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

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 CapStar Financial Holdings, Inc. Announces Fourth Quarter 2016 Results
   Monday, January 30, 2017 6:00:46 AM ET

CapStar Financial Holdings, Inc. ("CapStar") (CSTR ) reported net income of $2.9 million, or $0.23 per share on a fully diluted basis, for the three months ended December 31, 2016, compared to $2.1 million, or $0.20 per share, for the three months ended December 31, 2015. For the year ended December 31, 2016, CapStar reported net income of $9.1 million, or $0.81 per share on a fully diluted basis, compared to $7.6 million, or $0.73 per share, for the year ended December 31, 2015.

"CapStar experienced an exciting year in 2016 with the completion of our initial public offering in September," said Claire W. Tucker, president and chief executive officer of CapStar. "Our team of experienced bankers did an excellent job delivering sound, profitable growth as evidenced by 19% growth in loans and leases and 38% growth in demand and NOW deposits. In addition, 2016 was a record year for net income, excluding the reversal of our valuation allowance of our deferred tax asset in 2012."

Profitability

-- Return on average assets ("ROAA") for the three months ended December 31, 2016 was 0.88% compared to 0.73% for the same period in 2015. ROAA for 2016 was 0.72% compared to 0.66% in 2015.

-- Return on average equity ("ROAE") for the three months ended December 31, 2016 was 8.35% compared to 7.61% for the same period in 2015. ROAE for 2016 was 7.57% compared to 7.08% in 2015.

-- The net interest margin ("NIM") for the three months ended December 31, 2016 was 3.17% compared to 3.22% for the same period in 2015. NIM for 2016 was 3.17% compared to 3.19% in 2015.

-- The efficiency ratio for the three months ended December 31, 2016 was 65.8% compared to 68.1% for the same period in 2015. The efficiency ratio for 2016 was 66.9% compared to 71.0% in 2015.

Growth

-- Average gross loans and leases for the quarter increased 18.7%, to $939 million for the three months ended December 31, 2016 compared to $791 million for the same period in 2015.

-- Average total deposits for the quarter increased 17.0%, to $1.1 billion for the three months ended December 31, 2016 compared to $973 million for the same period in 2015.

-- Average Demand and NOW deposits for the quarter increased 38.1%, to $482 million for the three months ended December 31, 2016 compared to $349 million for the same period in 2015.

-- Mortgage loan originations increased 36.2%, to $128 million for the three months ended December 31, 2016 compared to $94 million for the same period in 2015.

"By many measures, 2016 was a successful year. Our team produced 13% revenue growth, contained expense growth to 7%, maintained sound credit quality, and delivered 20% net income growth. We believe our shareholders will be similarly pleased with these results," said Rob Anderson, chief financial officer and chief administrative officer of CapStar.

Soundness

-- The allowance for loan and lease losses represented 1.24% of total loans at December 31, 2016 compared to 1.25% at December 31, 2015.

-- Non-performing assets as a percent of total loans and other real estate owned was 0.39% at December 31, 2016 compared to 0.36% at December 31, 2015.

-- Net recoveries totaled 0.02% for the three months ended December 31, 2016 compared to 0.04% for the same period in 2015. Net charge-offs for the year ended December 31, 2016 totaled 0.15% compared to 0.36% for the same period in 2015.

-- The total risk based capital ratio increased to 12.6% at December 31, 2016 compared to 11.42% at December 31, 2015.

Conference Call and Webcast Information

CapStar will host a conference call and webcast at 5:00 p.m. Central Time on Monday, January 30, 2017. 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 50977213. A simultaneous webcast may be accessed on CapStar’s website at www.capstarbank.com. 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, 2016, on a consolidated basis, CapStar had total assets of $1.3 billion, net loans of $923.6 million, total deposits of $1.1 billion, and shareholders’ equity of $139.2 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," "estimate," "intend," "plan," "project," "projection," "forecast," "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, the risk factors previously disclosed in the "Risk Factors" section included in our prospectus filed with the SEC on September 23, 2016 pursuant to Rule 424(b)(4) under the Securities Act. 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.

CAPSTAR FINANCIAL HOLDINGS, INC. AND SUBSIDIARY

Consolidated Statements of Income (unaudited)

Fourth Quarter 2016 Earnings Release

                                                               Three Months Ended                 Year Ended
                                                               December 31,                       December 31,
                                                               2016             2015              2016            2015
Interest income:
Loans, including fees                                          $   10,680,975   $   9,009,779     $  40,212,379   $  34,844,200
Securities:
Taxable                                                            851,621          874,971          3,447,684       4,152,507
Tax-exempt                                                         316,800          277,980          1,158,061       1,080,008
Federal funds sold                                                 7,052            5,342            19,159          18,480
Restricted equity securities                                       71,332           67,997           280,985         268,171
Interest-bearing deposits in financial institutions                79,454           35,304           276,488         140,367
Total interest income                                              12,007,234       10,271,373       45,394,756      40,503,733
Interest expense:
Interest-bearing deposits                                          393,486          214,335          1,489,470       748,082
Savings and money market accounts                                  718,660          693,235          2,859,064       2,732,985
Time deposits                                                      518,398          466,514          2,084,771       2,031,267
Federal funds purchased                                            694              9,083            21,612          23,687
Securities sold under agreements to repurchase                     --               1,894            1,311           14,625
Federal Home Loan Bank advances                                    195,723          48,865           475,308         179,866
Total interest expense                                             1,826,961        1,433,926        6,931,536       5,730,512
Net interest income                                                10,180,273       8,837,447        38,463,220      34,773,221
Provision for loan and lease losses                                69,884           350,000          2,828,633       1,650,675
Net interest income after provision for loan and lease losses      10,110,389       8,487,447        35,634,587      33,122,546
Noninterest income:
Service charges on deposit accounts                                302,831          242,282          1,108,153       909,698
Loan commitment fees                                               217,042          191,032          1,118,565       822,162
Net gain (loss) on sale of securities                              --               (40,561    )     120,873         55,023
Mortgage banking income                                            2,033,459        1,262,590        7,375,064       5,961,766
Other noninterest income                                           400,689          262,814          1,361,794       1,134,861
Total noninterest income                                           2,954,021        1,918,157        11,084,449      8,883,510
Noninterest expense:
Salaries and employee benefits                                     5,185,016        4,650,035        20,460,510      19,278,328
Data processing and software                                       542,300          539,752          2,372,854       2,316,707
Professional fees                                                  405,947          355,255          1,553,680       1,469,031
Occupancy                                                          365,741          365,994          1,498,405       1,538,157
Equipment                                                          442,547          397,072          1,743,340       1,598,156
Regulatory fees                                                    348,427          225,994          1,090,735       914,959
Other operating                                                    1,351,527        788,918          4,409,324       3,861,435
Total noninterest expense                                          8,641,505        7,323,020        33,128,848      30,976,773
Income before income taxes                                         4,422,905        3,082,584        13,590,188      11,029,283
Income tax expense                                                 1,495,445        989,615          4,493,410       3,469,847
Net income                                                     $   2,927,460    $   2,092,969     $  9,096,778    $  7,559,436
Per share information:
Basic net income per common share                              $   0.26         $   0.24          $  0.98         $  0.89
Diluted net income per common share                            $   0.23         $   0.20          $  0.81         $  0.73
Weighted average shares outstanding:
Basic                                                              11,194,534       8,574,964        9,328,236       8,538,970
Diluted                                                            12,787,677       10,434,171       11,212,026      10,381,895

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)

Fourth Quarter 2016 Earnings Release

                                                               Five Quarter Comparison
                                                               12/31/16              9/30/16              6/30/16              3/31/16              12/31/15
Income Statement Data:
Net interest income                                            $    10,180,273       $   10,125,515       $   9,201,155        $   8,956,275        $    8,837,447
Provision for loan and lease losses                                 69,884               1,638,669            182,863              937,216               350,000
Net interest income after provision for loan and lease losses       10,110,389           8,486,845            9,018,292            8,019,059             8,487,447
Service charges on deposit accounts                                 302,831              276,751              303,144              225,427               242,282
Loan commitment fees                                                217,042              328,785              142,618              430,122               191,032
Net gain (loss) on sale of securities                               --                   (3,964        )      85,876               38,961                (40,561       )
Mortgage banking income                                             2,033,459            2,339,310            1,654,843            1,347,452             1,262,590
Other noninterest income                                            400,689              250,582              381,711              328,809               262,814
Total noninterest income                                            2,954,021            3,191,463            2,568,192            2,370,772             1,918,157
Salaries and employee benefits                                      5,185,016            5,119,356            4,938,383            5,217,755             4,650,035
Data processing and software                                        542,300              627,335              634,742              568,477               539,752
Professional fees                                                   405,947              390,862              426,132              330,738               355,255
Occupancy                                                           365,741              351,691              371,092              409,881               365,994
Equipment                                                           442,547              458,053              436,168              406,571               397,072
Regulatory fees                                                     348,427              250,424              264,625              227,260               225,994
Other operating                                                     1,351,527            1,329,084            879,652              849,059               788,918
Total noninterest expense                                           8,641,505            8,526,805            7,950,794            8,009,741             7,323,020
Net income before income tax expense                                4,422,905            3,151,504            3,635,690            2,380,090             3,082,584
Income tax expense                                                  1,495,445            1,042,282            1,159,438            796,245               989,615
Net income                                                     $    2,927,460        $   2,109,222        $   2,476,252        $   1,583,845        $    2,092,969
Weighted average shares - basic                                     11,194,534           8,792,665            8,682,438            8,628,683             8,574,964
Weighted average shares - diluted                                   12,787,677           10,799,536           10,675,916           10,572,193            10,434,171
Net income per share, basic                                    $    0.26             $   0.24             $   0.29             $   0.18             $    0.24
Net income per share, diluted                                       0.23                 0.20                 0.23                 0.15                  0.20
Balance Sheet Data (at period end):
Cash and cash equivalents                                      $    80,110,806       $   73,450,735       $   97,546,046       $   76,706,579       $    100,184,841
Securities available for sale                                       182,354,987          167,213,109          171,336,596          189,807,985           173,382,957
Securities held to maturity                                         46,863,640           46,227,968           43,331,042           42,953,364            43,093,951
Loans held for sale                                                 42,110,581           61,251,662           57,014,256           29,530,174            35,729,353
Total loans and leases                                              935,250,703          924,030,515          887,437,485          837,690,395           808,396,064
Allowance for loan and lease losses                                 (11,633,531   )      (11,510,464   )      (10,453,603   )      (10,298,559   )       (10,131,729   )
Total assets                                                        1,333,675,063        1,318,057,325        1,310,417,841        1,223,179,646         1,206,800,280
Non-interest-bearing deposits                                       197,787,618          191,469,462          193,541,662          220,686,364           190,580,468
Interest-bearing deposits                                           930,934,634          944,590,330          949,759,113          865,650,400           847,879,843
Federal Home Loan Bank advances                                     55,000,000           30,000,000           40,000,000           15,000,000            45,000,000
Total liabilities                                                   1,194,467,666        1,179,630,825        1,196,099,660        1,112,320,842         1,098,214,173
Shareholders’ equity                                           $    139,207,396      $   138,426,500      $   114,318,181      $   110,858,804      $    108,586,107
Total common shares outstanding                                     11,204,515           11,191,021           8,683,902            8,677,902             8,577,051
Total preferred shares outstanding                                  878,049              878,049              1,609,756            1,609,756             1,609,756
Book value per common share                                    $    11.62            $   11.57            $   11.26            $   10.87            $    10.74
Market value per common share (1)                                   21.96                16.92                -                    -                     -
Capital ratios:
Total risk based capital                                            12.60         %      12.45         %      10.67         %      11.26         %       11.42         %
Tier 1 risk based capital                                           11.61         %      11.46         %      9.73          %      10.26         %       10.41         %
Common equity tier 1 capital                                        10.90         %      10.75         %      8.34          %      8.75          %       8.89          %
Leverage                                                            10.46         %      10.47         %      8.90          %      9.16          %       9.33          %

<span data-mce-style="text-decoration: underline;" style="text-decoration: underline;"> </span>

(1) CapStar Financial Holdings, Inc. completed its initial public offering during the third quarter of 2016. As such, market values per share of common stock are not provided for previous periods.

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)

Fourth Quarter 2016 Earnings Release

                                                             Five Quarter Comparison
                                                             12/31/16              9/30/16              6/30/16              3/31/16              12/31/15
Average Balance Sheet Data:
Average cash and cash equivalents                            $    66,757,676       $   55,054,076       $   56,458,924       $   67,706,162       $    63,187,062
Average investment securities                                     226,032,691          218,462,999          232,587,954          220,281,801           216,982,746
Average loans held for sale                                       52,483,255           63,640,373           43,055,160           29,798,738            27,338,722
Average loans and leases                                          938,887,232          918,301,556          873,984,373          822,111,590           790,899,319
Average assets                                                    1,324,620,495        1,296,870,515        1,247,076,866        1,181,427,683         1,140,126,959
Average interest bearing deposits                                 942,922,989          944,794,017          909,027,610          837,952,639           781,893,266
Average total deposits                                            1,138,778,930        1,132,037,604        1,093,452,418        1,027,457,215         973,109,277
Average Federal Home Loan Bank advances                           33,478,261           29,565,217           27,417,582           28,021,978            39,891,304
Average liabilities                                               1,185,091,445        1,179,480,497        1,134,506,177        1,070,607,967         1,030,995,222
Average shareholders’ equity                                      139,529,051          117,390,018          112,570,689          110,819,715           109,131,737
Performance Ratios:
Annualized return on average assets                               0.88          %      0.65          %      0.80          %      0.54          %       0.73          %
Annualized return on average equity                               8.35          %      7.15          %      8.85          %      5.75          %       7.61          %
Net interest margin                                               3.17          %      3.23          %      3.09          %      3.18          %       3.22          %
Annualized Non-interest income to average assets                  0.89          %      0.98          %      0.83          %      0.81          %       0.67          %
Efficiency ratio                                                  65.8          %      64.0          %      67.6          %      70.7          %       68.1          %
Loans by Type:
Commercial and industrial                                    $    379,619,518      $   389,717,893      $   389,087,927      $   381,548,046      $    353,442,069
Commercial real estate - owner occupied                           106,734,888          108,920,619          104,345,021          104,243,080           108,132,048
Commercial real estate - non-owner occupied                       195,586,977          163,625,512          171,426,074          161,466,867           143,064,438
Construction and development                                      94,491,256           91,366,437           63,744,151           52,479,785            52,521,802
Consumer real estate                                              97,014,959           96,918,661           91,090,508           90,393,165            93,785,260
Consumer                                                          5,974,465            7,045,978            7,486,178            8,291,223             8,668,242
Other                                                             56,795,954           67,805,899           61,669,965           40,698,880            50,196,845
Asset Quality Data:
Allowance for loan and lease losses to total loans                1.24          %      1.25          %      1.18          %      1.23          %       1.25          %
Allowance for loan and lease losses to non-performing loans       321           %      279           %      179           %      184           %       377           %
Nonaccrual loans                                             $    3,619,422        $   4,122,942        $   5,829,423        $   5,586,503        $    2,689,000
Troubled debt restructurings                                      1,271,897            1,288,324            -                    -                     125,000
Loans - 90 days past due & still accruing                         -                    -                    -                    -                     -
Total non-performing loans                                        3,619,422            4,122,942            5,829,423            5,586,503             2,689,000
OREO and repossessed assets                                       -                    -                    -                    -                     216,254
Total non-performing assets                                       3,619,422            4,122,942            5,829,423            5,586,503             2,905,000
Non-performing loans to total loans                               0.39          %      0.45          %      0.66          %      0.67          %       0.33          %
Non-performing assets to total assets                             0.27          %      0.31          %      0.44          %      0.46          %       0.24          %
Non-performing assets to total loans and OREO                     0.39          %      0.45          %      0.66          %      0.67          %       0.36          %
Annualized net charge-offs to average loans                       -0.02         %      0.25          %      0.01          %      0.38          %       -0.04         %
Net charge-offs (recoveries)                                 $    (53,183       )  $   581,809          $   27,819           $   770,386          $    (81,689       )
Other Information:
Full-time equivalent employees                               170                   168                  166                  163                  162

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)

Fourth Quarter 2016 Earnings Release

                                            For the Three Months Ended December 31,
                                            2016                                        2015
                                            Average           Interest      Average     Average           Interest      Average
                                            Outstanding       Income/       Yield/      Outstanding       Income/       Yield/
                                            Balance           Expense       Rate        Balance           Expense       Rate
Interest-Earning Assets
Loans (1)                                   $     938,887     $    10,198       4.32 %  $     790,899     $    8,756        4.39 %
Loans held for sale                               52,483           483          3.66 %        27,339           254          3.69 %
Securities:
Taxable investment securities                     172,771          923          2.14 %        175,527          943          2.15 %
Investment securities exempt from                 53,262           317          2.38 %        41,456           278          2.68 %
federal income tax (2)
Total securities                                  226,033          1,240        2.19 %        216,983          1,221        2.25 %
Cash balances in other banks                      56,263           79           0.56 %        51,636           35           0.27 %
Funds sold                                        2,449            7            1.15 %        3,039            5            0.70 %
Total interest-earning assets                     1,276,115        12,007       3.74 %        1,089,896        10,271       3.74 %
Noninterest-earning assets                        48,505                                      50,231
Total assets                                $     1,324,620                             $     1,140,127
Interest-Bearing Liabilities
Interest-bearing transaction accounts       $     286,572          393          0.55 %  $     158,122          214          0.54 %
Savings and money market deposits                 455,201          719          0.63 %        448,667          693          0.61 %
Time deposits                                     201,151          518          1.03 %        175,103          467          1.06 %
Borrowings and repurchase agreements              33,696           197          2.32 %        45,986           60           0.52 %
Total interest-bearing liabilities                976,620          1,827        0.74 %        827,878          1,434        0.69 %
Noninterest-bearing deposits                      195,856                                     191,216
Total funding sources                             1,172,475                                   1,019,094
Noninterest-bearing liabilities                   12,617                                      11,900
Shareholders’ equity                              139,529                                     109,132
Total liabilities and shareholders’ equity  $     1,324,621                             $     1,140,126
Net interest spread (3)                                                         3.00 %                                      3.05 %
Net interest income/margin (4)                                $    10,180       3.17 %                    $    8,837        3.22 %

<span data-mce-style="text-decoration: underline;" style="text-decoration: underline;"> </span>

(1) Average loan balances include nonaccrual loans. Interest income on loans includes amortization of deferred loan fees, net of deferred loan costs.

(2) Balances for investment securities exempt from federal income tax are not calculated on a tax equivalent basis.

(3) Net interest spread is the average yield on total interest-earning assets minus the average rate on total interest-bearing liabilities.

(4) Net interest margin is net interest income divided by total interest-earning assets.

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)

Fourth Quarter 2016 Earnings Release

                                            For the Year Ended December 31,
                                            2016                                        2015
                                            Average           Interest      Average     Average           Interest      Average
                                            Outstanding       Income/       Yield/      Outstanding       Income/       Yield/
                                            Balance           Expense       Rate        Balance           Expense       Rate
Interest-Earning Assets
Loans (1)                                   $     888,541     $    38,450       4.33 %  $     744,151     $    33,722       4.53 %
Loans held for sale                               47,303           1,763        3.73 %        29,324           1,123        3.83 %
Securities:
Taxable investment securities                     176,977          3,729        2.11 %        220,167          4,421        2.01 %
Investment securities exempt from                 47,353           1,158        2.45 %        40,160           1,080        2.69 %
federal income tax (2)
Total securities                                  224,330          4,887        2.18 %        260,327          5,501        2.11 %
Cash balances in other banks                      51,147           276          0.54 %        54,143           140          0.26 %
Funds sold                                        2,153            19           0.89 %        3,094            18           0.60 %
Total interest-earning assets                     1,213,475        45,395       3.74 %        1,091,039        40,504       3.71 %
Noninterest-earning assets                        49,288                                      49,721
Total assets                                $     1,262,763                             $     1,140,760
Interest-Bearing Liabilities
Interest-bearing transaction accounts       $     269,113          1,489        0.55 %  $     143,939          748          0.52 %
Savings and money market deposits                 445,873          2,859        0.64 %        465,622          2,733        0.59 %
Time deposits                                     193,881          2,085        1.08 %        197,535          2,031        1.03 %
Borrowings and repurchase agreements              32,371           499          1.54 %        39,581           219          0.55 %
Total interest-bearing liabilities                941,238          6,932        0.74 %        846,677          5,731        0.68 %
Noninterest-bearing deposits                      189,270                                     176,577
Total funding sources                             1,130,507                                   1,023,255
Noninterest-bearing liabilities                   12,133                                      10,778
Shareholders’ equity                              120,123                                     106,727
Total liabilities and shareholders’ equity  $     1,262,763                             $     1,140,760
Net interest spread (3)                                                         3.00 %                                      3.04 %
Net interest income/margin (4)                                $    38,463       3.17 %                    $    34,773       3.19 %

<span data-mce-style="text-decoration: underline;" style="text-decoration: underline;"> </span>

(1) Average loan balances include nonaccrual loans. Interest income on loans includes amortization of deferred loan fees, net of deferred loan costs.

(2) Balances for investment securities exempt from federal income tax are not calculated on a tax equivalent basis.

(3) Net interest spread is the average yield on total interest-earning assets minus the average rate on total interest-bearing liabilities.

(4) Net interest margin is net interest income divided by total interest-earning assets.

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

CONTACT

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

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