CSTR CapStar Financial Holdings Inc

CapStar Financial Holdings, Inc. (“CapStar”) (NASDAQ:CSTR) reported net income of $4.42 million, or $0.35 per share on a fully diluted basis, for the three months ended September 30, 2017, compared to net income of $2.11 million, or $0.20 per share on a fully diluted basis, for the three months ended September 30, 2016. 

“Our vision for CapStar is to be a high performing financial institution known for sound, profitable, growth,” said Claire W. Tucker, CapStar’s president and chief executive officer. “This was a record quarter for the company in terms of profitability, and we experienced strong growth in our DDA balances and non-interest income sources. CapStar remains a sound, well-capitalized institution, with no charge-offs during the quarter and a $1.9 million recovery on a previously charged-off loan.  We believe these results further demonstrate our ability to execute this strategy and vision, while creating long-term value for our shareholders.”

Soundness

• The allowance for loan losses represented 1.45% of total loans at September 30, 2017 compared to 1.25% at September 30, 2016.

• Non-performing assets as a percentage of total loans and other real estate owned was 0.32% at September 30, 2017 compared to 0.45% at September 30, 2016.

• Annualized net charge-offs (recoveries) to average loans totaled -0.75% for the three months ended September 30, 2017 compared to 0.25% for the same period in 2016. 

• The total risk based capital ratio was to 12.42% at September 30, 2017 compared to 12.45% at September 30, 2016.

Profitability

• Return on average assets ("ROAA") for the three months ended September 30, 2017 was 1.28% compared to 0.65% for the same period in 2016. 

• Return on average tangible common equity ("ROATCE") for the three months ended September 30, 2017 was 13.88% compared to 8.84% for the same period in 2016. 

• The net interest margin (“NIM”) for the three months ended September 30, 2017 was 3.26% compared to 3.23% for the same period in 2016. 

• The efficiency ratio for the three months ended September 30, 2017 was 59.6% compared to 64.0% for the same period in 2016.

Growth

• Average total assets for the quarter ended September 30, 2017 increased 5.5%, to $1.37 billion, compared to $1.30 billion for the same period in 2016.

• Average gross loans for the quarter ended September 30, 2017 increased 7.9%, to $991.2 million, compared to $918.3 million for the same period in 2016.

• Average total deposits for the quarter ended September 30, 2017 fell 3.3%, to $1.09 billion, compared to $1.13 billion for the same period in 2016.

• Average demand deposits for the quarter ended September 30, 2017 increased 26.7%, to $237.2 million, compared to $187.2 million for the same period in 2016.

“By many measures, this quarter’s performance exceeded our expectations. We had record net income of $4.4 million, an ROAA of 1.28%, expansion in our NIM, no credit charge-offs, and strong growth in our DDA and Treasury Management fees,” said Rob Anderson, chief financial officer and chief administrative officer of CapStar. “Through consistent engagement with our clients, the CapStar associate base is building a loyal customer base.”

Conference Call and Webcast Information

CapStar will host a conference call and webcast at 3:00 p.m. Central Time on Monday, October 16, 2017.  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 90272640.  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, 2017, on a consolidated basis, CapStar had total assets of $1.3 billion, gross loans of $974.5 million, total deposits of $1.1 billion, and shareholders’ equity of $144.2 million.  Visit www.capstarbank.com for more information.

Forward-Looking Statements

Certain statements in this earnings release are forward-looking statements that reflect CapStar’s current views with respect to, among other things, future events and CapStar’s financial and operational performance. These statements are often, but not always, made through the use of words or phrases such as “may,” “should,” “could,” “predict,” “potential,” “believe,” “will likely result,” “expect,” “continue,” “will,” “anticipate,” “seek,” “aspire,” “achieve,” “estimate,” “intend,” “plan,” “project,” “projection,” “forecast,” “roadmap,” “goal,” “target,” “would,” and “outlook,” or the negative version of those words or other comparable words of a future or forward-looking nature. These forward-looking statements are not historical facts, and are based on current expectations, estimates and projections about CapStar’s industry, management’s beliefs and certain assumptions made by management, many of which, by their nature, are inherently uncertain and beyond CapStar’s control. The inclusion of these forward-looking statements should not be regarded as a representation by CapStar or any other person that such expectations, estimates and projections will be achieved. Accordingly, CapStar cautions you that any such forward-looking statements are not guarantees of future performance and are subject to risks, assumptions and uncertainties that are difficult to predict. Although CapStar believes that the expectations reflected in these forward-looking statements are reasonable as of the date made, actual results may prove to be materially different from the results expressed or implied by the forward-looking statements. There are or will be important factors that could cause CapStar’s actual results to differ materially from those indicated in these forward-looking statements, including, but not limited to, 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”): return on average tangible common equity and tangible book value per share. These non-GAAP financial measures (i) provides 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) enables a more complete understanding of factors and trends affecting CapStar’s business, and (iii) allows 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 SUBSIDIARYConsolidated Statements of Income (unaudited) (dollars in thousands, except share data)Third Quarter 2017 Earnings Release
		Three Months Ended								Nine Months Ended
		September 30,								September 30,
		2017				2016				2017				2016
Interest income:
Loans, including fees		$	12,095			$	10,659			$	33,935			$	29,532
Securities:
Taxable			838				787				2,827				2,596
Tax-exempt			304				291				944				841
Federal funds sold			7				4				26				12
Restricted equity securities			108				71				271				210
Interest-bearing deposits in financial institutions			169				63				387				197
Total interest income			13,521				11,875				38,390				33,388
Interest expense:
Interest-bearing deposits			635				404				1,839				1,096
Savings and money market accounts			772				689				2,360				2,141
Time deposits			706				546				1,750				1,566
Federal funds purchased			2				13				13				21
Securities sold under agreements to repurchase			—				—				—				1
Federal Home Loan Bank advances			563				97				1,083				280
Total interest expense			2,678				1,749				7,045				5,105
Net interest income			10,843				10,126				31,345				28,283
Provision for loan losses			(195	)			1,639				12,900				2,759
Net interest income after provision for loan losses			11,038				8,487				18,445				25,524
Noninterest income:
Treasury management and other deposit service charges			427				277				1,097				805
Loan commitment fees			223				329				646				901
Net gain (loss) on sale of securities			9				(4	)			42				121
Tri-Net fees			367				—				748				—
Mortgage banking income			2,030				2,339				4,617				5,342
Other noninterest income			316				250				1,021				961
Total noninterest income			3,372				3,191				8,171				8,130
Noninterest expense:
Salaries and employee benefits			5,119				5,119				14,989				15,275
Data processing and software			709				627				2,040				1,831
Professional fees			336				391				1,050				1,148
Occupancy			531				352				1,518				1,133
Equipment			564				458				1,604				1,301
Regulatory fees			270				250				877				742
Other operating			946				1,330				2,988				3,057
Total noninterest expense			8,475				8,527				25,066				24,487
Income before income taxes			5,935				3,151				1,550				9,167
Income tax expense			1,516				1,042				141				2,998
Net income		$	4,419			$	2,109			$	1,409			$	6,169
Per share information:
Basic net income per share of common stock		$	0.39			$	0.24			$	0.13			$	0.71
Diluted net income per share of common stock		$	0.35			$	0.20			$	0.11			$	0.58
Weighted average shares outstanding:
Basic			11,279,364				8,792,665				11,239,093				8,701,596
Diluted			12,750,423				10,799,536				12,758,091				10,682,976
This information is preliminary and based on company data available at the time of the presentation.

CAPSTAR FINANCIAL HOLDINGS, INC. AND SUBSIDIARYSelected Quarterly Financial Data (unaudited) (dollars in thousands, except share data)Third Quarter 2017 Earnings Release
		Five Quarter Comparison
		9/30/17				6/30/17				3/31/17				12/31/16				9/30/16
Income Statement Data:
Net interest income		$	10,843			$	10,571			$	9,932			$	10,180			$	10,126
Provision for loan losses			(195	)			9,690				3,405				70				1,639
Net interest income after provision for loan losses			11,038				881				6,527				10,110				8,487
Treasury management and other deposit service charges			427				342				329				303				277
Loan commitment fees			223				187				236				217				329
Net gain (loss) on sale of securities			9				40				(6	)			—				(4	)
Tri-Net fees			367				297				84				125				—
Mortgage banking income			2,030				1,370				1,216				2,033				2,339
Other noninterest income			316				430				274				276				250
Total noninterest income			3,372				2,666				2,133				2,954				3,191
Salaries and employee benefits			5,119				4,784				5,086				5,185				5,119
Data processing and software			709				711				621				542				627
Professional fees			336				350				365				406				391
Occupancy			531				539				449				366				352
Equipment			564				544				496				443				458
Regulatory fees			270				301				307				348				250
Other operating			946				988				1,052				1,352				1,330
Total noninterest expense			8,475				8,217				8,376				8,642				8,527
Net income (loss) before income tax expense			5,935				(4,670	)			284				4,422				3,151
Income tax (benefit) expense			1,516				(1,328	)			(47	)			1,495				1,042
Net income (loss)		$	4,419			$	(3,342	)		$	331			$	2,927			$	2,109
Weighted average shares - basic			11,279,364				11,226,216				11,210,948				11,194,534				8,792,665
Weighted average shares - diluted			12,750,423				12,740,104				12,784,117				12,787,677				10,799,536
Net income (loss) per share, basic		$	0.39			$	(0.30	)		$	0.03			$	0.26			$	0.24
Net income (loss) per share, diluted			0.35				(0.26	)			0.03				0.23				0.20
Balance Sheet Data (at period end):
Cash and cash equivalents		$	69,789			$	48,093			$	60,039			$	80,111			$	73,451
Securities available-for-sale			146,600				155,663				188,516				182,355				167,213
Securities held-to-maturity			45,635				46,458				46,855				46,864				46,228
Loans held for sale			53,225				73,573				35,371				42,111				61,252
Total loans			974,530				996,617				1,003,434				935,251				924,031
Allowance for loan losses			(14,122	)			(12,454	)			(13,997	)			(11,634	)			(11,510	)
Total assets			1,338,559				1,371,626				1,381,703				1,333,675				1,318,057
Non-interest-bearing deposits			250,007				231,169				223,450				197,788				191,469
Interest-bearing deposits			841,488				889,816				934,545				930,935				944,590
Federal Home Loan Bank advances			95,000				105,000				75,000				55,000				30,000
Total liabilities			1,194,355				1,233,596				1,241,491				1,194,468				1,179,631
Shareholders' equity		$	144,204			$	138,030			$	140,211			$	139,207			$	138,427
Total shares of common stock outstanding			11,346,498				11,235,255				11,218,328				11,204,515				11,191,021
Total shares of preferred stock outstanding			878,049				878,049				878,049				878,049				878,049
Book value per share of common stock		$	11.92			$	11.48			$	11.70			$	11.62			$	11.57
Tangible book value per share of common stock *			11.36				10.93				11.14				11.06				11.00
Market value per share of common stock		$	19.58			$	17.74			$	19.07			$	21.96			$	16.92
Capital ratios:
Total risk based capital			12.42	%			11.51	%			12.13	%			12.60	%			12.45	%
Tier 1 risk based capital			11.28	%			10.54	%			11.01	%			11.61	%			11.46	%
Common equity tier 1 capital			10.58	%			9.86	%			10.32	%			10.90	%			10.75	%
Leverage			10.36	%			9.77	%			10.37	%			10.46	%			10.47	%
_____________________*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 SUBSIDIARYSelected Quarterly Financial Data (unaudited) (dollars in thousands, except share data)Third Quarter 2017 Earnings Release
		Five Quarter Comparison
		9/30/17				6/30/17				3/31/17				12/31/16				9/30/16
Average Balance Sheet Data:
Cash and cash equivalents		$	59,352			$	62,002			$	58,925			$	66,758			$	55,054
Investment securities			207,926				227,431				237,084				226,033				218,463
Loans held for sale			67,886				34,690				28,359				52,483				63,640
Loans			991,238				1,028,968				974,350				938,887				918,302
Assets			1,367,993				1,393,331				1,340,237				1,324,620				1,296,871
Interest bearing deposits			857,344				882,722				933,328				942,923				944,794
Deposits			1,094,500				1,111,833				1,143,636				1,138,779				1,132,038
Federal Home Loan Bank advances			123,315				128,901				43,837				33,478				29,565
Liabilities			1,226,438				1,250,544				1,198,686				1,185,091				1,179,480
Shareholders' equity		$	141,556			$	142,787			$	141,551			$	139,529			$	117,390
Performance Ratios:
Annualized return on average assets			1.28	%			-0.96	%			0.10	%			0.88	%			0.65	%
Annualized return on average equity			12.38	%			-9.39	%			0.95	%			8.35	%			7.15	%
Net interest margin			3.26	%			3.15	%			3.12	%			3.17	%			3.23	%
Annualized Non-interest income to average assets			0.98	%			0.77	%			0.65	%			0.89	%			0.98	%
Efficiency ratio			59.6	%			62.1	%			69.4	%			65.8	%			64.0	%
Loans by Type (at period end):
Commercial and industrial		$	394,600			$	406,636			$	420,825			$	379,620			$	389,718
Commercial real estate - owner occupied			103,183				97,635				92,213				106,735				108,921
Commercial real estate - non-owner occupied			263,595				288,123				268,742				195,587				163,626
Construction and development			79,951				62,152				74,007				94,491				91,366
Consumer real estate			100,811				99,751				99,952				97,015				96,919
Consumer			6,289				4,096				4,495				5,974				7,046
Other		$	26,460			$	38,783			$	43,983			$	56,796			$	67,806
Asset Quality Data:
Allowance for loan losses to total loans			1.45	%			1.25	%			1.39	%			1.24	%			1.25	%
Allowance for loan losses to non-performing loans			446	%			386	%			103	%			321	%			279	%
Nonaccrual loans		$	3,165			$	3,229			$	13,624			$	3,619			$	4,123
Troubled debt restructurings			1,222				1,239				1,256				1,272				1,288
Loans - 90 days past due and accruing			27				15				-				-				-
Total non-performing loans			3,165				3,229				13,624				3,619				4,123
OREO and repossessed assets			-				-				-				-				-
Total non-performing assets		$	3,165			$	3,229			$	13,624			$	3,619			$	4,123
Non-performing loans to total loans			0.32	%			0.32	%			1.36	%			0.39	%			0.45	%
Non-performing assets to total assets			0.24	%			0.24	%			0.99	%			0.27	%			0.31	%
Non-performing assets to total loans and OREO			0.32	%			0.32	%			1.36	%			0.39	%			0.45	%
Annualized net charge-offs to average loans			-0.75	%			4.38	%			0.43	%			-0.02	%			0.25	%
Net charge-offs (recoveries)		$	(1,863	)		$	11,233			$	1,041			$	(53	)		$	582
Interest Rates and Yields:
Loans			4.55	%			4.29	%			4.24	%			4.32	%			4.36	%
Securities			2.40	%			2.44	%			2.37	%			2.19	%			2.10	%
Total interest-earning assets			4.07	%			3.85	%			3.77	%			3.74	%			3.79	%
Deposits			0.77	%			0.70	%			0.67	%			0.57	%			0.58	%
Borrowings and repurchase agreements			1.81	%			1.18	%			1.30	%			2.32	%			1.25	%
Total interest-bearing liabilities			1.08	%			0.92	%			0.85	%			0.74	%			0.71	%
Other Information:
Full-time equivalent employees		168				169				168				170				168
This information is preliminary and based on company data available at the time of the presentation.

CAPSTAR FINANCIAL HOLDINGS, INC. AND SUBSIDIARYAnalysis of Interest Income and Expense, Rates and Yields (unaudited) (dollars in thousands)Third Quarter 2017 Earnings Release
		For the Three Months Ended September 30,
		2017												2016
		AverageOutstandingBalance				InterestIncome/Expense				AverageYield/Rate				AverageOutstandingBalance				InterestIncome/Expense				AverageYield/Rate
Interest-Earning Assets
Loans (1)		$	991,238			$	11,375				4.55	%		$	918,302			$	10,072				4.36	%
Loans held for sale			67,886				720				4.21	%			63,640				587				3.67	%
Securities:
Taxable investment securities (2)			156,979				946				2.41	%			170,382				858				2.01	%
Investment securities exempt from federal income tax (3)			50,947				304				2.39	%			48,081				291				2.42	%
Total securities			207,926				1,250				2.40	%			218,463				1,149				2.10	%
Cash balances in other banks			49,151				169				1.36	%			45,122				63				0.56	%
Funds sold			1,711				7				1.67	%			1,510				4				0.95	%
Total interest-earning assets			1,317,912				13,521				4.07	%			1,247,037				11,875				3.79	%
Noninterest-earning assets			50,081												49,834
Total assets		$	1,367,993											$	1,296,871
Interest-Bearing Liabilities
Interest-bearing deposits:
Interest-bearing transaction accounts		$	291,250				635				0.87	%		$	303,727				404				0.53	%
Savings and money market deposits			354,972				772				0.86	%			437,827				689				0.63	%
Time deposits			211,122				706				1.32	%			203,240				546				1.07	%
Total interest-bearing deposits			857,344				2,113				0.98	%			944,794				1,639				0.69	%
Borrowings and repurchase agreements			123,859				565				1.81	%			34,946				110				1.25	%
Total interest-bearing liabilities			981,203				2,678				1.08	%			979,740				1,749				0.71	%
Noninterest-bearing deposits			237,156												187,244
Total funding sources			1,218,359												1,166,984
Noninterest-bearing liabilities			8,078												12,497
Shareholders’ equity			141,556												117,390
Total liabilities and shareholders’ equity		$	1,367,993											$	1,296,871
Net interest spread (4)											2.99	%											3.08	%
Net interest income/margin (5)						$	10,843				3.26	%						$	10,126				3.23	%

                                               

(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 SUBSIDIARYAnalysis of Interest Income and Expense, Rates and Yields (unaudited) (dollars in thousands)Third Quarter 2017 Earnings Release
		For the Nine Months Ended September 30,
		2017												2016
		AverageOutstandingBalance				InterestIncome/Expense				AverageYield/Rate				AverageOutstandingBalance				InterestIncome/Expense				AverageYield/Rate
Interest-Earning Assets
Loans (1)		$	998,247			$	32,580				4.36	%		$	871,637			$	28,252				4.33	%
Loans held for sale			43,790				1,355				4.14	%			45,564				1,280				3.75	%
Securities:
Taxable investment securities (2)			170,810				3,098				2.42	%			178,388				2,806				2.10	%
Investment securities exempt from federal income tax (3)			53,230				944				2.36	%			45,370				841				2.47	%
Total securities			224,040				4,042				2.41	%			223,758				3,647				2.17	%
Cash balances in other banks			48,980				387				1.06	%			49,430				197				0.53	%
Funds sold			2,359				26				1.46	%			2,053				12				0.79	%
Total interest-earning assets			1,317,416				38,390				3.90	%			1,192,442				33,388				3.74	%
Noninterest-earning assets			49,873												49,550
Total assets		$	1,367,289											$	1,241,992
Interest-Bearing Liabilities
Interest-bearing deposits:
Interest-bearing transaction accounts		$	307,992				1,839				0.80	%		$	263,251				1,096				0.56	%
Savings and money market deposits			389,425				2,360				0.81	%			442,740				2,141				0.65	%
Time deposits			193,436				1,750				1.21	%			191,440				1,566				1.09	%
Total interest-bearing deposits			890,853				5,949				0.89	%			897,431				4,803				0.71	%
Borrowings and repurchase agreements			100,221				1,096				1.46	%			31,926				302				1.26	%
Total interest-bearing liabilities			991,074				7,045				0.95	%			929,357				5,105				0.73	%
Noninterest-bearing deposits			225,623												187,058
Total funding sources			1,216,697												1,116,415
Noninterest-bearing liabilities			8,627												11,970
Shareholders’ equity			141,965												113,607
Total liabilities and shareholders’ equity		$	1,367,289											$	1,241,992
Net interest spread (4)											2.95	%											3.01	%
Net interest income/margin (5)						$	31,345				3.18	%						$	28,283				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 SUBSIDIARYNon-GAAP Financial Measures (unaudited) (dollars in thousands)Third Quarter 2017 Earnings Release
		Three Months Ended								Nine Months Ended
		September 30,								September 30,
		2017				2016				2017				2016
Average Tangible Equity:
Average Total shareholders' equity		$	141,556			$	117,390			$	141,965			$	113,607
Less: average intangible assets			(6,258	)			(6,312	)			(6,271	)			(6,325	)
Average Tangible equity		$	135,298			$	111,078			$	135,694			$	107,282
Average Tangible Common Equity:
Average tangible equity		$	135,298			$	111,078			$	135,694			$	107,282
Less: average preferred equity			(9,000	)			(16,174	)			(9,000	)			(16,391	)
Average tangible common equity		$	126,298			$	94,904			$	126,694			$	90,891
Annualized Return on Average Tangible Common Equity (ROATCE):
Average tangible common equity		$	126,298			$	94,904			$	126,694			$	90,892
Net income		$	4,419			$	2,109			$	1,409			$	6,169
Annualized return on average tangible common equity (ROATCE)			13.88	%			8.84	%			1.49	%			9.07	%
		9/30/17				9/30/16
Tangible Equity:
Total shareholders' equity		$	144,204			$	138,427
Less: intangible assets			(6,252	)			(6,303	)
Tangible equity		$	137,952			$	132,124
Tangible Common Equity:
Tangible equity		$	137,952			$	132,124
Less: preferred equity			(9,000	)			(9,000	)
Tangible common equity		$	128,952			$	123,124
Tangible Book Value per Share of Common Stock:
Tangible common equity		$	128,952			$	123,124
Total shares of common stock outstanding			11,346,498				11,191,021
Tangible book value per share of common stock		$	11.36			$	11.00

 

CONTACT

Rob Anderson
Chief Financial Officer and Chief Administrative Officer
(615) 732-6470