|
|
$ |
223,292 |
|
Total shares of common stock outstanding |
|
|
21,947,805 |
|
|
|
18,302,188 |
|
|
|
18,307,802 |
|
|
|
18,361,922 |
|
|
|
18,343,403 |
|
Tangible book value per share of common stock |
|
$ |
12.92 |
|
|
$ |
13.02 |
|
|
$ |
12.66 |
|
|
$ |
12.45 |
|
|
$ |
12.17 |
|
|
CAPSTAR FINANCIAL HOLDINGS, INC.
AND SUBSIDIARYNon-GAAP Financial
Measures (unaudited) (dollars in
thousands except share data)Third quarter
2020 Earnings Release |
|
|
|
Nine Months Ended |
|
|
|
September 30, 2020 |
|
|
September 30, 2019 |
|
Operating net income: |
|
|
|
|
|
|
|
|
Net income |
|
$ |
15,015 |
|
|
$ |
17,001 |
|
Add: merger related expenses |
|
|
3,286 |
|
|
|
2,491 |
|
Less: income tax impact of merger related expenses |
|
|
(859 |
) |
|
|
(651 |
) |
Operating net income |
|
$ |
17,442 |
|
|
$ |
18,841 |
|
|
|
|
|
|
|
|
|
|
Operating diluted net income
per share of common stock: |
|
|
|
|
|
|
|
|
Operating net income |
|
$ |
17,442 |
|
|
$ |
18,841 |
|
Weighted average shares - diluted |
|
|
19,583,448 |
|
|
|
18,670,280 |
|
Operating diluted net income per share of common stock |
|
$ |
0.89 |
|
|
$ |
1.01 |
|
|
|
|
|
|
|
|
|
|
Operating annualized return on
average assets: |
|
|
|
|
|
|
|
|
Operating net income |
|
$ |
17,442 |
|
|
$ |
18,841 |
|
Average assets |
|
$ |
2,486,433 |
|
|
$ |
1,999,609 |
|
Operating annualized return on average assets |
|
|
0.94 |
% |
|
|
1.26 |
% |
|
|
|
|
|
|
|
|
|
Operating annualized return
on average tangible equity: |
|
|
|
|
|
|
|
|
Average total shareholders' equity |
|
$ |
293,990 |
|
|
$ |
261,615 |
|
Less: average intangible assets |
|
|
(46,249 |
) |
|
|
(45,462 |
) |
Average tangible equity |
|
|
247,741 |
|
|
|
216,153 |
|
Operating net income |
|
$ |
17,442 |
|
|
$ |
18,841 |
|
Operating annualized return on average tangible equity |
|
|
9.40 |
% |
|
|
11.65 |
% |
|
|
|
|
|
|
|
|
|
Operating efficiency ratio: |
|
|
|
|
|
|
|
|
Total noninterest expense |
|
$ |
55,883 |
|
|
$ |
46,728 |
|
Less: merger related expenses |
|
|
(3,286 |
) |
|
|
(2,491 |
) |
Total operating noninterest expense |
|
|
52,597 |
|
|
|
44,237 |
|
Net interest income |
|
|
53,992 |
|
|
|
51,166 |
|
Total noninterest income |
|
|
31,500 |
|
|
|
18,555 |
|
Total revenues |
|
$ |
85,492 |
|
|
$ |
69,721 |
|
Operating efficiency ratio: |
|
|
61.52 |
% |
|
|
63.45 |
% |
CONTACT
Denis J.
DuncanChief Financial
Officer(615)
732-7492
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