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CapStar Financial Holdings, Inc. Announces Second Quarter 2017 Results

NASHVILLE, Tenn., July 27, 2017 (GLOBE NEWSWIRE) -- CapStar Financial Holdings, Inc. (“CapStar”) (NASDAQ:CSTR) reported a net loss of $3.34 million, or $0.26 per share on a fully diluted basis, for the three months ended June 30, 2017, compared to net income of $2.48 million, or $0.23 per share on a fully diluted basis, for the three months ended June 30, 2016.  The net loss for the quarter was primarily attributable to the charge off and costs associated with one borrowing relationship, which impacted pretax earnings by $9.7 million.

“CapStar’s organic growth remains strong,” said Claire W. Tucker, CapStar’s president and chief executive officer.  “Comparing performance in the second quarter of 2017 to the same period in 2016, pre-tax pre-provision income increased 31% to $5.0 million from $3.8 million.  Our otherwise strong quarterly performance was overshadowed by deterioration in one non-performing relationship that we discussed previously in connection with our first quarter results, which led to a charge off of the relationship’s existing loan balance.  We believe that our existing risk management processes and credit infrastructure provide a solid framework for sound asset quality.  We are consistently focused on delivering strong operating and financial results, and we remain committed to achieving our stated goal of a 1% ROAA by the end of 2018.”

Soundness

  • The allowance for loan losses represented 1.25% of total loans at June 30, 2017 compared to 1.18% at June 30, 2016.
     
  • Non-performing assets as a percentage of total loans and other real estate owned was 0.32% at June 30, 2017 compared to 0.66% at June 30, 2016.
     
  • Annualized net charge-offs totaled 4.38% for the three months ended June 30, 2017 compared to 0.01% for the same period in 2016. 
     
  • The total risk based capital ratio increased to 11.51% at June 30, 2017 compared to 10.67% at June 30, 2016.    

Profitability

  • Return on average assets ("ROAA") for the three months ended June 30, 2017 was -0.96% compared to 0.80% for the same period in 2016. 
     
  • Return on average equity ("ROAE") for the three months ended June 30, 2017 was -9.39% compared to 8.85% for the same period in 2016. 
     
  • The net interest margin (“NIM”) for the three months ended June 30, 2017 was 3.15% compared to 3.09% for the same period in 2016. 
     
  • The efficiency ratio for the three months ended June 30, 2017 was 62.1% compared to 67.6% for the same period in 2016. 

“While we are disappointed with the credit impact on our bottom-line performance, there are several positives from our quarterly performance,” said Rob Anderson, chief financial officer and chief administrative officer of CapStar.  “Our net interest margin expanded 6 basis points, loan growth was up 18%, DDA & NOW deposits increased 14%, and noninterest income benefited from loan sales in our Tri-Net line of business.  Absent the credit charges, the operating performance of the company met our internal expectations for the quarter.”

Growth

  • Average total assets for the quarter ended June 30, 2017 increased 11.7%, to $1.39 billion, compared to $1.25 billion for the same period in 2016.
     
  • Average gross loans for the quarter ended June 30, 2017 increased 17.7%, to $1.03 billion, compared to $874.0 million for the same period in 2016.
     
  • Average total deposits for the quarter ended June 30, 2017 increased 1.7%, to $1.11 billion, compared to $1.09 billion for the same period in 2016.
     
  • Average Demand and NOW deposits for the quarter ended June 30, 2017 increased 13.9%, to $531.6 million, compared to $466.7 million for the same period in 2016.  

Conference Call and Webcast Information

CapStar will host a conference call and webcast at 9:00 a.m. Central Time on Friday, July 28, 2017.  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 50968047.  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, 2017, on a consolidated basis, CapStar had total assets of $1.4 billion, gross loans of $996.6 million, total deposits of $1.1 billion, and shareholders’ equity of $138.0 million.  Visit www.capstarbank.com for more information.

Forward-Looking Statements

Certain statements in this earnings release are forward-looking statements that reflect CapStar’s current views with respect to, among other things, future events and CapStar’s financial and operational performance. These statements are often, but not always, made through the use of words or phrases such as “may,” “should,” “could,” “predict,” “potential,” “believe,” “will likely result,” “expect,” “continue,” “will,” “anticipate,” “seek,” “aspire,” “achieve,” “estimate,” “intend,” “plan,” “project,” “projection,” “forecast,” “roadmap,” “goal,” “target,” “would,” and “outlook,” or the negative version of those words or other comparable words of a future or forward-looking nature. These forward-looking statements are not historical facts, and are based on current expectations, estimates and projections about CapStar’s industry, management’s beliefs and certain assumptions made by management, many of which, by their nature, are inherently uncertain and beyond CapStar’s control. The inclusion of these forward-looking statements should not be regarded as a representation by CapStar or any other person that such expectations, estimates and projections will be achieved. Accordingly, CapStar cautions you that any such forward-looking statements are not guarantees of future performance and are subject to risks, assumptions and uncertainties that are difficult to predict. Although CapStar believes that the expectations reflected in these forward-looking statements are reasonable as of the date made, actual results may prove to be materially different from the results expressed or implied by the forward-looking statements. There are or will be important factors that could cause CapStar’s actual results to differ materially from those indicated in these forward-looking statements, including, but not limited to, any factors identified in this earnings release as well as those factors that are detailed from time to time in CapStar’s periodic and current reports filed with the Securities and Exchange Commission, including those factors included in the Company’s Annual Report on Form 10-K for the year ended December 31, 2016 under the headings “Item 1A. Risk Factors” and “Cautionary Note Regarding Forward Looking Statements” and in the Company’s Quarterly Reports on Form 10-Q and Current Reports on Form 8-K.  If one or more events related to these or other risks or uncertainties materialize, or if CapStar’s underlying assumptions prove to be incorrect, actual results may differ materially from our forward-looking statements. Accordingly, you should not place undue reliance on any such forward-looking statements. Any forward-looking statement speaks only as of the date of this earnings release, and CapStar does not undertake any obligation to publicly update or review any forward-looking statement, whether as a result of new information, future developments or otherwise, except as required by law. New risks and uncertainties may emerge from time to time, and it is not possible for CapStar to predict their occurrence or how they will affect CapStar.

Non-GAAP Disclaimer

This earnings release includes the following financial measure that was prepared other than in accordance with generally accepted accounting principles in the United States (“non-GAAP financial measure”): pre-tax, pre-provision income. This non-GAAP financial measure (i) provides useful information to management and investors that is supplementary to CapStar’s financial condition, results of operations and cash flows computed in accordance with GAAP, (ii) enables a more complete understanding of factors and trends affecting CapStar’s business, and (iii) allows investors to evaluate CapStar’s performance in a manner similar to management, the financial services industry, bank stock analysts and bank regulators; however, CapStar acknowledges that this non-GAAP financial measure has a number of limitations.  As such, you should not view this non-GAAP financial measure as a substitute for results determined in accordance with GAAP, and it is not necessarily comparable to non-GAAP financial measures that other companies use.  See below for a reconciliation of this non-GAAP financial measure to the most directly comparable GAAP financial measure.

   
CAPSTAR FINANCIAL HOLDINGS, INC. AND SUBSIDIARY  
Consolidated Statements of Income (Loss) (unaudited) (dollars in thousands, except share data)  
Second Quarter 2017 Earnings Release  
   
     Three Months Ended     Six Months Ended  
    June 30,     June 30,  
    2017     2016     2017     2016  
Interest income:                                
Loans, including fees   $ 11,373     $ 9,605     $ 21,840     $ 18,873  
Securities:                                
Taxable     983       911       1,987       1,810  
Tax-exempt     317       268       642       549  
Federal funds sold     16       4       18       9  
Restricted equity securities     86       70       163       139  
Interest-bearing deposits in financial institutions     115       56       219       133  
Total interest income     12,890       10,914       24,869       21,513  
Interest expense:                                
Interest-bearing deposits     586       390       1,204       692  
Savings and money market accounts     773       719       1,587       1,451  
Time deposits     574       506       1,046       1,020  
Federal funds purchased     7       6       11       8  
Securities sold under agreements to repurchase                       1  
Federal Home Loan Bank advances     379       92       519       183  
Total interest expense     2,319       1,713       4,367       3,355  
Net interest income     10,571       9,201       20,502       18,158  
Provision for loan losses     9,690       183       13,094       1,120  
Net interest income after provision for loan losses     881       9,018       7,408       17,038  
Noninterest income:                                
Service charges on deposit accounts     342       303       670       529  
Loan commitment fees     187       142       423       572  
Net gain on sale of securities     40       86       34       125  
Tri-Net fees     297             382        
Mortgage banking income     1,370       1,655       2,587       3,002  
Other noninterest income     430       382       703       711  
Total noninterest income     2,666       2,568       4,799       4,939  
Noninterest expense:                                
Salaries and employee benefits     4,784       4,938       9,870       10,156  
Data processing and software     711       635       1,331       1,203  
Professional fees     350       426       714       757  
Occupancy     539       371       987       781  
Equipment     544       436       1,040       843  
Regulatory fees     301       265       608       492  
Other operating     988       880       2,042       1,729  
Total noninterest expense     8,217       7,951       16,592       15,961  
Income (loss) before income taxes     (4,670 )     3,635       (4,385 )     6,016  
Income tax (benefit) expense     (1,328 )     1,159       (1,375 )     1,956  
Net income (loss)   $ (3,342 )   $ 2,476     $ (3,010 )   $ 4,060  
Per share information:                                
Basic net income (loss) per share of common stock   $ (0.30 )   $ 0.29     $ (0.27 )   $ 0.47  
Diluted net income (loss) per share of common stock    $ (0.26 )   $ 0.23     $ (0.24 )   $ 0.38  
Weighted average shares outstanding:                                
Basic     11,226,216       8,682,438       11,218,624       8,655,561  
Diluted     12,740,104       10,675,916       12,761,989       10,624,004  
   

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 2017 Earnings Release  
   
     Five Quarter Comparison  
    6/30/17     3/31/17     12/31/16     9/30/16     6/30/16  
Income Statement Data:                                        
Net interest income   $ 10,571     $ 9,932     $ 10,180     $ 10,126     $ 9,201  
Provision for loan losses     9,690       3,405       70       1,639       183  
Net interest income after provision for loan losses     881       6,527       10,110       8,487       9,018  
Service charges on deposit accounts     342       329       303       277       303  
Loan commitment fees     187       236       217       329       142  
Net gain (loss) on sale of securities     40       (6 )           (4 )     86  
Tri-Net fees     297       84       125              
Mortgage banking income     1,370       1,216       2,033       2,339       1,655  
Other noninterest income     430       274       276       251       382  
Total noninterest income     2,666       2,133       2,954       3,192       2,568  
Salaries and employee benefits     4,784       5,086       5,185       5,119       4,938  
Data processing and software     711       621       542       627       635  
Professional fees     350       365       406       391       426  
Occupancy     539       449       366       352       371  
Equipment     544       496       443       458       436  
Regulatory fees     301       307       348       250       265  
Other operating     988       1,052       1,352       1,329       880  
Total noninterest expense     8,217       8,376       8,642       8,526       7,951  
Net income (loss) before income tax expense     (4,670 )     284       4,422       3,153       3,635  
Income tax (benefit) expense     (1,328 )     (47 )     1,495       1,042       1,159  
Net income (loss)   $ (3,342 )   $ 331     $ 2,927     $ 2,111     $ 2,476  
Weighted average shares - basic     11,226,216       11,210,948       11,194,534       8,792,665       8,682,438  
Weighted average shares - diluted     12,740,104       12,784,117       12,787,677       10,799,536       10,675,916  
Net income (loss) per share, basic   $ (0.30 )   $ 0.03     $ 0.26     $ 0.24     $ 0.29  
Net income (loss) per share, diluted     (0.26 )     0.03       0.23       0.20       0.23  
Balance Sheet Data (at period end):                                        
Cash and cash equivalents   $ 48,093     $ 60,039     $ 80,111     $ 73,451     $ 97,546  
Securities available-for-sale     155,663       188,516       182,355       167,213       171,337  
Securities held-to-maturity     46,458       46,855       46,864       46,228       43,331  
Loans held for sale     73,573       35,371       42,111       61,252       57,014  
Total loans     996,617       1,003,434       935,251       924,031       887,437  
Allowance for loan losses     (12,454 )     (13,997 )     (11,634 )     (11,510 )     (10,454 )
Total assets     1,371,626       1,381,703       1,333,675       1,318,057       1,310,418  
Non-interest-bearing deposits     231,169       223,450       197,788       191,469       193,542  
Interest-bearing deposits     889,816       934,545       930,935       944,590       949,759  
Federal Home Loan Bank advances     105,000       75,000       55,000       30,000       40,000  
Total liabilities     1,233,596       1,241,491       1,194,468       1,179,631       1,196,100  
Shareholders' equity     138,030       140,211       139,207       138,427       114,318  
Total shares of common stock outstanding     11,235,255       11,218,328       11,204,515       11,191,021       8,683,902  
Total shares of preferred stock outstanding     878,049       878,049       878,049       878,049       1,609,756  
Book value per share of common stock     11.48       11.70       11.62       11.57       11.26  
Market value per share of common stock (1)     17.74       19.07       21.96       16.92       -  
Capital ratios:                                        
Total risk based capital     11.51 %     12.13 %     12.60 %     12.45 %     10.67 %
Tier 1 risk based capital     10.54 %     11.01 %     11.61 %     11.46 %     9.73 %
Common equity tier 1 capital     9.86 %     10.32 %     10.90 %     10.75 %     8.34 %
Leverage     9.77 %     10.37 %     10.46 %     10.47 %     8.90 %

                                               
(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) (dollars in thousands, except share data)  
Second Quarter 2017 Earnings Release  
   
     Five Quarter Comparison  
    6/30/17     3/31/17     12/31/16     9/30/16     6/30/16  
Average Balance Sheet Data:                                        
Average cash and cash equivalents   $ 62,002     $ 58,925     $ 66,758     $ 55,054     $ 56,459  
Average investment securities     227,431       237,084       226,033       218,463       232,588  
Average loans held for sale     34,690       28,359       52,483       63,640       43,055  
Average loans     1,028,968       974,350       938,887       918,302       873,984  
Average assets     1,393,331       1,340,237       1,324,620       1,296,871       1,247,077  
Average interest bearing deposits     882,722       933,328       942,923       944,794       909,028  
Average total deposits     1,111,833       1,143,636       1,138,779       1,132,038       1,093,452  
Average Federal Home Loan Bank advances     128,901       43,837       33,478       29,565       27,418  
Average liabilities     1,250,544       1,198,686       1,185,091       1,179,480       1,134,506  
Average shareholders' equity     142,787       141,551       139,529       117,390       112,571  
Performance Ratios:                                        
Annualized return on average assets     -0.96 %     0.10 %     0.88 %     0.65 %     0.80 %
Annualized return on average equity     -9.39 %     0.95 %     8.35 %     7.15 %     8.85 %
Net interest margin     3.15 %     3.12 %     3.17 %     3.23 %     3.09 %
Annualized Non-interest income to average assets       0.77 %     0.65 %     0.89 %     0.98 %     0.83 %
Efficiency ratio     62.1 %     69.4 %     65.8 %     64.0 %     67.6 %
Loans by Type:                                        
Commercial and industrial   $ 406,636     $ 420,825     $ 379,620     $ 389,718     $ 389,088  
Commercial real estate - owner occupied     97,635       92,213       106,735       108,921       104,345  
Commercial real estate - non-owner occupied     288,123       268,742       195,587       163,626       171,426  
Construction and development     62,152       74,007       94,491       91,366       63,744  
Consumer real estate     99,751       99,952       97,015       96,919       91,091  
Consumer     4,096       4,495       5,974       7,046       7,486  
Other     38,783       43,983       56,796       67,806       61,670  
Asset Quality Data:                                        
Allowance for loan losses to total loans     1.25 %     1.39 %     1.24 %     1.25 %     1.18 %
Allowance for loan losses to non-performing loans     386 %     103 %     321 %     279 %     179 %
Nonaccrual loans   $ 3,229     $ 13,624     $ 3,619     $ 4,123     $ 5,829  
Troubled debt restructurings     1,239       1,256       1,272       1,288       -  
Loans - 90 days past due and accruing     15       -       -       -       -  
Total non-performing loans     3,229       13,624       3,619       4,123       5,829  
OREO and repossessed assets     -       -       -       -       -  
Total non-performing assets     3,229       13,624       3,619       4,123       5,829  
Non-performing loans to total loans     0.32 %     1.36 %     0.39 %     0.45 %     0.66 %
Non-performing assets to total assets     0.24 %     0.99 %     0.27 %     0.31 %     0.44 %
Non-performing assets to total loans and OREO     0.32 %     1.36 %     0.39 %     0.45 %     0.66 %
Annualized net charge-offs to average loans     4.38 %     0.43 %     -0.02 %     0.25 %     0.01 %
Net charge-offs (recoveries)   $ 11,233     $ 1,041     $ (53 )   $ 582     $ 28  
Interest Rates and Yields:                                        
Loans     4.29 %     4.24 %     4.32 %     4.36 %     4.24 %
Securities     2.44 %     2.37 %     2.19 %     2.10 %     2.15 %
Total interest-earning assets     3.85 %     3.77 %     3.74 %     3.79 %     3.66 %
Deposits     0.70 %     0.67 %     0.57 %     0.58 %     0.59 %
Borrowings and repurchase agreements     1.18 %     1.30 %     2.32 %     1.25 %     1.31 %
Total interest-bearing liabilities     0.92 %     0.85 %     0.74 %     0.71 %     0.73 %
Other Information:                                        
Full-time equivalent employees   169     168     170     168     166  

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

   
CAPSTAR FINANCIAL HOLDINGS, INC. AND SUBSIDIARY  
Analysis of Interest Income and Expense, Rates and Yields (unaudited) (dollars in thousands)  
Second Quarter 2017 Earnings Release  
   
    For the Three Months Ended June 30,  
    2017     2016  
    Average
Outstanding
Balance
    Interest
Income/
Expense
    Average
Yield/
Rate
    Average
Outstanding
Balance
    Interest
Income/
Expense
    Average
Yield/
Rate
 
Interest-Earning Assets                                                
Loans (1)   $ 1,028,968     $ 11,011       4.29 %   $ 873,984     $ 9,204       4.24 %
Loans held for sale     34,690       362       4.18 %     43,055       401       3.74 %
Securities:                                                
Taxable investment securities (2)     174,075       1,069       2.46 %     187,309       981       2.09 %
Investment securities exempt from
  federal income tax (3)
    53,356       317       2.38 %     45,279       268       2.37 %
Total securities     227,431       1,386       2.44 %     232,588       1,249       2.15 %
Cash balances in other banks     49,735       115       0.93 %     46,787       56       0.49 %
Funds sold     3,637       16       1.78 %     1,952       4       0.90 %
Total interest-earning assets     1,344,461       12,890       3.85 %     1,198,366       10,914       3.66 %
Noninterest-earning assets     48,869                       48,712                  
Total assets   $ 1,393,330                     $ 1,247,078                  
Interest-Bearing Liabilities                                                
Interest-bearing deposits:                                                
Interest-bearing transaction accounts   $ 302,532       586       0.78 %   $ 282,299       390       0.56 %
Savings and money market deposits     379,800       773       0.82 %     444,558       719       0.65 %
Time deposits     200,389       574       1.15 %     182,171       506       1.12 %
Total interest-bearing deposits     882,721       1,933       0.88 %     909,028       1,615       0.71 %
Borrowings and repurchase agreements     130,824       386       1.18 %     30,000       98       1.31 %
Total interest-bearing liabilities     1,013,545       2,319       0.92 %     939,028       1,713       0.73 %
Noninterest-bearing deposits     229,111                       184,425                  
Total funding sources     1,242,656                       1,123,453                  
Noninterest-bearing liabilities     7,887                       11,054                  
Shareholders’ equity     142,787                       112,571                  
Total liabilities and shareholders’ equity   $ 1,393,330                     $ 1,247,078                  
Net interest spread (4)                     2.93 %                     2.93 %
Net interest income/margin (5)           $ 10,571       3.15 %           $ 9,201       3.09 %

                                               

(1) Average loan balances include nonaccrual loans.  Interest income on loans includes amortization of deferred loan fees, net of deferred loan costs.
(2) Taxable investment securities include restricted equity securities.
(3) Balances for investment securities exempt from federal income tax are not calculated on a tax equivalent basis.
(4) Net interest spread is the average yield on total average interest-earning assets minus the average rate on total average interest-bearing liabilities.
(5) Net interest margin is net interest income divided by total average interest-earning assets and is presented in the table above on an annualized basis.

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

   
CAPSTAR FINANCIAL HOLDINGS, INC. AND SUBSIDIARY  
Analysis of Interest Income and Expense, Rates and Yields (unaudited) (dollars in thousands)  
Second Quarter 2017 Earnings Release  
   
    For the Six Months Ended June 30,  
    2017     2016  
    Average
Outstanding
Balance
    Interest
Income/
Expense
    Average
Yield/
Rate
    Average
Outstanding
Balance
    Interest
Income/
Expense
    Average
Yield/
Rate
 
Interest-Earning Assets                                                
Loans (1)   $ 1,001,810     $ 21,205       4.27 %     $ 848,048     $ 18,180       4.31 %
Loans held for sale     31,542       635       4.06 %     36,427       693       3.83 %
Securities:                                                
Taxable investment securities (2)     177,840       2,150       2.42 %     182,436       1,949       2.14 %
Investment securities exempt from
  federal income tax (3)
    54,391       642       2.36 %     43,999       549       2.50 %
Total securities     232,231       2,792       2.40 %     226,435       2,498       2.21 %
Cash balances in other banks     48,893       219       0.91 %     51,607       133       0.52 %
Funds sold       2,689       18       1.39 %     2,328       9       0.74 %
Total interest-earning assets     1,317,165       24,869       3.81 %     1,164,845       21,513       3.71 %
Noninterest-earning assets     49,766                       49,407                  
Total assets   $ 1,366,931                     $ 1,214,252                  
Interest-Bearing Liabilities                                                
Interest-bearing deposits:                                                
Interest-bearing transaction accounts   $ 316,502       1,204       0.77 %   $ 242,791       692       0.57 %
Savings and money market deposits     406,937       1,587       0.79 %     445,224       1,451       0.66 %
Time deposits     184,446       1,046       1.14 %     185,475       1,020       1.11 %
Total interest-bearing deposits     907,885       3,837       0.85 %     873,490       3,163       0.73 %
Borrowings and repurchase agreements     88,206       530       1.21 %     30,399       192       1.27 %
Total interest-bearing liabilities     996,091       4,367       0.88 %     903,889       3,355       0.75 %
Noninterest-bearing deposits     219,762                       186,965                  
Total funding sources     1,215,853                       1,090,854                  
Noninterest-bearing liabilities     8,905                       11,703                  
Shareholders’ equity     142,173                       111,695                  
Total liabilities and shareholders’ equity   $ 1,366,931                     $ 1,214,252                  
Net interest spread (4)                     2.92 %                     2.97 %
Net interest income/margin (5)           $ 20,502       3.14 %           $ 18,158       3.13 %

                                               

(1) Average loan balances include nonaccrual loans.  Interest income on loans includes amortization of deferred loan fees, net of deferred loan costs.
(2) Taxable investment securities include restricted equity securities.
(3) Balances for investment securities exempt from federal income tax are not calculated on a tax equivalent basis.
(4) Net interest spread is the average yield on total average interest-earning assets minus the average rate on total average interest-bearing liabilities.
(5) Net interest margin is net interest income divided by total average interest-earning assets and is presented in the table above on an annualized basis.

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

   
CAPSTAR FINANCIAL HOLDINGS, INC. AND SUBSIDIARY  
Non-GAAP Financial Measures (unaudited) (dollars in thousands)  
Second Quarter 2017 Earnings Release  
   
    Three Months Ended  
    June 30,  
    2017     2016  
Pre-Tax Pre-Provision Income:                
Income (loss) before income taxes                                                     $ (4,670 )     $ 3,635  
Add:  provision for loan losses     9,690       183  
Pre-tax pre-provision income   $ 5,020     $ 3,818  
   

FOR MORE INFORMATION, CONTACT

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

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CapStar Financial Holdings, Inc.
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