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CapStar Financial Holdings, Inc.$16.13($.09)(.55%)

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 CapStar Reports Fully Diluted EPS of $0.31 and Fully Diluted Operating EPS of $0.38 for 2Q2019
   Thursday, July 25, 2019 4:15:00 PM ET

NASHVILLE, Tenn., July 25, 2019 (GLOBE NEWSWIRE) -- CapStar Financial Holdings, Inc. (“CapStar”) (NASDAQ:CSTR) reported net income of $5.76 million, or $0.31 per share on a fully diluted basis, for the three months ended June 30, 2019, compared to net income of $3.51 million, or $0.27 per share on a fully diluted basis, for the three months ended June 30, 2018.  Operating(1) net income was $7.02 million, or $0.38 per share on a fully diluted basis, for the three months ended June 30, 2019, compared to $3.76 million, or $0.29 per share on a fully diluted basis, for the three months ended June 30, 2018



“Our strong second quarter results show that CapStar’s talented group of bankers continues to deliver a highly-personalized banking experience, providing creative solutions for our clients and creating long-term sustainable value for our shareholders,” said Claire W. Tucker, CapStar’s chief executive officer. 

“Since joining the company in May, I have met with associates and customers across the organization and I am excited about the opportunities in front of us,” added Timothy K. Schools, CapStar’s recently appointed president. “CapStar is well positioned to expand within our dynamic markets and our strong second quarter results demonstrate the importance of our diverse revenue streams,” continued Mr. Schools.

Soundness

  • Non-performing assets as a percentage of total assets were 0.12% at June 30, 2019 compared to 0.39% at June 30, 2018.
  • Annualized net charge-offs to average loans were 0.02% for the three months ended June 30, 2019 compared to 0.01% for the same period in 2018.
  • The total risk based capital ratio was 13.29% at June 30, 2019 compared to 12.53% at June 30, 2018.

Profitability

Operating measures exclude merger-related expenses unrelated to CapStar’s normal operations. CapStar believes these measures are useful to investors as they exclude certain non-recurring costs resulting from acquisition activity and allow investors to more clearly see the financial results of CapStar’s operations.

  • Operating annualized return on average assets for the three months ended June 30, 2019 was 1.40% compared to 1.08% for the same period in 2018.
  • Operating annualized return on average tangible equity for the three months ended June 30, 2019 was 13.05% compared to 10.38% for the same period in 2018.
  • The operating efficiency ratio for the three months ended June 30, 2019 was 61.39% compared to 67.38% for the same period in 2018.
  • Net interest margin for the three months ended June 30, 2019 was 3.68% compared to 3.46% for the same period in 2018.

“Despite a challenging macro-economic environment with a flat to inverted yield curve, we grew our operating earnings per share by 31.0% from the same period last year and our operating return on average tangible equity grew to 13.05%,” said Rob Anderson, chief financial officer and chief administrative officer of CapStar. “A tremendous quarter by our Mortgage Banking and TriNet teams boosted profitability measures and helped mitigate the decline in our margin,” continued Mr. Anderson

Growth

  • Operating EPS on a fully diluted basis increased 31.0% to $0.38 for the quarter ended June 30, 2019, compared to $0.29 on a fully diluted basis for the same period in 2018.
  • Average gross loans for the quarter ended June 30, 2019 increased 41.0% to $1.47 billion, compared to $1.04 billion for the same period in 2018.
    -- Excluding Day 1 loans from Athens, organic average loan growth was 7.9% year-over-year.
  • Average deposits for the quarter ended June 30, 2019 increased 47.4% to $1.68 billion, compared to $1.14 billion for the same period in 2018.
    -- Excluding Day 1 deposits from Athens, organic average deposit growth was 11.9% year-over-year.

“Excluding Day 1 loans from Athens, organic average loan growth was 7.9% year-over-year and “in market” loan growth was 10.3% year-over-year, while our “out of market” loans declined $49 million from $124 million in the second quarter of 2018 to $75 million at June 30, 2019,” said Mr. Anderson.  “In addition, our organic deposit growth was 11.9% year-over-year, excluding the Day 1 deposits acquired from Athens.”

Dividend

On July 25, 2019, the board of directors of CapStar approved a quarterly dividend of $0.05 per share that will be paid on or about August 26, 2019 to all shareholders of record of CapStar’s capital stock as of the close of business on August 12, 2019.

Conference Call and Webcast Information

CapStar will host a conference call and webcast at 9:00 a.m. Central Time on Friday July 26, 2019.  During the call, management will review the second quarter results and operational highlights.  Interested parties may listen to the call by dialing (844) 412-1002.  The conference ID number is 7628709.  A simultaneous webcast may be accessed on CapStar’s website at ir.capstarbank.com by clicking on “News & Events”.  An archived version of the webcast will be available in the same location shortly after the live call has ended.

About CapStar Financial Holdings, Inc.

CapStar Financial Holdings, Inc. is a bank holding company headquartered in Nashville, Tennessee and operates primarily through its wholly owned subsidiary, CapStar Bank, a Tennessee-chartered state bank.  CapStar Bank is a commercial bank that seeks to establish and maintain comprehensive relationships with its clients by delivering customized and creative banking solutions and superior client service.  As of June 30, 2019, on a consolidated basis, CapStar had total assets of $2.02 billion, gross loans of $1.44 billion, total deposits of $1.72 billion, and shareholders’ equity of $262.66 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, CapStar’s assets, business, cash flows, condition (financial or otherwise), credit quality, financial performance, liquidity, short and long-term performance goals, prospects, results of operations, strategic initiatives and the timing, benefits, costs and synergies of recently completed and future acquisition, disposition and other growth opportunities, including, without limitation, those relating to the acceptance by customers of Athens of CapStar’s products and services, the ability of CapStar to meet expectations regarding the benefits, costs, synergies, and financial and operational impact of the Athens merger, the possibility that any of the anticipated benefits, costs, synergies and financial and operational improvements of the Athens merger will not be realized or will not be realized as expected and the opportunities to enhance market share in certain markets and market acceptance of CapStar are generally in new markets. 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, 2018 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 its 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”): operating net income, operating diluted net income per share, operating return on average assets, operating return on average tangible equity, tangible book value per share and operating efficiency ratio. 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.

(1) 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.

 
CAPSTAR FINANCIAL HOLDINGS, INC. AND SUBSIDIARY
Consolidated Statements of Income (unaudited) (dollars in thousands, except share data)
Second Quarter 2019 Earnings Release
 
  Three Months Ended  Six Months Ended 
  June 30,  June 30, 
  2019  2018  2019  2018 
Interest income:                
Loans, including fees $20,999  $13,796  $41,591  $26,030 
Securities:                
Taxable  1,165   943   2,512   1,823 
Tax-exempt  363   257   739   538 
Federal funds sold  6   19   25   39 
Restricted equity securities  214   128   401   257 
Interest-bearing deposits in financial institutions  411   211   857   411 
Total interest income  23,158   15,354   46,125   29,098 
Interest expense:                
Interest-bearing deposits  1,827   892   3,420   1,646 
Savings and money market accounts  1,782   1,413   3,500   2,418 
Time deposits  2,217   834   4,030   1,483 
Federal funds purchased     1   4   1 
Securities sold under agreements to repurchase        5    
Federal Home Loan Bank advances  324   627   1,156   1,117 
Total interest expense  6,150   3,767   12,115   6,665 
Net interest income  17,008   11,587   34,010   22,433 
Provision for loan losses     169   886   846 
Net interest income after provision for loan losses  17,008   11,418   33,124   21,587 
Noninterest income:                
Treasury management and other deposit service charges  813   427   1,611   829 
Net gain (loss) on sale of securities  (121)  3   (108)  3 
Tri-Net fees  1,024   325   1,664   853 
Mortgage banking income  3,087   1,383   4,472   2,695 
Other noninterest income  2,229   627   4,128   1,474 
Total noninterest income  7,032   2,765   11,767   5,854 
Noninterest expense:                
Salaries and employee benefits  8,563   6,340   16,995   12,598 
Data processing and software  1,862   810   3,336   1,608 
Professional fees  501   344   1,043   819 
Occupancy  809   535   1,692   1,056 
Equipment  1,026   602   1,878   1,141 
Regulatory fees  272   233   546   436 
Merger related expenses  1,711   335   2,305   335 
Amortization of intangibles  419   10   850   20 
Other operating  1,307   796   2,551   1,573 
Total noninterest expense  16,470   10,005   31,196   19,586 
Income before income taxes  7,570   4,178   13,695   7,855 
Income tax expense  1,814   665   3,160   1,148 
Net income $5,756  $3,513  $10,535  $6,707 
Per share information:                
Basic net income per share of common stock $0.33  $0.30  $0.59  $0.57 
Diluted net income per share of common stock $0.31  $0.27  $0.56  $0.52 
Weighted average shares outstanding:                
Basic  17,663,992   11,845,822   17,723,286   11,755,535 
Diluted  18,650,706   13,067,223   18,740,322   13,021,744 

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)
Second Quarter 2019 Earnings Release
 
  Five Quarter Comparison 
  6/30/19  3/31/19  12/31/18  9/30/18  6/30/18 
Income Statement Data:                    
Net interest income $17,008  $17,002  $17,716  $11,543  $11,587 
Provision for loan losses     886   1,514   481   169 
Net interest income after provision for loan losses  17,008   16,116   16,202   11,062   11,418 
Treasury management and other deposit service charges  813   798   793   528   427 
Net gain (loss) on sale of securities  (121)  12   1   (1)  3 
Tri-Net fees  1,024   641   276   374   325 
Mortgage banking income  3,087   1,385   1,324   1,634   1,383 
Other noninterest income  2,229   1,899   3,993   683   627 
Total noninterest income  7,032   4,735   6,387   3,218   2,765 
Salaries and employee benefits  8,563   8,432   9,475   6,514   6,340 
Data processing and software  1,862   1,474   1,424   803   810 
Professional fees  501   543   534   255   344 
Occupancy  809   883   736   544   535 
Equipment  1,026   852   810   520   602 
Regulatory fees  272   274   364   228   233 
Merger related expenses  1,711   594   8,929   540   335 
Amortization of intangibles  419   430   442   3   10 
Other operating  1,307   1,243   1,118   663   796 
Total noninterest expense  16,470   14,725   23,832   10,070   10,005 
Net income (loss) before income tax expense  7,570   6,126   (1,243)  4,210   4,178 
Income tax (benefit) expense  1,814   1,346   (535)  554   665 
Net income (loss) $5,756  $4,780  $(708) $3,656  $3,513 
Weighted average shares - basic  17,663,992   17,783,239   17,509,525   12,040,229   11,845,822 
Weighted average shares - diluted  18,650,706   18,830,933   18,716,562   13,113,775   13,067,223 
Net income (loss) per share, basic $0.33  $0.27  $(0.04) $0.30  $0.30 
Net income (loss) per share, diluted  0.31   0.25   (0.04)  0.28   0.27 
Balance Sheet Data (at period end):                    
Cash and cash equivalents $156,085  $120,321  $105,443  $52,589  $58,222 
Securities available-for-sale  194,957   233,691   243,808   187,469   183,364 
Securities held-to-maturity  3,721   3,727   3,734   3,740   3,746 
Loans held for sale  89,629   72,870   57,618   50,499   65,320 
Total loans  1,440,617   1,467,786   1,429,794   1,073,870   1,046,525 
Allowance for loan losses  (12,903)  (12,959)  (12,113)  (15,218)  (14,705)
Total assets  2,018,421   2,035,811   1,963,883   1,416,907   1,401,181 
Non-interest-bearing deposits  326,550   312,597   289,552   239,792   223,579 
Interest-bearing deposits  1,396,220   1,366,205   1,280,456   886,611   921,435 
Federal Home Loan Bank advances  10,000   75,000   125,000   125,000   95,000 
Total liabilities  1,755,757   1,776,060   1,709,504   1,259,397   1,248,035 
Shareholders' equity $262,664  $259,751  $254,379  $157,510  $153,146 
Total shares of common stock outstanding  17,561,476   17,765,124   17,724,721   12,125,122   11,931,131 
Total shares of preferred stock outstanding  878,048   878,048   878,048   878,048   878,048 
Book value per share of common stock $14.44  $14.11  $13.84  $12.25  $12.08 
Tangible book value per share of common stock*  11.87   11.55   11.25   11.74   11.56 
Market value per share of common stock $15.15  $14.44  $14.73  $16.72  $18.53 
Capital ratios:                    
Total risk based capital  13.29%  12.64%  12.84%  12.62%  12.53%
Tier 1 risk based capital  12.53%  11.90%  12.13%  11.49%  11.41%
Common equity tier 1 capital  12.01%  11.40%  11.61%  10.83%  10.73%
Leverage  11.01%  10.97%  11.06%  11.02%  10.87%

_____________________
*This metric is a non-GAAP financial measure.  See below for discussion and 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)
Second Quarter 2019 Earnings Release
 
  Five Quarter Comparison 
  6/30/19  3/31/19  12/31/18  9/30/18  6/30/18 
Average Balance Sheet Data:                    
Cash and cash equivalents $93,523  $83,689  $83,560  $62,787  $63,064 
Investment securities  228,283   251,631   256,595   196,031   197,933 
Loans held for sale  91,585   66,880   52,131   54,701   58,297 
Loans  1,469,210   1,461,696   1,439,652   1,070,060   1,041,835 
Assets  2,004,207   1,988,478   1,940,991   1,421,873   1,396,359 
Interest bearing deposits  1,364,211   1,299,205   1,271,602   913,534   901,076 
Deposits  1,678,240   1,588,317   1,579,250   1,147,274   1,138,400 
Federal Home Loan Bank advances  42,088   117,278   102,304   109,728   99,121 
Liabilities  1,743,010   1,731,373   1,695,181   1,265,610   1,244,824 
Shareholders' equity  261,197   257,105   245,811   156,264   151,535 
Performance Ratios:                    
Annualized return on average assets  1.15%  0.97%  (0.14)%  1.02%  1.01%
Annualized return on average equity  8.84%  7.54%  (1.14)%  9.28%  9.30%
Net interest margin (1)  3.68%  3.75%  3.89%  3.35%  3.46%
Annualized Noninterest income to average assets  1.41%  0.97%  1.31%  0.90%  0.79%
Efficiency ratio  68.51%  67.74%  98.88%  68.22%  69.71%
Loans by Type (at period end):                    
Commercial and industrial $404,745  $419,941  $404,600  $398,626  $386,065 
Commercial real estate - owner occupied  173,316   170,558   141,931   117,904   121,475 
Commercial real estate - non-owner occupied  421,496   403,443   408,515   286,848   286,769 
Construction and development  123,901   162,237   174,670   129,799   96,580 
Consumer real estate  255,043   248,943   253,562   112,957   109,915 
Consumer  26,704   26,241   25,615   8,274   9,671 
Other  35,412   36,423   20,901   19,462   36,050 
Asset Quality Data:                    
Allowance for loan losses to total loans  0.90%  0.88%  0.85%  1.42%  1.41%
Allowance for loan losses to non-performing loans  894%  757%  583%  271%  271%
Nonaccrual loans $1,443  $1,712  $2,078  $5,610  $5,419 
Troubled debt restructurings  1,238   1,255   1,391   1,146   1,173 
Loans - over 89 days past due and accruing  302   -   214   215   216 
Total non-performing loans  1,443   1,712   2,078   5,610   5,419 
OREO and repossessed assets  914   1,038   988   -   - 
Total non-performing assets  2,357   2,750   3,066   5,610   5,419 
Non-performing loans to total loans  0.10%  0.12%  0.15%  0.52%  0.52%
Non-performing assets to total assets  0.12%  0.14%  0.16%  0.40%  0.39%
Non-performing assets to total loans and OREO  0.16%  0.19%  0.21%  0.52%  0.52%
Annualized net charge-offs (recoveries) to average loans  0.02%  0.01%  1.27%  (0.01)%  0.01%
Net charge-offs (recoveries) $56  $40  $4,620  $(32) $27 
Interest Rates and Yields:                    
Loans  5.44%  5.49%  5.49%  5.00%  5.04%
Securities (1)  3.22%  3.20%  3.30%  2.85%  2.82%
Total interest-earning assets (1)  5.00%  5.06%  5.02%  4.58%  4.58%
Deposits  1.39%  1.31%  1.12%  1.22%  1.11%
Borrowings and repurchase agreements  3.09%  2.85%  2.76%  2.53%  2.53%
Total interest-bearing liabilities  1.75%  1.71%  1.50%  1.64%  1.51%
Other Information:                    
Full-time equivalent employees  290   289   286   185   183 

_____________________

This information is preliminary and based on company data available at the time of the presentation.

(1)  Net Interest Margin, Securities yields, and Total interest-earning asset yields are calculated on a tax-equivalent basis

 
CAPSTAR FINANCIAL HOLDINGS, INC. AND SUBSIDIARY
Analysis of Interest Income and Expense, Rates and Yields (unaudited) (dollars in thousands)
Second Quarter 2019 Earnings Release
 
  For the Three Months Ended June 30, 
  2019  2018 
  Average
Outstanding
Balance
  Interest
Income/
Expense
  Average
Yield/
Rate
  Average
Outstanding
Balance
  Interest
Income/
Expense
  Average
Yield/
Rate
 
Interest-Earning Assets                        
Loans (1) $1,469,210  $19,931   5.44% $1,041,835  $13,090   5.04%
Loans held for sale  91,585   1,068   4.68%  58,297   706   4.86%
Securities:                        
Taxable investment securities (2)  175,742   1,379   3.14%  155,552   1,071   2.76%
Investment securities exempt from
  federal income tax (3)
  52,541   363   3.50%  42,381   257   3.07%
Total securities  228,283   1,742   3.22%  197,933   1,328   2.82%
Cash balances in other banks  75,485   411   2.18%  50,335   211   1.68%
Funds sold  767   6   2.96%  2,898   19   2.57%
Total interest-earning assets  1,865,330   23,158   5.00%  1,351,298   15,354   4.58%
Noninterest-earning assets  138,877           45,061         
Total assets $2,004,207          $1,396,359         
Interest-Bearing Liabilities                        
Interest-bearing deposits:                        
Interest-bearing transaction accounts $467,326   1,827   1.57% $279,705   892   1.28%
Savings and money market deposits  479,012   1,782   1.49%  428,330   1,413   1.32%
Time deposits  417,873   2,217   2.13%  193,041   834   1.73%
Total interest-bearing deposits  1,364,211   5,826   1.71%  901,076   3,139   1.40%
Borrowings and repurchase agreements  42,117   324   3.09%  99,286   628   2.53%
Total interest-bearing liabilities  1,406,328   6,150   1.75%  1,000,362   3,767   1.51%
Noninterest-bearing deposits  314,029           237,324         
Total funding sources  1,720,357           1,237,686         
Noninterest-bearing liabilities  22,653           7,138         
Shareholders’ equity  261,197           151,535         
Total liabilities and shareholders’ equity $2,004,207          $1,396,359         
Net interest spread (4)          3.25%          3.07%
Net interest income/margin (5)     $17,008   3.68%     $11,587   3.46%

                                               

(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 company data available at the time of the presentation.

 
CAPSTAR FINANCIAL HOLDINGS, INC. AND SUBSIDIARY
Non-GAAP Financial Measures (unaudited) (dollars in thousands except share data)
Second Quarter 2019 Earnings Release
 
  Three Months Ended 
  June 30,
2019
  March 31,
2019
  December 31,
 2018
  September 30, 2018  June 30,
2018
 
Operating net income:                    
Net income (loss) $5,756  $4,780  $(708) $3,656  $3,513 
Add:  merger related expenses  1,711   594   8,929   540   335 
Less: income tax impact of merger related expenses  (447)  (155)  (1,985)  (141)  (88)
Operating net income $7,020  $5,219  $6,236  $4,055  $3,760 
                     
Operating diluted net income per
  share of common stock:
                    
Operating net income $7,020  $5,219  $6,236  $4,055  $3,760 
Weighted average shares - diluted  18,650,706   18,830,933   18,716,562   13,113,775   13,067,223 
Operating diluted net income
  per share of common stock
 $0.38  $0.28  $0.33  $0.31  $0.29 
                     
Operating annualized return on average assets:                    
Operating net income $7,020  $5,219  $6,236  $4,055  $3,760 
Average assets $2,004,207  $1,988,478  $1,940,991  $1,421,873  $1,396,359 
Operating annualized return on
  average assets
  1.40%  1.06%  1.27%  1.13%  1.08%
                     
Operating annualized return on
  average tangible equity:
                    
Average total shareholders' equity $261,197  $257,105  $245,811  $156,264  $151,535 
Less: average intangible assets  (45,456)  (45,890)  (45,687)  (6,220)  (6,228)
Average tangible equity  215,741   211,215   200,124   150,044   145,307 
Operating net income $7,020  $5,219  $6,236  $4,055  $3,760 
Operating annualized return on
  average tangible equity
  13.05%  10.02%  12.36%  10.72%  10.38%
                     
Operating efficiency ratio:                    
Total noninterest expense $16,470  $14,725  $23,832  $10,070  $10,005 
Less:  merger related expenses  (1,711)  (594)  (8,929)  (540)  (335)
Total operating noninterest expense  14,759   14,131   14,903   9,530   9,670 
Net interest income  17,008   17,002   17,716   11,543   11,587 
Total noninterest income  7,032   4,735   6,387   3,218   2,765 
Total revenues $24,040  $21,737  $24,103  $14,761  $14,352 
Operating efficiency ratio:  61.39%  65.01%  61.83%  64.56%  67.38%
                     
  June 30,
2019
  March 31,
2019
  December 31,
 2018
  September 30, 2018  June 30,
2018
 
Tangible Equity:                    
Total shareholders' equity $262,664  $259,751  $254,379  $157,510  $153,146 
Less: intangible assets  (45,199)  (45,618)  (46,048)  (6,219)  (6,222)
Tangible equity $217,465  $214,133  $208,331  $151,291  $146,924 
                     
Tangible Common Equity:                    
Tangible equity $217,465  $214,133  $208,331  $151,291  $146,924 
Less: preferred equity  (9,000)  (9,000)  (9,000)  (9,000)  (9,000)
Tangible common equity $208,465  $205,133  $199,331  $142,291  $137,924 
                     
Tangible Book Value per Share of Common Stock:                    
Tangible common equity $208,465  $205,133  $199,331  $142,291  $137,924 
Total shares of common stock outstanding  17,561,476   17,765,124   17,724,721   12,125,122   11,931,131 
Tangible book value per share of common stock $11.87  $11.55  $11.25  $11.74  $11.56 


 
CAPSTAR FINANCIAL HOLDINGS, INC. AND SUBSIDIARY
Non-GAAP Financial Measures (unaudited) (dollars in thousands except share data)
Second Quarter 2019 Earnings Release
 
  Six Months Ended 
  June 30, 2019  June 30, 2018 
Operating net income:        
Net income $10,535  $6,707 
Add:  merger related expenses  2,305   335 
Less: income tax impact of merger related expenses  (603)  (88)
Operating net income $12,237  $6,954 
         
Operating diluted net income per
  share of common stock:
        
Operating net income $12,237  $6,954 
Weighted average shares - diluted  18,740,322   13,021,744 
Operating diluted net income
  per share of common stock
 $0.65  $0.53 
         
Operating annualized return on average assets:        
Operating net income $12,237  $6,954 
Average assets $1,996,386  $1,373,869 
Operating annualized return on
  average assets
  1.24%  1.02%
         
Operating annualized return on
  average tangible equity:
        
Average total shareholders' equity $259,162  $149,914 
Less: average intangible assets  (45,672)  (6,233)
Average tangible equity  213,490   143,681 
Operating net income $12,237  $6,954 
Operating annualized return on
  average tangible equity
  11.56%  9.76%
         
Operating efficiency ratio:        
Total noninterest expense $31,196  $19,586 
Less:  merger related expenses  (2,305)  (335)
Total operating noninterest expense  28,891   19,251 
Net interest income  34,010   22,433 
Total noninterest income  11,767   5,854 
Total revenues $45,777  $28,287 
Operating efficiency ratio:  63.11%  68.06%
CONTACTRob AndersonChief Financial Officer and Chief Administrative Officer(615) 732-6470

CapStar Logo.jpg

Source: CapStar Financial Holdings, Inc.


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