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CapStar Financial Holdings, Inc.$10.72$.06.56%

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 CapStar Reports Fully Diluted EPS of $0.29 and Fully Diluted Operating EPS of $0.30 for Q4 2019
   Thursday, January 23, 2020 5:21:00 PM ET

NASHVILLE, Tenn., Jan. 23, 2020 (GLOBE NEWSWIRE) -- CapStar Financial Holdings, Inc. (“CapStar”) (NASDAQ:CSTR) reported net income of $5.42 million, or $0.29 per share on a fully diluted basis, for the three months ended December 31, 2019, compared to a net loss of ($0.71) million, or ($0.04) per share on a fully diluted basis, for the three months ended December 31, 2018.  Operating(1) net income was $5.54 million, or $0.30 per share on a fully diluted basis, for the three months ended December 31, 2019, compared to $6.24 million, or $0.33 per share on a fully diluted basis, for the three months ended December 31, 2018.  Included in the fourth quarter 2019 results is a one-time charge of $289K associated with the early retirement of four employees, which reduces annualized non-interest expense by $582K.   



Net income was $22.42 million, or $1.20 per share on a fully diluted basis, for the twelve months ended December 31, 2019, compared to net income of $9.66 million, or $0.67 per share on a fully diluted basis, for the twelve months ended December 31, 2018.  Operating net income was $24.38 million, or $1.31 per share on a fully diluted basis, for the twelve months ended December 31, 2019, compared to $17.25 million, or $1.19 per share on a fully diluted basis, for the twelve months ended December 31, 2018

“I am pleased with everything that the CapStar team was able to accomplish in 2019 and am excited about the outlook for 2020,” said Timothy K. Schools, CapStar’s president and CEO.  “We believe we are in a good position from a credit perspective and have improved the quality of our loan portfolio, by reducing the percentage of shared national credits and highly leveraged loans in our portfolio,” continued Mr. Schools.  “In addition, both our Tri-Net and Mortgage teams had record years and we successfully integrated Athens Federal.”

“Further, we are thrilled to enter the Knoxville market under the leadership of King Purnell and Amy Pangelinan and look forward to demonstrating our differentiated delivery of financial services and establishing ourselves as a leader in Knoxville” said Mr. Schools

Soundness

  • Non-performing assets as a percentage of total assets were 0.12% at December 31, 2019 compared to 0.16% at December 31, 2018.
  • Annualized net charge-offs to average loans were 0.06% for the three months ended December 31, 2019 compared to 1.27% for the same period in 2018.
  • The total risk based capital ratio was 13.45% at December 31, 2019 compared to 12.84% at December 31, 2018.                                                           

Profitability

  • Operating annualized return on average assets for the three months ended December 31, 2019 was 1.08% compared to 1.27% for the same period in 2018.
  • Operating annualized return on average tangible equity for the three months ended December 31, 2019 was 9.69% compared to 12.36% for the same period in 2018.
  • Net interest margin for the three months ended December 31, 2019 was 3.49% compared to 3.89% for the same period in 2018.
  • The operating efficiency ratio for the three months ended December 31, 2019 was 67.73% compared to 61.83% for the same period in 2018.

“While fourth quarter profitability metrics were less than the prior year, we took a one-time charge of $289K associated with the early retirement of four employees, which reduces annualized non-interest expense by $582K.  Additionally, a flattening yield curve and the three rate cuts that the FOMC made in the second half of 2019 also impacted the quarter,” said Rob Anderson, chief financial officer and chief administrative officer of CapStar.

Growth

  • Average gross loans for the quarter ended December 31, 2019 fell 0.60% to $1.43 billion, compared to $1.44 billion for the same period in 2018.
  • Average deposits for the quarter ended December 31, 2019 increased 8.34% to $1.71 billion, compared to $1.58 billion for the same period in 2018.

Dividend

On January 23, 2020, the board of directors of CapStar approved a quarterly dividend of $0.05 per common share that will be paid on February 21, 2020 to shareholders of record of CapStar’s common stock as of the close of business on February 7, 2020.

Conference Call and Webcast Information

CapStar will host a conference call and webcast at 8:30 a.m. Central Time on Friday January 24, 2020.  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 6275611.  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, 2019, on a consolidated basis, CapStar had total assets of $2.04 billion, gross loans of $1.42 billion, total deposits of $1.73 billion, and shareholders’ equity of $273.05 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 a projected increase in liquidity for our shareholders, improvements in our loan production and deposit gathering capabilities, managing interest rate risk, 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.

CONTACT

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

 

CAPSTAR FINANCIAL HOLDINGS, INC. AND SUBSIDIARY

Consolidated Statements of Income (unaudited) (dollars in thousands, except share data)

Fourth Quarter 2019 Earnings Release 

  Three Months Ended  Year Ended 
  December 31,  December 31, 
  2019  2018  2019  2018 
Interest income:                
Loans, including fees $20,233  $20,554  $82,828  $60,751 
Securities:                
Taxable  1,077   1,411   4,619   4,184 
Tax-exempt  347   416   1,438   1,201 
Federal funds sold     8   26   63 
Restricted equity securities  171   181   755   571 
Interest-bearing deposits in financial institutions  377   330   1,881   1,011 
Total interest income  22,205   22,900   91,547   67,781 
Interest expense:                
Interest-bearing deposits  2,015   1,371   7,538   4,164 
Savings and money market accounts  1,821   1,619   7,266   5,446 
Time deposits  1,626   1,472   7,542   3,940 
Federal funds purchased        4   3 
Securities sold under agreements to repurchase     3   5   3 
Federal Home Loan Bank advances  162   719   1,444   2,533 
Total interest expense  5,624   5,184   23,799   16,089 
Net interest income  16,581   17,716   67,748   51,692 
Provision for loan losses     1,514   761   2,842 
Net interest income after provision for loan losses  16,581   16,202   66,987   48,850 
Noninterest income:                
Treasury management and other deposit service charges  736   793   3,135   2,150 
Net gain (loss) on sale of securities  9   1   (99)  3 
Tri-Net fees  274   276   2,785   1,503 
Mortgage banking income  2,316   1,324   9,467   5,653 
Other noninterest income  2,384   3,993   8,986   6,150 
Total noninterest income  5,719   6,387   24,274   15,459 
Noninterest expense:                
Salaries and employee benefits  9,318   9,475   35,542   28,586 
Data processing and software  1,835   1,424   6,961   3,835 
Professional fees  531   534   2,102   1,608 
Occupancy  795   736   3,345   2,336 
Equipment  834   810   3,723   2,471 
Regulatory fees  28   364   591   1,028 
Merger related expenses  163   8,929   2,654   9,803 
Amortization of intangibles  397   442   1,655   465 
Other operating  1,365   1,118   5,422   3,355 
Total noninterest expense  15,266   23,832   61,995   53,487 
Income (loss) before income taxes  7,034   (1,243)  29,266   10,822 
Income tax expense (benefit)  1,613   (535)  6,844   1,167 
Net income (loss) $5,421  $(708) $22,422  $9,655 
Per share information:                
Basic net income (loss) per share of common stock $0.3  $(0.04) $1.25  $0.73 
Diluted net income (loss) per share of common stock $0.29  $(0.04) $1.2  $0.67 
Weighted average shares outstanding:                
Basic  18,350,994   17,509,525   17,886,164   13,277,614 
Diluted  18,443,916   18,716,562   18,613,224   14,480,347 
                 

This information is preliminary and based on CapStar data available at the time of this earnings release.


CAPSTAR FINANCIAL HOLDINGS, INC. AND SUBSIDIARY

Selected Quarterly Financial Data (unaudited) (dollars in thousands, except share data)

Fourth Quarter 2019 Earnings Release

  Five Quarter Comparison 
  12/31/19  9/30/19  6/30/19  3/31/19  12/31/18 
Income Statement Data:                    
Net interest income $16,581  $17,156  $17,008  $17,002  $17,715 
Provision for loan losses     (125)     886   1,514 
Net interest income after provision for loan losses  16,581   17,281   17,008   16,116   16,201 
Treasury management and other deposit service charges  736   788   813   798   793 
Net gain (loss) on sale of securities  9      (121)  12   1 
Tri-Net fees  274   847   1,024   641   276 
Mortgage banking income  2,316   2,679   3,087   1,385   1,324 
Other noninterest income  2,384   2,474   2,229   1,899   3,993 
Total noninterest income  5,719   6,788   7,032   4,735   6,387 
Salaries and employee benefits  9,318   9,229   8,563   8,432   9,475 
Data processing and software  1,835   1,790   1,862   1,474   1,424 
Professional fees  531   528   501   543   534 
Occupancy  795   858   809   883   736 
Equipment  834   1,012   1,026   852   810 
Regulatory fees  28   18   272   274   364 
Merger related expenses  163   187   1,711   594   8,929 
Amortization of intangibles  397   408   419   430   442 
Other operating  1,365   1,501   1,307   1,243   1,117 
Total noninterest expense  15,266   15,531   16,470   14,725   23,831 
Net income (loss) before income tax expense  7,034   8,538   7,570   6,126   (1,243)
Income tax (benefit) expense  1,613   2,072   1,814   1,346   (535)
Net income (loss) $5,421  $6,466  $5,756  $4,780  $(708)
Weighted average shares - basic  18,350,994   17,741,778   17,663,992   17,783,239   17,509,525 
Weighted average shares - diluted  18,443,916   18,532,479   18,650,706   18,830,933   18,716,562 
Net income (loss) per share, basic $0.3  $0.36  $0.33  $0.27  $(0.04)
Net income (loss) per share, diluted  0.29   0.35   0.31   0.25   (0.04)
Balance Sheet Data (at period end):                    
Cash and cash equivalents $101,269  $154,021  $156,085  $120,321  $105,443 
Securities available-for-sale  213,129   203,500   194,957   233,691   243,808 
Securities held-to-maturity  3,313   3,319   3,721   3,727   3,734 
Loans held for sale  168,222   129,613   89,629   72,870   57,618 
Total loans  1,420,102   1,411,768   1,440,617   1,467,786   1,429,794 
Allowance for loan losses  (12,604)  (12,828)  (12,903)  (12,959)  (12,113)
Total assets  2,037,201   2,033,911   2,018,421   2,035,811   1,963,883 
Non-interest-bearing deposits  312,096   352,266   326,550   312,597   289,552 
Interest-bearing deposits  1,417,355   1,379,497   1,396,220   1,366,205   1,280,456 
Federal Home Loan Bank advances  10,000   10,000   10,000   75,000   125,000 
Total liabilities  1,764,155   1,765,829   1,755,757   1,776,060   1,709,504 
Shareholders' equity $273,046  $268,082  $262,664  $259,751  $254,379 
Total shares of common stock outstanding  18,361,922   18,343,403   17,561,476   17,765,124   17,724,721 
Total shares of preferred stock outstanding        878,048   878,048   878,048 
Book value per share of common stock $14.87  $14.61  $14.44  $14.11  $13.84 
Tangible book value per share of common stock *  12.45   12.17   11.87   11.55   11.25 
Market value per common share $16.65  $16.58  $15.15  $14.44  $14.73 
Capital ratios:                    
Total risk based capital  13.45%  13.46%  13.29%  12.64%  12.84%
Tier 1 risk based capital  12.73%  12.71%  12.53%  11.9%  12.13%
Common equity tier 1 capital  12.73%  12.71%  12.01%  11.4%  11.61%
Leverage  11.37%  11.24%  11.01%  10.97%  11.06%

_____________________
*This metric is a non-GAAP financial measure.  See Non-GAAP disclaimer in this earnings release and below for discussion and reconciliation to the most directly comparable GAAP financial measure.

This information is preliminary and based on CapStar data available at the time of this earnings release.

CAPSTAR FINANCIAL HOLDINGS, INC. AND SUBSIDIARY

Selected Quarterly Financial Data (unaudited) (dollars in thousands, except share data)

Fourth Quarter 2019 Earnings Release

  Five Quarter Comparison 
  12/31/19  9/30/19  6/30/19  3/31/19  12/31/18 
Average Balance Sheet Data:                    
Cash and cash equivalents $115,100  $129,114  $93,523  $83,689  $83,560 
Investment securities  225,265   211,460   228,283   251,631   256,595 
Loans held for sale  140,731   101,835   91,585   66,880   52,131 
Loans  1,431,027   1,445,755   1,469,210   1,461,696   1,439,652 
Assets  2,030,231   2,005,950   2,004,207   1,988,478   1,940,991 
Interest bearing deposits  1,388,496   1,370,988   1,364,211   1,299,205   1,271,602 
Deposits  1,711,021   1,704,873   1,678,240   1,588,317   1,579,250 
Federal Home Loan Bank advances  22,391   12,174   42,088   117,278   102,304 
Liabilities  1,758,663   1,739,509   1,743,010   1,731,373   1,695,181 
Shareholders' equity $271,568  $266,441  $261,197  $257,105  $245,811 
Performance Ratios:                    
Annualized return on average assets  1.06%  1.28%  1.15%  0.97%  (0.14)%
Annualized return on average equity  7.92%  9.63%  8.84%  7.54%  (1.14)%
Net interest margin (1)  3.49%  3.66%  3.68%  3.75%  3.89%
Annualized noninterest income to average assets  1.12%  1.34%  1.41%  0.97%  1.31%
Efficiency ratio  68.46%  64.87%  68.51%  67.74%  98.88%
Loans by Type (at period end):                    
Commercial and industrial $394,408  $382,816  $404,745  $419,941  $404,600 
Commercial real estate - owner occupied  172,456   169,370   173,316   170,558   141,931 
Commercial real estate - non-owner occupied  387,443   407,378   421,496   403,443   408,515 
Construction and development  143,111   132,222   123,901   162,237   174,670 
Consumer real estate  256,097   254,736   255,043   248,943   253,562 
Consumer  28,426   29,059   26,704   26,241   25,615 
Other  38,161   36,187   35,412   36,423   20,901 
Asset Quality Data:                    
Allowance for loan losses to total loans  0.89%  0.91%  0.90%  0.88%  0.85%
Allowance for loan losses to non-performing loans  861%  754%  894%  757%  583%
Nonaccrual loans $1,464  $1,701  $1,443  $1,712  $2,078 
Troubled debt restructurings  2,717   2,725   1,238   1,255   1,391 
Loans - over 89 days past due and accruing  38   551   302      214 
Total non-performing loans  1,464   1,701   1,443   1,712   2,078 
OREO and repossessed assets  1,044   914   914   1,038   988 
Total non-performing assets $2,508  $2,615  $2,357  $2,750  $3,066 
Non-performing loans to total loans  0.10%  0.12%  0.10%  0.12%  0.15%
Non-performing assets to total assets  0.12%  0.13%  0.12%  0.14%  0.16%
Non-performing assets to total loans and OREO  0.18%  0.19%  0.16%  0.19%  0.21%
Annualized net charge-offs (recoveries) to average loans  0.06%  (0.01)%  0.02%  0.01%  1.27%
Net charge-offs (recoveries) $224  $(50) $56  $40  $4,620 
Interest Rates and Yields:                    
Loans  5.24%  5.48%  5.44%  5.49%  5.49%
Securities (1)  3.00%  3.14%  3.22%  3.20%  3.30%
Total interest-earning assets (1)  4.67%  4.95%  5.00%  5.06%  5.02%
Deposits  1.27%  1.38%  1.39%  1.31%  1.12%
Borrowings and repurchase agreements  2.88%  4.12%  3.09%  2.85%  2.76%
Total interest-bearing liabilities  1.58%  1.74%  1.75%  1.71%  1.50%
Other Information:                    
Full-time equivalent employees  289   290   290   289   286 

_____________________

This information is preliminary and based on CapStar data available at the time of this earnings release.

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

CAPSTAR FINANCIAL HOLDINGS, INC. AND SUBSIDIARY

Analysis of Interest Income and Expense, Rates and Yields (unaudited) (dollars in thousands)

Fourth Quarter 2019 Earnings Release

  For the Three Months Ended December 31, 
  2019  2018 
  Average  Interest  Average  Average  Interest  Average 
OutstandingIncome/Yield/OutstandingIncome/Yield/
BalanceExpenseRateBalanceExpenseRate
Interest-Earning Assets                        
Loans (1) $1,431,027  $18,884   5.24% $1,439,652  $19,904   5.49%
Loans held for sale  140,731   1,349   3.8%  52,131   650   4.95%
Securities:                        
Taxable investment securities (2)  175,750   1,248   2.84%  198,799   1,592   3.20%
Investment securities exempt from  49,515   347   3.55%  57,796   416   3.64%
  federal income tax (3)
Total securities  225,265   1,595   3.00%  256,595   2,008   3.30%
Cash balances in other banks  96,125   377   1.56%  67,880   330   1.93%
Funds sold  45      3.75%  1,047   8   2.92%
Total interest-earning assets  1,893,193   22,205   4.67%  1,817,305   22,900   5.02%
Noninterest-earning assets  137,038           123,686         
Total assets $2,030,231          $1,940,991         
Interest-Bearing Liabilities                        
Interest-bearing deposits:                        
Interest-bearing transaction accounts $566,869   2,015   1.41% $437,656   1,371   1.24%
Savings and money market deposits  514,896   1,821   1.40%  496,319   1,619   1.29%
Time deposits  306,731   1,626   2.10%  337,628   1,472   1.73%
Total interest-bearing deposits  1,388,496   5,462   1.56%  1,271,603   4,462   1.39%
Borrowings and repurchase agreements  22,391   162   2.88%  103,655   722   2.76%
Total interest-bearing liabilities  1,410,887   5,624   1.58%  1,375,258   5,184   1.50%
Noninterest-bearing deposits  322,524           307,648         
Total funding sources  1,733,411           1,682,905         
Noninterest-bearing liabilities  25,252           12,275         
Shareholders’ equity  271,568           245,811         
Total liabilities and shareholders’ equity $2,030,231          $1,940,991         
Net interest spread (4)          3.09%          3.53%
Net interest income/margin (5)     $16,581   3.49%     $17,716   3.89%
                         

                                           

(1)Average loan balances include nonaccrual loans.  Interest income on loans includes amortization of deferred loan fees, net of deferred loan costs.
(2)Taxable investment securities include restricted equity securities.
(3)Yields on tax exempt securities, total securities, and total interest-earning assets are shown on a tax equivalent basis.
(4)Net interest spread is the average yield on total average interest-earning assets minus the average rate on total average interest-bearing liabilities.
(5)Net interest margin is annualized net interest income calculated on a tax equivalent basis divided by total average interest-earning assets for the period.


This information is preliminary and based on CapStar data available at the time of this earnings release.


CAPSTAR FINANCIAL HOLDINGS, INC. AND SUBSIDIARY

Non-GAAP Financial Measures (unaudited) (dollars in thousands except share data)

Fourth Quarter 2019 Earnings Release

  Three Months Ended 
  December
31, 2019
  September
30, 2019
  June 30,
2019
  March 31,
2019
  December
31, 2018
 
Operating net income:                    
Net income (loss) $5,421  $6,466  $5,756  $4,780  $(708)
Add: merger related expenses  163   187   1,711   594   8,929 
Less: income tax impact of merger related expenses  (43)  (49)  (447)  (155)  (1,985)
Operating net income $5,541  $6,604  $7,020  $5,219  $6,236 
                     
Operating diluted net income per                    
  share of common stock:
Operating net income $5,541  $6,604  $7,020  $5,219  $6,236 
Weighted average shares - diluted  18,443,916   18,532,479   18,650,706   18,830,933   18,716,562 
Operating diluted net income $0.30  $0.36  $0.38  $0.28  $0.33 
  per share of common stock
                     
Operating annualized return on average assets:                    
Operating net income $5,541  $6,604  $7,020  $5,219  $6,236 
Average assets $2,030,231  $2,005,950  $2,004,207  $1,988,478  $1,940,991 
Operating annualized return on  1.08%  1.31%  1.4%  1.06%  1.27%
  average assets
                     
Operating annualized return on                    
  average tangible equity:
Average total shareholders' equity $271,568  $266,441  $261,197  $257,105  $245,811 
Less: average intangible assets  (44,646)  (45,050)  (45,456)  (45,890)  (45,687)
Average tangible equity  226,922   221,391   215,741   211,215   200,124 
Operating net income $5,541  $6,604  $7,020  $5,219  $6,236 
Operating annualized return on  9.69%  11.83%  13.05%  10.02%  12.36%
  average tangible equity
                     
Operating efficiency ratio:                    
Total noninterest expense $15,266  $15,531  $16,470  $14,725  $23,831 
Less: merger related expenses  (163)  (187)  (1,711)  (594)  (8,929)
Total operating noninterest expense  15,103   15,344   14,759   14,131   14,902 
Net interest income  16,581   17,156   17,008   17,002   17,715 
Total noninterest income  5,719   6,788   7,032   4,735   6,387 
Total revenues $22,300  $23,944  $24,040  $21,737  $24,102 
Operating efficiency ratio:  67.73%  64.08%  61.39%  65.01%  61.83%
                     
  December
31, 2019
  September
30, 2019
  June 30,
2019
  March 31,
2019
  December
31, 2018
 
Tangible Equity:                    
Total shareholders' equity $273,046  $268,082  $262,664  $259,751  $254,379 
Less: intangible assets  (44,393)  (44,790)  (45,199)  (45,618)  (46,048)
Tangible equity $228,653  $223,292  $217,465  $214,133  $208,331 
                     
Tangible Common Equity:                    
Tangible equity $228,653  $223,292  $217,465  $214,133  $208,331 
Less: preferred equity        (9,000)  (9,000)  (9,000)
Tangible common equity $228,653  $223,292  $208,465  $205,133  $199,331 
                     
Tangible Book Value per Share of Common Stock:                    
Tangible common equity $228,653  $223,292  $208,465  $205,133  $199,331 
Total shares of common stock outstanding  18,361,922   18,343,403   17,561,476   17,765,124   17,724,721 
Tangible book value per share of common stock $12.45  $12.17  $11.87  $11.55  $11.25 
                     


CAPSTAR FINANCIAL HOLDINGS, INC. AND SUBSIDIARY

Non-GAAP Financial Measures (unaudited) (dollars in thousands except share data)

Fourth Quarter 2019 Earnings Release

  Year Ended 
  December 31, 2019
  December 31, 2018
 
Operating net income:        
Net income $22,422  $9,655 
Add: merger related expenses  2,654   9,803 
Less: income tax impact of merger related expenses  (694)  (2,213)
Operating net income $24,382  $17,245 
         
Operating diluted net income per        
  share of common stock:
Operating net income $24,382  $17,245 
Weighted average shares - diluted  18,613,224   14,480,347 
Operating diluted net income $1.31  $1.19 
  per share of common stock
         
Operating annualized return on average assets:        
Operating net income $24,382  $17,245 
Average assets $2,007,327  $1,528,915 
Operating annualized return on  1.21%  1.13%
  average assets
         
Operating annualized return on        
  average tangible equity:
Average total shareholders' equity $264,124  $175,686 
Less: average intangible assets  (45,256)  (16,174)
Average tangible equity  218,868   159,512 
Operating net income $24,382  $17,245 
Operating annualized return on  11.14%  10.81%
  average tangible equity      
         
Operating efficiency ratio:        
Total noninterest expense $61,995  $53,487 
Less: merger related expenses  (2,654)  (9,803)
Total operating noninterest expense  59,341   43,684 
Net interest income  67,748   51,692 
Total noninterest income  24,274   15,459 
Total revenues $92,022  $67,151 
Operating efficiency ratio:  64.49%  65.05%
         

CapStar Logo.jpg

Source: CapStar Financial Holdings, Inc.


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