CapStar Financial Holdings, Inc. (“CapStar”)
(NASDAQ:CSTR) reported unaudited net income of $91,000, or $0.01
per share on a fully diluted basis, for the three months ended
December 31, 2017. As a result of the Tax Cuts and Jobs Act of 2017
that was signed into law last month, CapStar revalued its net
deferred tax asset position. CapStar currently expects that the
revaluation will result in a one-time, non-cash charge of
approximately $3.6 million, or $0.27 per share on a fully diluted
basis. Reconciliations of non-GAAP measures are provided in the
tables that follow. Adjusted net income was $3.7 million, or $0.28
per share on a fully diluted basis for the three months ended
December 31, 2017, compared to net income of $2.9 million, or $0.23
per share on a fully diluted basis, for the three months ended
December 31, 2016.
“We remain focused on delivering consistent financial results
for our shareholders through sound, profitable growth,” said Claire
W. Tucker, CapStar’s president and chief executive officer. “The
recent addition of a SBA team is intended to augment financial
results by expanding market penetration and enhancing fee
income.”
Soundness
- The allowance for loan losses represented 1.45% of total loans
at December 31, 2017 compared to 1.24% at December 31, 2016.
- Non-performing assets as a percentage of total loans and other
real estate owned was 0.28% at December 31, 2017 compared to 0.39%
at December 31, 2016.
- Annualized net charge-offs (recoveries) to average loans was
0.15% for the three months ended December 31, 2017 compared to
(0.02%) for the same period in 2016.
- The total risk based capital ratio was 12.50% at December 31,
2017 compared to 12.60% at December 31, 2016.
Profitability
- Return on average assets ("ROAA") for the three months ended
December 31, 2017 was 0.03% compared to 0.88% for the same period
in 2016. • Adjusting for the impact for tax reform, our adjusted
ROAA was 1.09%.
- The net interest margin (“NIM”) for the three months ended
December 31, 2017 was 3.26% compared to 3.17% for the same period
in 2016.
- The efficiency ratio for the three months ended December 31,
2017 was 65.6% compared to 65.8% for the same period in
2016.
Growth
- Average demand deposits for the quarter ended December 31, 2017
increased 29.5%, to $253.6 million, compared to $195.9 million for
the same period in 2016.
- Average gross loans for the quarter ended December 31, 2017
increased 1.9%, to $956.4 million, compared to $938.9 million for
the same period in 2016.
- Average total assets for the quarter ended December 31, 2017
increased 0.4%, to $1.33 billion, compared to $1.32 billion for the
same period in 2016.
“Although 2017 presented some challenges, there are many
positives that have us excited about our prospects for 2018,” said
Rob Anderson, chief financial officer and chief administrative
officer of CapStar. “Banking is a relationship business, and our
bankers continue to have success growing core relationships, as
over half of our deposit book is now in DDA or NOW checking
accounts. In addition, our treasury management and other deposit
service charges increased 38% over prior year.”
Conference Call and Webcast Information CapStar
will host a conference call and webcast at 8:30 a.m. Central Time
on Friday, January 26, 2018. 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 8989947. 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 December 31, 2017, on
a consolidated basis, CapStar had total assets of $1.3 billion,
gross loans of $947.5 million, total deposits of $1.1 billion, and
shareholders’ equity of $146.9 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,”
“aspire,” “achieve,” “estimate,” “intend,” “plan,” “project,”
“projection,” “forecast,” “roadmap,” “goal,” “guidance”, “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, any
factors identified in this earnings release as well as those
factors that are detailed from time to time in CapStar’s periodic
and current reports filed with the Securities and Exchange
Commission, including those factors included in the Company’s
Annual Report on Form 10-K for the year ended December 31, 2016
under the headings “Item 1A. Risk Factors” and “Cautionary Note
Regarding Forward Looking Statements” and in the Company’s
Quarterly Reports on Form 10-Q and Current Reports on Form 8-K. 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.
Non-GAAP Disclaimer
This earnings release includes the following financial measures
that were prepared other than in accordance with generally accepted
accounting principles in the United States (“non-GAAP financial
measure”): adjusted net income, adjusted diluted net income per
share, adjusted return on average assets, adjusted return on
average tangible common equity and tangible book value per share.
These non-GAAP financial measures (i) provide useful information to
management and investors that is supplementary to CapStar’s
financial condition, results of operations and cash flows computed
in accordance with GAAP, (ii) enable a more complete understanding
of factors and trends affecting CapStar’s business, and (iii) allow
investors to evaluate CapStar’s performance in a manner similar to
management, the financial services industry, bank stock analysts
and bank regulators; however, CapStar acknowledges that these
non-GAAP financial measures have a number of limitations. As such,
you should not view these non-GAAP financial measures as a
substitute for results determined in accordance with GAAP, and they
are not necessarily comparable to non-GAAP financial measures that
other companies use. See below for a reconciliation of these
non-GAAP financial measures to the most directly comparable GAAP
financial measure.
|
|
CAPSTAR FINANCIAL HOLDINGS, INC. AND
SUBSIDIARY |
|
Consolidated Statements of Income (unaudited) (dollars
in thousands, except share data) |
|
Fourth Quarter 2017 Earnings Release |
|
|
Three Months Ended |
|
|
Year Ended |
|
|
|
December 31, |
|
|
December 31, |
|
|
|
2017 |
|
|
2016 |
|
|
2017 |
|
|
2016 |
|
Interest income: |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Loans,
including fees |
|
$ |
11,666 |
|
|
$ |
10,681 |
|
|
$ |
45,601 |
|
|
$ |
40,213 |
|
Securities: |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Taxable |
|
|
855 |
|
|
|
852 |
|
|
|
3,682 |
|
|
|
3,448 |
|
Tax-exempt |
|
|
300 |
|
|
|
317 |
|
|
|
1,244 |
|
|
|
1,158 |
|
Federal
funds sold |
|
|
15 |
|
|
|
7 |
|
|
|
41 |
|
|
|
19 |
|
Restricted equity securities |
|
|
125 |
|
|
|
71 |
|
|
|
396 |
|
|
|
281 |
|
Interest-bearing deposits in financial institutions |
|
|
163 |
|
|
|
79 |
|
|
|
551 |
|
|
|
276 |
|
Total
interest income |
|
|
13,124 |
|
|
|
12,007 |
|
|
|
51,515 |
|
|
|
45,395 |
|
Interest expense: |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Interest-bearing deposits |
|
|
608 |
|
|
|
393 |
|
|
|
2,447 |
|
|
|
1,489 |
|
Savings
and money market accounts |
|
|
827 |
|
|
|
719 |
|
|
|
3,188 |
|
|
|
2,859 |
|
Time
deposits |
|
|
694 |
|
|
|
518 |
|
|
|
2,445 |
|
|
|
2,085 |
|
Federal
funds purchased |
|
|
— |
|
|
|
1 |
|
|
|
13 |
|
|
|
22 |
|
Securities sold under agreements to repurchase |
|
|
— |
|
|
|
— |
|
|
|
— |
|
|
|
1 |
|
Federal
Home Loan Bank advances |
|
|
477 |
|
|
|
196 |
|
|
|
1,559 |
|
|
|
475 |
|
Total
interest expense |
|
|
2,606 |
|
|
|
1,827 |
|
|
|
9,652 |
|
|
|
6,931 |
|
Net
interest income |
|
|
10,518 |
|
|
|
10,180 |
|
|
|
41,863 |
|
|
|
38,464 |
|
Provision for loan
losses |
|
|
(30 |
) |
|
|
70 |
|
|
|
12,870 |
|
|
|
2,829 |
|
Net
interest income after provision for loan losses |
|
|
10,548 |
|
|
|
10,110 |
|
|
|
28,993 |
|
|
|
35,635 |
|
Noninterest
income: |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Treasury
management and other deposit service charges |
|
|
419 |
|
|
|
303 |
|
|
|
1,516 |
|
|
|
1,108 |
|
Loan
commitment fees |
|
|
124 |
|
|
|
217 |
|
|
|
771 |
|
|
|
1,118 |
|
Net gain
(loss) on sale of securities |
|
|
(108 |
) |
|
|
— |
|
|
|
(66 |
) |
|
|
121 |
|
Tri-Net
fees |
|
|
254 |
|
|
|
125 |
|
|
|
1,002 |
|
|
|
125 |
|
Mortgage
banking income |
|
|
1,621 |
|
|
|
2,033 |
|
|
|
6,238 |
|
|
|
7,375 |
|
Other
noninterest income |
|
|
426 |
|
|
|
276 |
|
|
|
1,447 |
|
|
|
1,237 |
|
Total
noninterest income |
|
|
2,736 |
|
|
|
2,954 |
|
|
|
10,908 |
|
|
|
11,084 |
|
Noninterest
expense: |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Salaries
and employee benefits |
|
|
5,411 |
|
|
|
5,185 |
|
|
|
20,400 |
|
|
|
20,461 |
|
Data
processing and software |
|
|
746 |
|
|
|
542 |
|
|
|
2,786 |
|
|
|
2,373 |
|
Professional fees |
|
|
473 |
|
|
|
406 |
|
|
|
1,522 |
|
|
|
1,554 |
|
Occupancy |
|
|
507 |
|
|
|
366 |
|
|
|
2,025 |
|
|
|
1,498 |
|
Equipment |
|
|
467 |
|
|
|
443 |
|
|
|
2,071 |
|
|
|
1,743 |
|
Regulatory fees |
|
|
234 |
|
|
|
348 |
|
|
|
1,111 |
|
|
|
1,091 |
|
Other
operating |
|
|
861 |
|
|
|
1,352 |
|
|
|
3,850 |
|
|
|
4,409 |
|
Total
noninterest expense |
|
|
8,699 |
|
|
|
8,642 |
|
|
|
33,765 |
|
|
|
33,129 |
|
Income
before income taxes |
|
|
4,585 |
|
|
|
4,422 |
|
|
|
6,136 |
|
|
|
13,590 |
|
Income tax expense |
|
|
4,494 |
|
|
|
1,495 |
|
|
|
4,635 |
|
|
|
4,493 |
|
Net
income |
|
$ |
91 |
|
|
$ |
2,927 |
|
|
$ |
1,501 |
|
|
$ |
9,097 |
|
Per share
information: |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Basic net
income per share of common stock |
|
$ |
0.01 |
|
|
$ |
0.26 |
|
|
$ |
0.13 |
|
|
$ |
0.98 |
|
Diluted
net income per share of common stock |
|
$ |
0.01 |
|
|
$ |
0.23 |
|
|
$ |
0.12 |
|
|
$ |
0.81 |
|
Weighted
average shares outstanding: |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Basic |
|
|
11,403,689 |
|
|
|
11,194,534 |
|
|
|
11,280,580 |
|
|
|
9,328,236 |
|
Diluted |
|
|
12,938,288 |
|
|
|
12,787,677 |
|
|
|
12,803,511 |
|
|
|
11,212,026 |
|
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) (dollars in
thousands, except share data) |
|
Fourth Quarter 2017 Earnings Release |
|
|
Five Quarter Comparison |
|
|
|
12/31/17 |
|
|
9/30/17 |
|
|
6/30/17 |
|
|
3/31/17 |
|
|
12/31/16 |
|
Income
Statement Data: |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Net
interest income |
|
$ |
10,518 |
|
|
$ |
10,843 |
|
|
$ |
10,571 |
|
|
$ |
9,932 |
|
|
$ |
10,180 |
|
Provision
for loan losses |
|
|
(30 |
) |
|
|
(195 |
) |
|
|
9,690 |
|
|
|
3,405 |
|
|
|
70 |
|
Net
interest income after provision for loan losses |
|
|
10,548 |
|
|
|
11,038 |
|
|
|
881 |
|
|
|
6,527 |
|
|
|
10,110 |
|
Treasury
management and other deposit service charges |
|
|
419 |
|
|
|
427 |
|
|
|
342 |
|
|
|
329 |
|
|
|
303 |
|
Loan
commitment fees |
|
|
124 |
|
|
|
223 |
|
|
|
187 |
|
|
|
236 |
|
|
|
217 |
|
Net gain
(loss) on sale of securities |
|
|
(108 |
) |
|
|
9 |
|
|
|
40 |
|
|
|
(6 |
) |
|
|
— |
|
Tri-Net
fees |
|
|
254 |
|
|
|
367 |
|
|
|
297 |
|
|
|
84 |
|
|
|
125 |
|
Mortgage
banking income |
|
|
1,621 |
|
|
|
2,030 |
|
|
|
1,370 |
|
|
|
1,216 |
|
|
|
2,033 |
|
Other
noninterest income |
|
|
426 |
|
|
|
316 |
|
|
|
430 |
|
|
|
274 |
|
|
|
276 |
|
Total
noninterest income |
|
|
2,736 |
|
|
|
3,372 |
|
|
|
2,666 |
|
|
|
2,133 |
|
|
|
2,954 |
|
Salaries
and employee benefits |
|
|
5,411 |
|
|
|
5,119 |
|
|
|
4,784 |
|
|
|
5,086 |
|
|
|
5,185 |
|
Data
processing and software |
|
|
746 |
|
|
|
709 |
|
|
|
711 |
|
|
|
621 |
|
|
|
542 |
|
Professional fees |
|
|
473 |
|
|
|
336 |
|
|
|
350 |
|
|
|
365 |
|
|
|
406 |
|
Occupancy |
|
|
507 |
|
|
|
531 |
|
|
|
539 |
|
|
|
449 |
|
|
|
366 |
|
Equipment |
|
|
467 |
|
|
|
564 |
|
|
|
544 |
|
|
|
496 |
|
|
|
443 |
|
Regulatory fees |
|
|
234 |
|
|
|
270 |
|
|
|
301 |
|
|
|
307 |
|
|
|
348 |
|
Other
operating |
|
|
861 |
|
|
|
946 |
|
|
|
988 |
|
|
|
1,052 |
|
|
|
1,352 |
|
Total
noninterest expense |
|
|
8,699 |
|
|
|
8,475 |
|
|
|
8,217 |
|
|
|
8,376 |
|
|
|
8,642 |
|
Net
income (loss) before income tax expense |
|
|
4,585 |
|
|
|
5,935 |
|
|
|
(4,670 |
) |
|
|
284 |
|
|
|
4,422 |
|
Income
tax (benefit) expense |
|
|
4,494 |
|
|
|
1,516 |
|
|
|
(1,328 |
) |
|
|
(47 |
) |
|
|
1,495 |
|
Net
income (loss) |
|
$ |
91 |
|
|
$ |
4,419 |
|
|
$ |
(3,342 |
) |
|
$ |
331 |
|
|
$ |
2,927 |
|
Weighted
average shares - basic |
|
|
11,403,689 |
|
|
|
11,279,364 |
|
|
|
11,226,216 |
|
|
|
11,210,948 |
|
|
|
11,194,534 |
|
Weighted
average shares - diluted |
|
|
12,938,288 |
|
|
|
12,750,423 |
|
|
|
12,740,104 |
|
|
|
12,784,117 |
|
|
|
12,787,677 |
|
Net
income (loss) per share, basic |
|
$ |
0.01 |
|
|
$ |
0.39 |
|
|
$ |
(0.30 |
) |
|
$ |
0.03 |
|
|
$ |
0.26 |
|
Net
income (loss) per share, diluted |
|
|
0.01 |
|
|
|
0.35 |
|
|
|
(0.26 |
) |
|
|
0.03 |
|
|
|
0.23 |
|
Balance Sheet
Data (at period end): |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Cash and
cash equivalents |
|
$ |
82,797 |
|
|
$ |
69,789 |
|
|
$ |
48,093 |
|
|
$ |
60,039 |
|
|
$ |
80,111 |
|
Securities available-for-sale |
|
|
192,621 |
|
|
|
146,600 |
|
|
|
155,663 |
|
|
|
188,516 |
|
|
|
182,355 |
|
Securities held-to-maturity |
|
|
3,759 |
|
|
|
45,635 |
|
|
|
46,458 |
|
|
|
46,855 |
|
|
|
46,864 |
|
Loans
held for sale |
|
|
74,093 |
|
|
|
53,225 |
|
|
|
73,573 |
|
|
|
35,371 |
|
|
|
42,111 |
|
Total
loans |
|
|
947,537 |
|
|
|
974,530 |
|
|
|
996,617 |
|
|
|
1,003,434 |
|
|
|
935,251 |
|
Allowance
for loan losses |
|
|
(13,721 |
) |
|
|
(14,122 |
) |
|
|
(12,454 |
) |
|
|
(13,997 |
) |
|
|
(11,634 |
) |
Total
assets |
|
|
1,344,429 |
|
|
|
1,338,559 |
|
|
|
1,371,626 |
|
|
|
1,381,703 |
|
|
|
1,333,675 |
|
Non-interest-bearing deposits |
|
|
301,742 |
|
|
|
250,007 |
|
|
|
231,169 |
|
|
|
223,450 |
|
|
|
197,788 |
|
Interest-bearing deposits |
|
|
818,124 |
|
|
|
841,488 |
|
|
|
889,816 |
|
|
|
934,545 |
|
|
|
930,935 |
|
Federal
Home Loan Bank advances |
|
|
70,000 |
|
|
|
95,000 |
|
|
|
105,000 |
|
|
|
75,000 |
|
|
|
55,000 |
|
Total
liabilities |
|
|
1,197,483 |
|
|
|
1,194,355 |
|
|
|
1,233,596 |
|
|
|
1,241,491 |
|
|
|
1,194,468 |
|
Shareholders' equity |
|
$ |
146,946 |
|
|
$ |
144,204 |
|
|
$ |
138,030 |
|
|
$ |
140,211 |
|
|
$ |
139,207 |
|
Total
shares of common stock outstanding |
|
|
11,582,026 |
|
|
|
11,346,498 |
|
|
|
11,235,255 |
|
|
|
11,218,328 |
|
|
|
11,204,515 |
|
Total
shares of preferred stock outstanding |
|
|
878,049 |
|
|
|
878,049 |
|
|
|
878,049 |
|
|
|
878,049 |
|
|
|
878,049 |
|
Book
value per share of common stock |
|
$ |
11.91 |
|
|
$ |
11.92 |
|
|
$ |
11.48 |
|
|
$ |
11.70 |
|
|
$ |
11.62 |
|
Tangible
book value per share of common stock * |
|
|
11.37 |
|
|
|
11.36 |
|
|
|
10.93 |
|
|
|
11.14 |
|
|
|
11.06 |
|
Market
value per common share |
|
$ |
20.77 |
|
|
$ |
19.58 |
|
|
$ |
17.74 |
|
|
$ |
19.07 |
|
|
$ |
21.96 |
|
Capital
ratios: |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Total
risk based capital |
|
|
12.50 |
% |
|
|
12.42 |
% |
|
|
11.51 |
% |
|
|
12.13 |
% |
|
|
12.60 |
% |
Tier 1
risk based capital |
|
|
11.39 |
% |
|
|
11.28 |
% |
|
|
10.54 |
% |
|
|
11.01 |
% |
|
|
11.61 |
% |
Common
equity tier 1 capital |
|
|
10.68 |
% |
|
|
10.58 |
% |
|
|
9.86 |
% |
|
|
10.32 |
% |
|
|
10.90 |
% |
Leverage |
|
|
10.75 |
% |
|
|
10.36 |
% |
|
|
9.77 |
% |
|
|
10.37 |
% |
|
|
10.46 |
% |
_____________________*This metric is a non-GAAP financial
measure. See below for a reconciliation to the most directly
comparable GAAP financial measure.
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) (dollars in
thousands, except share data) |
|
Fourth Quarter 2017 Earnings Release |
|
|
|
Five Quarter Comparison |
|
|
|
12/31/17 |
|
|
9/30/17 |
|
|
6/30/17 |
|
|
3/31/17 |
|
|
12/31/16 |
|
Average Balance
Sheet Data: |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Cash and
cash equivalents |
|
$ |
64,850 |
|
|
$ |
59,352 |
|
|
$ |
62,002 |
|
|
$ |
58,925 |
|
|
$ |
66,758 |
|
Investment securities |
|
|
202,818 |
|
|
|
207,926 |
|
|
|
227,431 |
|
|
|
237,084 |
|
|
|
226,033 |
|
Loans
held for sale |
|
|
66,311 |
|
|
|
67,886 |
|
|
|
34,690 |
|
|
|
28,359 |
|
|
|
52,483 |
|
Loans |
|
|
956,441 |
|
|
|
991,238 |
|
|
|
1,028,968 |
|
|
|
974,350 |
|
|
|
938,887 |
|
Assets |
|
|
1,329,621 |
|
|
|
1,367,993 |
|
|
|
1,393,331 |
|
|
|
1,340,237 |
|
|
|
1,324,620 |
|
Interest
bearing deposits |
|
|
827,733 |
|
|
|
857,344 |
|
|
|
882,722 |
|
|
|
933,328 |
|
|
|
942,923 |
|
Deposits |
|
|
1,081,380 |
|
|
|
1,094,500 |
|
|
|
1,111,833 |
|
|
|
1,143,636 |
|
|
|
1,138,779 |
|
Federal
Home Loan Bank advances |
|
|
92,554 |
|
|
|
123,315 |
|
|
|
128,901 |
|
|
|
43,837 |
|
|
|
33,478 |
|
Liabilities |
|
|
1,181,954 |
|
|
|
1,226,438 |
|
|
|
1,250,544 |
|
|
|
1,198,686 |
|
|
|
1,185,091 |
|
Shareholders' equity |
|
$ |
147,667 |
|
|
$ |
141,556 |
|
|
$ |
142,787 |
|
|
$ |
141,551 |
|
|
$ |
139,529 |
|
Performance
Ratios: |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Annualized return on average assets |
|
|
0.03 |
% |
|
|
1.28 |
% |
|
|
(0.96 |
)% |
|
|
0.10 |
% |
|
|
0.88 |
% |
Annualized return on average equity |
|
|
0.25 |
% |
|
|
12.38 |
% |
|
|
(9.39 |
)% |
|
|
0.95 |
% |
|
|
8.35 |
% |
Net
interest margin |
|
|
3.26 |
% |
|
|
3.26 |
% |
|
|
3.15 |
% |
|
|
3.12 |
% |
|
|
3.17 |
% |
Annualized Non-interest income to average assets |
|
|
0.82 |
% |
|
|
0.98 |
% |
|
|
0.77 |
% |
|
|
0.65 |
% |
|
|
0.89 |
% |
Efficiency ratio |
|
|
65.6 |
% |
|
|
59.6 |
% |
|
|
62.1 |
% |
|
|
69.4 |
% |
|
|
65.8 |
% |
Loans by Type
(at period end): |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Commercial and industrial |
|
$ |
373,248 |
|
|
$ |
394,600 |
|
|
$ |
406,636 |
|
|
$ |
420,825 |
|
|
$ |
379,620 |
|
Commercial real estate - owner occupied |
|
|
101,132 |
|
|
|
103,183 |
|
|
|
97,635 |
|
|
|
92,213 |
|
|
|
106,735 |
|
Commercial real estate - non-owner occupied |
|
|
249,490 |
|
|
|
263,595 |
|
|
|
288,123 |
|
|
|
268,742 |
|
|
|
195,587 |
|
Construction and development |
|
|
82,586 |
|
|
|
79,951 |
|
|
|
62,152 |
|
|
|
74,007 |
|
|
|
94,491 |
|
Consumer
real estate |
|
|
102,581 |
|
|
|
100,811 |
|
|
|
99,751 |
|
|
|
99,952 |
|
|
|
97,015 |
|
Consumer |
|
|
6,862 |
|
|
|
6,289 |
|
|
|
4,096 |
|
|
|
4,495 |
|
|
|
5,974 |
|
Other |
|
$ |
31,983 |
|
|
$ |
26,460 |
|
|
$ |
38,783 |
|
|
$ |
43,983 |
|
|
$ |
56,796 |
|
Asset Quality
Data: |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Allowance
for loan losses to total loans |
|
|
1.45 |
% |
|
|
1.45 |
% |
|
|
1.25 |
% |
|
|
1.39 |
% |
|
|
1.24 |
% |
Allowance
for loan losses to non-performing loans |
|
|
509 |
% |
|
|
446 |
% |
|
|
386 |
% |
|
|
103 |
% |
|
|
321 |
% |
Nonaccrual loans |
|
$ |
2,695 |
|
|
$ |
3,165 |
|
|
$ |
3,229 |
|
|
$ |
13,624 |
|
|
$ |
3,619 |
|
Troubled
debt restructurings |
|
|
1,206 |
|
|
|
1,222 |
|
|
|
1,239 |
|
|
|
1,256 |
|
|
|
1,272 |
|
Loans -
90 days past due & still accruing |
|
|
231 |
|
|
|
27 |
|
|
|
15 |
|
|
|
- |
|
|
|
- |
|
Total
non-performing loans |
|
|
2,695 |
|
|
|
3,165 |
|
|
|
3,229 |
|
|
|
13,624 |
|
|
|
3,619 |
|
OREO and
repossessed assets |
|
|
- |
|
|
|
- |
|
|
|
- |
|
|
|
- |
|
|
|
- |
|
Total
non-performing assets |
|
$ |
2,695 |
|
|
$ |
3,165 |
|
|
$ |
3,229 |
|
|
$ |
13,624 |
|
|
$ |
3,619 |
|
Non-performing loans to total loans |
|
|
0.28 |
% |
|
|
0.32 |
% |
|
|
0.32 |
% |
|
|
1.36 |
% |
|
|
0.39 |
% |
Non-performing assets to total assets |
|
|
0.20 |
% |
|
|
0.24 |
% |
|
|
0.24 |
% |
|
|
0.99 |
% |
|
|
0.27 |
% |
Non-performing assets to total loans and OREO |
|
|
0.28 |
% |
|
|
0.32 |
% |
|
|
0.32 |
% |
|
|
1.36 |
% |
|
|
0.39 |
% |
Annualized net charge-offs (recoveries) to average loans |
|
|
0.15 |
% |
|
|
(0.75 |
)% |
|
|
4.38 |
% |
|
|
0.43 |
% |
|
|
(0.02 |
)% |
Net
charge-offs (recoveries) |
|
$ |
372 |
|
|
$ |
(1,863 |
) |
|
$ |
11,233 |
|
|
$ |
1,041 |
|
|
$ |
(53 |
) |
Interest Rates
and Yields: |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Loans |
|
|
4.54 |
% |
|
|
4.55 |
% |
|
|
4.29 |
% |
|
|
4.24 |
% |
|
|
4.32 |
% |
Securities |
|
|
2.53 |
% |
|
|
2.40 |
% |
|
|
2.44 |
% |
|
|
2.37 |
% |
|
|
2.19 |
% |
Total
interest-earning assets |
|
|
4.06 |
% |
|
|
4.07 |
% |
|
|
3.85 |
% |
|
|
3.77 |
% |
|
|
3.74 |
% |
Deposits |
|
|
0.78 |
% |
|
|
0.77 |
% |
|
|
0.70 |
% |
|
|
0.67 |
% |
|
|
0.57 |
% |
Borrowings and repurchase agreements |
|
|
2.04 |
% |
|
|
1.81 |
% |
|
|
1.18 |
% |
|
|
1.30 |
% |
|
|
2.32 |
% |
Total
interest-bearing liabilities |
|
|
1.12 |
% |
|
|
1.08 |
% |
|
|
0.92 |
% |
|
|
0.85 |
% |
|
|
0.74 |
% |
Other
Information: |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Full-time
equivalent employees |
|
|
175 |
|
|
|
168 |
|
|
|
169 |
|
|
|
168 |
|
|
|
170 |
|
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) (dollars in thousands) |
|
Fourth Quarter 2017 Earnings Release |
|
|
|
For the Three Months Ended
December 31, |
|
|
|
2017 |
|
|
2016 |
|
|
|
AverageOutstandingBalance |
|
|
InterestIncome/Expense |
|
|
AverageYield/Rate |
|
|
AverageOutstandingBalance |
|
|
InterestIncome/Expense |
|
|
AverageYield/Rate |
|
Interest-Earning
Assets |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Loans
(1) |
|
$ |
956,441 |
|
|
$ |
10,950 |
|
|
|
4.54 |
% |
|
$ |
938,887 |
|
|
$ |
10,198 |
|
|
|
4.32 |
% |
Loans
held for sale |
|
|
66,311 |
|
|
|
716 |
|
|
|
4.28 |
% |
|
|
52,483 |
|
|
|
483 |
|
|
|
3.66 |
% |
Securities: |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Taxable
investment securities (2) |
|
|
153,955 |
|
|
|
980 |
|
|
|
2.55 |
% |
|
|
172,771 |
|
|
|
923 |
|
|
|
2.14 |
% |
Investment securities exempt from federal income tax (3) |
|
|
48,863 |
|
|
|
300 |
|
|
|
2.46 |
% |
|
|
53,262 |
|
|
|
317 |
|
|
|
2.38 |
% |
Total
securities |
|
|
202,818 |
|
|
|
1,280 |
|
|
|
2.53 |
% |
|
|
226,033 |
|
|
|
1,240 |
|
|
|
2.19 |
% |
Cash
balances in other banks |
|
|
52,988 |
|
|
|
163 |
|
|
|
1.22 |
% |
|
|
56,263 |
|
|
|
79 |
|
|
|
0.56 |
% |
Funds
sold |
|
|
2,989 |
|
|
|
15 |
|
|
|
2.04 |
% |
|
|
2,449 |
|
|
|
7 |
|
|
|
1.15 |
% |
Total interest-earning
assets |
|
|
1,281,547 |
|
|
|
13,124 |
|
|
|
4.06 |
% |
|
|
1,276,115 |
|
|
|
12,007 |
|
|
|
3.74 |
% |
Noninterest-earning assets |
|
|
48,074 |
|
|
|
|
|
|
|
|
|
|
|
48,505 |
|
|
|
|
|
|
|
|
|
Total assets |
|
$ |
1,329,621 |
|
|
|
|
|
|
|
|
|
|
$ |
1,324,620 |
|
|
|
|
|
|
|
|
|
Interest-Bearing
Liabilities |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Interest-bearing deposits: |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Interest-bearing transaction accounts |
|
$ |
281,881 |
|
|
|
608 |
|
|
|
0.86 |
% |
|
$ |
286,572 |
|
|
|
393 |
|
|
|
0.55 |
% |
Savings
and money market deposits |
|
|
346,639 |
|
|
|
827 |
|
|
|
0.95 |
% |
|
|
455,201 |
|
|
|
719 |
|
|
|
0.63 |
% |
Time
deposits |
|
|
199,212 |
|
|
|
694 |
|
|
|
1.38 |
% |
|
|
201,151 |
|
|
|
518 |
|
|
|
1.03 |
% |
Total
interest-bearing deposits |
|
|
827,732 |
|
|
|
2,129 |
|
|
|
1.02 |
% |
|
|
942,924 |
|
|
|
1,630 |
|
|
|
0.69 |
% |
Borrowings and repurchase agreements |
|
|
92,554 |
|
|
|
477 |
|
|
|
2.04 |
% |
|
|
33,694 |
|
|
|
197 |
|
|
|
2.32 |
% |
Total interest-bearing
liabilities |
|
|
920,286 |
|
|
|
2,606 |
|
|
|
1.12 |
% |
|
|
976,618 |
|
|
|
1,827 |
|
|
|
0.74 |
% |
Noninterest-bearing deposits |
|
|
253,647 |
|
|
|
|
|
|
|
|
|
|
|
195,856 |
|
|
|
|
|
|
|
|
|
Total funding
sources |
|
|
1,173,934 |
|
|
|
|
|
|
|
|
|
|
|
1,172,474 |
|
|
|
|
|
|
|
|
|
Noninterest-bearing liabilities |
|
|
8,020 |
|
|
|
|
|
|
|
|
|
|
|
12,617 |
|
|
|
|
|
|
|
|
|
Shareholders’ equity |
|
|
147,667 |
|
|
|
|
|
|
|
|
|
|
|
139,529 |
|
|
|
|
|
|
|
|
|
Total liabilities and
shareholders’ equity |
|
$ |
1,329,621 |
|
|
|
|
|
|
|
|
|
|
$ |
1,324,620 |
|
|
|
|
|
|
|
|
|
Net interest spread
(4) |
|
|
|
|
|
|
|
|
|
|
2.94 |
% |
|
|
|
|
|
|
|
|
|
|
3.00 |
% |
Net interest
income/margin (5) |
|
|
|
|
|
$ |
10,518 |
|
|
|
3.26 |
% |
|
|
|
|
|
$ |
10,180 |
|
|
|
3.17 |
% |
_____________________(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)
Balances for investment securities exempt from federal income tax
are not calculated 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 net interest income divided
by total average interest-earning assets and is presented in the
table above on an annualized basis.
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) (dollars in thousands) |
|
Fourth Quarter 2017 Earnings Release |
|
|
|
For the Year Ended
December 31, |
|
|
|
2017 |
|
|
2016 |
|
(Amounts in
thousands) |
|
AverageOutstandingBalance |
|
|
InterestIncome/Expense |
|
|
AverageYield/Rate |
|
|
AverageOutstandingBalance |
|
|
InterestIncome/Expense |
|
|
AverageYield/Rate |
|
Interest-Earning
Assets |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Loans
(1) |
|
$ |
987,710 |
|
|
$ |
43,531 |
|
|
|
4.41 |
% |
|
$ |
888,541 |
|
|
$ |
38,450 |
|
|
|
4.33 |
% |
Loans
held for sale |
|
|
49,466 |
|
|
|
2,070 |
|
|
|
4.19 |
% |
|
|
47,303 |
|
|
|
1,763 |
|
|
|
3.73 |
% |
Securities: |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Taxable
investment securities (2) |
|
|
166,561 |
|
|
|
4,078 |
|
|
|
2.45 |
% |
|
|
176,977 |
|
|
|
3,729 |
|
|
|
2.11 |
% |
Investment securities exempt from federal income tax (3) |
|
|
52,130 |
|
|
|
1,244 |
|
|
|
2.39 |
% |
|
|
47,353 |
|
|
|
1,158 |
|
|
|
2.45 |
% |
Total
securities |
|
|
218,691 |
|
|
|
5,322 |
|
|
|
2.43 |
% |
|
|
224,330 |
|
|
|
4,887 |
|
|
|
2.18 |
% |
Cash
balances in other banks |
|
|
49,990 |
|
|
|
551 |
|
|
|
1.10 |
% |
|
|
51,147 |
|
|
|
276 |
|
|
|
0.54 |
% |
Funds
sold |
|
|
2,518 |
|
|
|
41 |
|
|
|
1.63 |
% |
|
|
2,153 |
|
|
|
19 |
|
|
|
0.89 |
% |
Total interest-earning
assets |
|
|
1,308,375 |
|
|
|
51,515 |
|
|
|
3.94 |
% |
|
|
1,213,475 |
|
|
|
45,395 |
|
|
|
3.74 |
% |
Noninterest-earning assets |
|
|
49,419 |
|
|
|
|
|
|
|
|
|
|
|
49,288 |
|
|
|
|
|
|
|
|
|
Total assets |
|
$ |
1,357,794 |
|
|
|
|
|
|
|
|
|
|
$ |
1,262,763 |
|
|
|
|
|
|
|
|
|
Interest-Bearing
Liabilities |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Interest-bearing deposits: |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Interest-bearing transaction accounts |
|
$ |
301,411 |
|
|
|
2,447 |
|
|
|
0.81 |
% |
|
$ |
269,113 |
|
|
|
1,489 |
|
|
|
0.55 |
% |
Savings
and money market deposits |
|
|
378,640 |
|
|
|
3,188 |
|
|
|
0.84 |
% |
|
|
445,873 |
|
|
|
2,859 |
|
|
|
0.64 |
% |
Time
deposits |
|
|
194,892 |
|
|
|
2,445 |
|
|
|
1.25 |
% |
|
|
193,881 |
|
|
|
2,085 |
|
|
|
1.08 |
% |
Total
interest-bearing deposits |
|
|
874,943 |
|
|
|
8,080 |
|
|
|
0.92 |
% |
|
|
908,867 |
|
|
|
6,433 |
|
|
|
0.71 |
% |
Borrowings and repurchase agreements |
|
|
98,289 |
|
|
|
1,572 |
|
|
|
1.60 |
% |
|
|
32,371 |
|
|
|
498 |
|
|
|
1.54 |
% |
Total interest-bearing
liabilities |
|
|
973,232 |
|
|
|
9,652 |
|
|
|
0.99 |
% |
|
|
941,238 |
|
|
|
6,931 |
|
|
|
0.74 |
% |
Noninterest-bearing deposits |
|
|
232,687 |
|
|
|
|
|
|
|
|
|
|
|
189,270 |
|
|
|
|
|
|
|
|
|
Total funding
sources |
|
|
1,205,919 |
|
|
|
|
|
|
|
|
|
|
|
1,130,507 |
|
|
|
|
|
|
|
|
|
Noninterest-bearing liabilities |
|
|
8,473 |
|
|
|
|
|
|
|
|
|
|
|
12,133 |
|
|
|
|
|
|
|
|
|
Shareholders’ equity |
|
|
143,402 |
|
|
|
|
|
|
|
|
|
|
|
120,123 |
|
|
|
|
|
|
|
|
|
Total liabilities and
shareholders’ equity |
|
$ |
1,357,794 |
|
|
|
|
|
|
|
|
|
|
$ |
1,262,763 |
|
|
|
|
|
|
|
|
|
Net interest spread
(4) |
|
|
|
|
|
|
|
|
|
|
2.95 |
% |
|
|
|
|
|
|
|
|
|
|
3.00 |
% |
Net interest
income/margin (5) |
|
|
|
|
|
$ |
41,863 |
|
|
|
3.20 |
% |
|
|
|
|
|
$ |
38,464 |
|
|
|
3.17 |
% |
_____________________(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)
Balances for investment securities exempt from federal income tax
are not calculated 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 net interest income divided
by total average interest-earning assets and is presented in the
table above on an annualized basis.
This information is preliminary and based on company data
available at the time of the presentation.
|
|
CAPSTAR FINANCIAL HOLDINGS, INC. AND
SUBSIDIARY |
|
Non-GAAP Financial Measures (unaudited) (dollars in
thousands) |
|
Fourth Quarter 2017 Earnings Release |
|
|
|
Three Months Ended |
|
|
Year Ended |
|
|
|
December 31, |
|
|
December 31, |
|
|
|
2017 |
|
|
2016 |
|
|
2017 |
|
|
2016 |
|
Average Tangible
Equity: |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Average
Total shareholders' equity |
|
$ |
147,667 |
|
|
$ |
139,529 |
|
|
$ |
143,402 |
|
|
$ |
120,123 |
|
Less:
average intangible assets |
|
|
(6,248 |
) |
|
|
(6,298 |
) |
|
|
(6,265 |
) |
|
|
(6,318 |
) |
Average
Tangible equity |
|
$ |
141,419 |
|
|
$ |
133,231 |
|
|
$ |
137,137 |
|
|
$ |
113,805 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Average Tangible Common
Equity: |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Average
tangible equity |
|
$ |
141,419 |
|
|
$ |
133,231 |
|
|
$ |
137,137 |
|
|
$ |
113,805 |
|
Less:
average preferred equity |
|
|
(9,000 |
) |
|
|
(9,000 |
) |
|
|
(9,000 |
) |
|
|
(14,533 |
) |
Average
tangible common equity |
|
$ |
132,419 |
|
|
$ |
124,231 |
|
|
$ |
128,137 |
|
|
$ |
99,272 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Annualized Return on
Average Tangible Common Equity (ROATCE): |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Average
tangible common equity |
|
$ |
132,419 |
|
|
$ |
124,231 |
|
|
$ |
128,137 |
|
|
$ |
99,272 |
|
Net
income |
|
$ |
91 |
|
|
$ |
2,927 |
|
|
$ |
1,501 |
|
|
$ |
9,097 |
|
Annualized return on average tangible common equity
(ROATCE) |
|
|
0.27 |
% |
|
|
9.37 |
% |
|
|
1.17 |
% |
|
|
9.16 |
% |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
12/31/17 |
|
|
12/31/16 |
|
|
|
|
|
|
|
|
|
Tangible Equity: |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Total
shareholders' equity |
|
$ |
146,946 |
|
|
$ |
139,207 |
|
|
|
|
|
|
|
|
|
Less:
intangible assets |
|
|
(6,242 |
) |
|
|
(6,290 |
) |
|
|
|
|
|
|
|
|
Tangible
equity |
|
$ |
140,704 |
|
|
$ |
132,917 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Tangible Common
Equity: |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Tangible
equity |
|
$ |
140,704 |
|
|
$ |
132,917 |
|
|
|
|
|
|
|
|
|
Less:
preferred equity |
|
|
(9,000 |
) |
|
|
(9,000 |
) |
|
|
|
|
|
|
|
|
Tangible
common equity |
|
$ |
131,704 |
|
|
$ |
123,917 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Tangible Book Value per
Share of Common Stock: |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Tangible
common equity |
|
$ |
131,704 |
|
|
$ |
123,917 |
|
|
|
|
|
|
|
|
|
Total
shares of common stock outstanding |
|
|
11,582,026 |
|
|
|
11,204,515 |
|
|
|
|
|
|
|
|
|
Tangible
book value per share of common stock |
|
$ |
11.37 |
|
|
$ |
11.06 |
|
|
|
|
|
|
|
|
|
|
|
|
|
CAPSTAR FINANCIAL HOLDINGS, INC. AND
SUBSIDIARY |
|
Non-GAAP Financial Measures (unaudited) (dollars in
thousands) |
|
Fourth Quarter 2017 Earnings Release |
|
|
|
Three Months Ended |
|
|
Year Ended |
|
|
|
December 31, |
|
|
December 31, |
|
|
|
2017 |
|
|
2016 |
|
|
2017 |
|
|
2016 |
|
Adjusted Net
Income: |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Reported
net income |
|
$ |
91 |
|
|
$ |
2,927 |
|
|
$ |
1,501 |
|
|
$ |
9,097 |
|
Impact of
tax reform* |
|
|
(3,562 |
) |
|
|
— |
|
|
|
(3,562 |
) |
|
|
— |
|
Adjusted
net income |
|
$ |
3,653 |
|
|
$ |
2,927 |
|
|
$ |
5,063 |
|
|
$ |
9,097 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Adjusted Diluted Net
Income per Share of Common Stock: |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Reported
diluted net income per share of common stock |
|
$ |
0.01 |
|
|
$ |
0.23 |
|
|
$ |
0.12 |
|
|
$ |
0.81 |
|
Impact of
tax reform* |
|
|
(0.27 |
) |
|
|
— |
|
|
|
(0.28 |
) |
|
|
— |
|
Adjusted
diluted net income per share of common stock |
|
$ |
0.28 |
|
|
$ |
0.23 |
|
|
$ |
0.40 |
|
|
$ |
0.81 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Adjusted Return on
Average Assets (ROAA): |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Reported
ROAA |
|
|
0.03 |
% |
|
|
0.88 |
% |
|
|
0.11 |
% |
|
|
0.72 |
% |
Impact of
tax reform* |
|
|
(1.06 |
)% |
|
|
— |
|
|
|
(0.26 |
)% |
|
|
— |
|
Adjusted
ROAA |
|
|
1.09 |
% |
|
|
0.88 |
% |
|
|
0.37 |
% |
|
|
0.72 |
% |
_____________________* As a result of the Tax Cuts and Jobs Act
of 2017, which included a Federal corporate tax rate change from
35% to 21%, we revalued our deferred tax assets, which resulted in
a $3.6 million increase in income tax expense for 2017. The
adjusted non-GAAP amounts and ratios above have excluded the impact
of this transaction.
CONTACT
Rob Anderson
Chief Financial Officer and Chief Administrative Officer
(615) 732-6470
CapStar Financial (NASDAQ:CSTR)
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