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CapStar Financial Holdings, Inc. Announces Third Quarter 2017 Results

NASHVILLE, Tenn., Oct. 16, 2017 (GLOBE NEWSWIRE) -- CapStar Financial Holdings, Inc. (“CapStar”) (NASDAQ:CSTR) reported net income of $4.42 million, or $0.35 per share on a fully diluted basis, for the three months ended September 30, 2017, compared to net income of $2.11 million, or $0.20 per share on a fully diluted basis, for the three months ended September 30, 2016. 

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

Soundness

  • The allowance for loan losses represented 1.45% of total loans at September 30, 2017 compared to 1.25% at September 30, 2016.
  • Non-performing assets as a percentage of total loans and other real estate owned was 0.32% at September 30, 2017 compared to 0.45% at September 30, 2016.
  • Annualized net charge-offs (recoveries) to average loans totaled -0.75% for the three months ended September 30, 2017 compared to 0.25% for the same period in 2016. 
  • The total risk based capital ratio was to 12.42% at September 30, 2017 compared to 12.45% at September 30, 2016.

Profitability

  • Return on average assets ("ROAA") for the three months ended September 30, 2017 was 1.28% compared to 0.65% for the same period in 2016. 
  • Return on average tangible common equity ("ROATCE") for the three months ended September 30, 2017 was 13.88% compared to 8.84% for the same period in 2016. 
  • The net interest margin (“NIM”) for the three months ended September 30, 2017 was 3.26% compared to 3.23% for the same period in 2016. 
  • The efficiency ratio for the three months ended September 30, 2017 was 59.6% compared to 64.0% for the same period in 2016.

Growth

  • Average total assets for the quarter ended September 30, 2017 increased 5.5%, to $1.37 billion, compared to $1.30 billion for the same period in 2016.
  • Average gross loans for the quarter ended September 30, 2017 increased 7.9%, to $991.2 million, compared to $918.3 million for the same period in 2016.
  • Average total deposits for the quarter ended September 30, 2017 fell 3.3%, to $1.09 billion, compared to $1.13 billion for the same period in 2016.
  • Average demand deposits for the quarter ended September 30, 2017 increased 26.7%, to $237.2 million, compared to $187.2 million for the same period in 2016.

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

Conference Call and Webcast Information

CapStar will host a conference call and webcast at 3:00 p.m. Central Time on Monday, October 16, 2017.  During the call, management will review the third quarter results and operational highlights.  Interested parties may listen to the call by dialing (844) 412-1002.  The conference ID number is 90272640.  A simultaneous webcast may be accessed on CapStar’s website at ir.capstarbank.com by clicking on “News & Events”.  An archived version of the webcast will be available in the same location shortly after the live call has ended.

About CapStar Financial Holdings, Inc.

CapStar Financial Holdings, Inc. is a bank holding company headquartered in Nashville, Tennessee, and operates primarily through its wholly owned subsidiary, CapStar Bank, a Tennessee-chartered state bank.  CapStar Bank is a commercial bank that seeks to establish and maintain comprehensive relationships with its clients by delivering customized and creative banking solutions and superior client service.  As of September 30, 2017, on a consolidated basis, CapStar had total assets of $1.3 billion, gross loans of $974.5 million, total deposits of $1.1 billion, and shareholders’ equity of $144.2 million.  Visit www.capstarbank.com for more information.

Forward-Looking Statements

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

Non-GAAP Disclaimer

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


CAPSTAR FINANCIAL HOLDINGS, INC. AND SUBSIDIARY

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

Third Quarter 2017 Earnings Release
 
             
    Three Months Ended     Nine Months Ended  
    September 30,     September 30,  
    2017     2016     2017     2016  
Interest income:                                
Loans, including fees   $ 12,095     $ 10,659     $ 33,935     $ 29,532  
Securities:                                
Taxable     838       787       2,827       2,596  
Tax-exempt     304       291       944       841  
Federal funds sold     7       4       26       12  
Restricted equity securities     108       71       271       210  
Interest-bearing deposits in financial institutions     169       63       387       197  
Total interest income     13,521       11,875       38,390       33,388  
Interest expense:                                
Interest-bearing deposits     635       404       1,839       1,096  
Savings and money market accounts     772       689       2,360       2,141  
Time deposits     706       546       1,750       1,566  
Federal funds purchased     2       13       13       21  
Securities sold under agreements to repurchase                       1  
Federal Home Loan Bank advances     563       97       1,083       280  
Total interest expense     2,678       1,749       7,045       5,105  
Net interest income     10,843       10,126       31,345       28,283  
Provision for loan losses     (195 )     1,639       12,900       2,759  
Net interest income after provision for loan losses     11,038       8,487       18,445       25,524  
Noninterest income:                                
Treasury management and other deposit service charges     427       277       1,097       805  
Loan commitment fees     223       329       646       901  
Net gain (loss) on sale of securities     9       (4 )     42       121  
Tri-Net fees     367             748        
Mortgage banking income     2,030       2,339       4,617       5,342  
Other noninterest income     316       250       1,021       961  
Total noninterest income     3,372       3,191       8,171       8,130  
Noninterest expense:                                
Salaries and employee benefits     5,119       5,119       14,989       15,275  
Data processing and software     709       627       2,040       1,831  
Professional fees     336       391       1,050       1,148  
Occupancy     531       352       1,518       1,133  
Equipment     564       458       1,604       1,301  
Regulatory fees     270       250       877       742  
Other operating     946       1,330       2,988       3,057  
Total noninterest expense     8,475       8,527       25,066       24,487  
Income before income taxes     5,935       3,151       1,550       9,167  
Income tax expense     1,516       1,042       141       2,998  
Net income   $ 4,419     $ 2,109     $ 1,409     $ 6,169  
Per share information:                                
Basic net income per share of common stock   $ 0.39     $ 0.24     $ 0.13     $ 0.71  
Diluted net income per share of common stock   $ 0.35     $ 0.20     $ 0.11     $ 0.58  
Weighted average shares outstanding:                                
Basic     11,279,364       8,792,665       11,239,093       8,701,596  
Diluted     12,750,423       10,799,536       12,758,091       10,682,976  
                                 
This information is preliminary and based on company data available at the time of the presentation.  


CAPSTAR FINANCIAL HOLDINGS, INC. AND SUBSIDIARY

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

Third Quarter 2017 Earnings Release
 
   
    Five Quarter Comparison  
    9/30/17     6/30/17     3/31/17     12/31/16     9/30/16  
Income Statement Data:                                        
Net interest income   $ 10,843     $ 10,571     $ 9,932     $ 10,180     $ 10,126  
Provision for loan losses     (195 )     9,690       3,405       70       1,639  
Net interest income after provision for loan losses     11,038       881       6,527       10,110       8,487  
Treasury management and other deposit service charges     427       342       329       303       277  
Loan commitment fees     223       187       236       217       329  
Net gain (loss) on sale of securities     9       40       (6 )           (4 )
Tri-Net fees     367       297       84       125        
Mortgage banking income     2,030       1,370       1,216       2,033       2,339  
Other noninterest income     316       430       274       276       250  
Total noninterest income     3,372       2,666       2,133       2,954       3,191  
Salaries and employee benefits     5,119       4,784       5,086       5,185       5,119  
Data processing and software     709       711       621       542       627  
Professional fees     336       350       365       406       391  
Occupancy     531       539       449       366       352  
Equipment     564       544       496       443       458  
Regulatory fees     270       301       307       348       250  
Other operating     946       988       1,052       1,352       1,330  
Total noninterest expense     8,475       8,217       8,376       8,642       8,527  
Net income (loss) before income tax expense     5,935       (4,670 )     284       4,422       3,151  
Income tax (benefit) expense     1,516       (1,328 )     (47 )     1,495       1,042  
Net income (loss)   $ 4,419     $ (3,342 )   $ 331     $ 2,927     $ 2,109  
Weighted average shares - basic     11,279,364       11,226,216       11,210,948       11,194,534       8,792,665  
Weighted average shares - diluted     12,750,423       12,740,104       12,784,117       12,787,677       10,799,536  
Net income (loss) per share, basic   $ 0.39     $ (0.30 )   $ 0.03     $ 0.26     $ 0.24  
Net income (loss) per share, diluted     0.35       (0.26 )     0.03       0.23       0.20  
Balance Sheet Data (at period end):                                        
Cash and cash equivalents   $ 69,789     $ 48,093     $ 60,039     $ 80,111     $ 73,451  
Securities available-for-sale     146,600       155,663       188,516       182,355       167,213  
Securities held-to-maturity     45,635       46,458       46,855       46,864       46,228  
Loans held for sale     53,225       73,573       35,371       42,111       61,252  
Total loans     974,530       996,617       1,003,434       935,251       924,031  
Allowance for loan losses     (14,122 )     (12,454 )     (13,997 )     (11,634 )     (11,510 )
Total assets     1,338,559       1,371,626       1,381,703       1,333,675       1,318,057  
Non-interest-bearing deposits     250,007       231,169       223,450       197,788       191,469  
Interest-bearing deposits     841,488       889,816       934,545       930,935       944,590  
Federal Home Loan Bank advances     95,000       105,000       75,000       55,000       30,000  
Total liabilities     1,194,355       1,233,596       1,241,491       1,194,468       1,179,631  
Shareholders' equity   $ 144,204     $ 138,030     $ 140,211     $ 139,207     $ 138,427  
Total shares of common stock outstanding     11,346,498       11,235,255       11,218,328       11,204,515       11,191,021  
Total shares of preferred stock outstanding     878,049       878,049       878,049       878,049       878,049  
Book value per share of common stock   $ 11.92     $ 11.48     $ 11.70     $ 11.62     $ 11.57  
Tangible book value per share of common stock *     11.36       10.93       11.14       11.06       11.00  
Market value per share of common stock   $ 19.58     $ 17.74     $ 19.07     $ 21.96     $ 16.92  
Capital ratios:                                        
Total risk based capital     12.42 %     11.51 %     12.13 %     12.60 %     12.45 %
Tier 1 risk based capital     11.28 %     10.54 %     11.01 %     11.61 %     11.46 %
Common equity tier 1 capital     10.58 %     9.86 %     10.32 %     10.90 %     10.75 %
Leverage     10.36 %     9.77 %     10.37 %     10.46 %     10.47 %
                                         
_____________________

*This metric is a non-GAAP financial measure.  See below for a reconciliation to the most directly comparable GAAP financial measure.
 
This information is preliminary and based on company data available at the time of the presentation.


CAPSTAR FINANCIAL HOLDINGS, INC. AND SUBSIDIARY

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

Third Quarter 2017 Earnings Release
 
   
    Five Quarter Comparison  
    9/30/17     6/30/17     3/31/17     12/31/16     9/30/16  
Average Balance Sheet Data:                                        
Cash and cash equivalents   $ 59,352     $ 62,002     $ 58,925     $ 66,758     $ 55,054  
Investment securities     207,926       227,431       237,084       226,033       218,463  
Loans held for sale     67,886       34,690       28,359       52,483       63,640  
Loans     991,238       1,028,968       974,350       938,887       918,302  
Assets     1,367,993       1,393,331       1,340,237       1,324,620       1,296,871  
Interest bearing deposits     857,344       882,722       933,328       942,923       944,794  
Deposits     1,094,500       1,111,833       1,143,636       1,138,779       1,132,038  
Federal Home Loan Bank advances     123,315       128,901       43,837       33,478       29,565  
Liabilities     1,226,438       1,250,544       1,198,686       1,185,091       1,179,480  
Shareholders' equity   $ 141,556     $ 142,787     $ 141,551     $ 139,529     $ 117,390  
Performance Ratios:                                        
Annualized return on average assets     1.28 %     -0.96 %     0.10 %     0.88 %     0.65 %
Annualized return on average equity     12.38 %     -9.39 %     0.95 %     8.35 %     7.15 %
Net interest margin     3.26 %     3.15 %     3.12 %     3.17 %     3.23 %
Annualized Non-interest income to average assets     0.98 %     0.77 %     0.65 %     0.89 %     0.98 %
Efficiency ratio     59.6 %     62.1 %     69.4 %     65.8 %     64.0 %
Loans by Type (at period end):                                        
Commercial and industrial   $ 394,600     $ 406,636     $ 420,825     $ 379,620     $ 389,718  
Commercial real estate - owner occupied     103,183       97,635       92,213       106,735       108,921  
Commercial real estate - non-owner occupied     263,595       288,123       268,742       195,587       163,626  
Construction and development     79,951       62,152       74,007       94,491       91,366  
Consumer real estate     100,811       99,751       99,952       97,015       96,919  
Consumer     6,289       4,096       4,495       5,974       7,046  
Other   $ 26,460     $ 38,783     $ 43,983     $ 56,796     $ 67,806  
Asset Quality Data:                                        
Allowance for loan losses to total loans     1.45 %     1.25 %     1.39 %     1.24 %     1.25 %
Allowance for loan losses to non-performing loans     446 %     386 %     103 %     321 %     279 %
Nonaccrual loans   $ 3,165     $ 3,229     $ 13,624     $ 3,619     $ 4,123  
Troubled debt restructurings     1,222       1,239       1,256       1,272       1,288  
Loans - 90 days past due and accruing     27       15       -       -       -  
Total non-performing loans     3,165       3,229       13,624       3,619       4,123  
OREO and repossessed assets     -       -       -       -       -  
Total non-performing assets   $ 3,165     $ 3,229     $ 13,624     $ 3,619     $ 4,123  
Non-performing loans to total loans     0.32 %     0.32 %     1.36 %     0.39 %     0.45 %
Non-performing assets to total assets     0.24 %     0.24 %     0.99 %     0.27 %     0.31 %
Non-performing assets to total loans and OREO     0.32 %     0.32 %     1.36 %     0.39 %     0.45 %
Annualized net charge-offs to average loans     -0.75 %     4.38 %     0.43 %     -0.02 %     0.25 %
Net charge-offs (recoveries)   $ (1,863 )   $ 11,233     $ 1,041     $ (53 )   $ 582  
Interest Rates and Yields:                                        
Loans     4.55 %     4.29 %     4.24 %     4.32 %     4.36 %
Securities     2.40 %     2.44 %     2.37 %     2.19 %     2.10 %
Total interest-earning assets     4.07 %     3.85 %     3.77 %     3.74 %     3.79 %
Deposits     0.77 %     0.70 %     0.67 %     0.57 %     0.58 %
Borrowings and repurchase agreements     1.81 %     1.18 %     1.30 %     2.32 %     1.25 %
Total interest-bearing liabilities     1.08 %     0.92 %     0.85 %     0.74 %     0.71 %
Other Information:                                        
Full-time equivalent employees   168     169     168     170     168  
                               
This information is preliminary and based on company data available at the time of the presentation.


CAPSTAR FINANCIAL HOLDINGS, INC. AND SUBSIDIARY

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

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

                                               

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

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


CAPSTAR FINANCIAL HOLDINGS, INC. AND SUBSIDIARY

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

Third Quarter 2017 Earnings Release
 
   
    For the Nine Months Ended September 30,  
    2017     2016  
    Average
Outstanding
Balance
    Interest
Income/
Expense
    Average
Yield/
Rate
    Average
Outstanding
Balance
    Interest
Income/
Expense
    Average
Yield/
Rate
 
Interest-Earning Assets                                                
Loans (1)   $ 998,247     $ 32,580       4.36 %   $ 871,637     $ 28,252       4.33 %
Loans held for sale     43,790       1,355       4.14 %     45,564       1,280       3.75 %
Securities:                                                
Taxable investment securities (2)     170,810       3,098       2.42 %     178,388       2,806       2.10 %
Investment securities exempt from federal income tax (3)     53,230       944       2.36 %     45,370       841       2.47 %
Total securities     224,040       4,042       2.41 %     223,758       3,647       2.17 %
Cash balances in other banks     48,980       387       1.06 %     49,430       197       0.53 %
Funds sold     2,359       26       1.46 %     2,053       12       0.79 %
Total interest-earning assets     1,317,416       38,390       3.90 %     1,192,442       33,388       3.74 %
Noninterest-earning assets     49,873                       49,550                  
Total assets   $ 1,367,289                     $ 1,241,992                  
Interest-Bearing Liabilities                                                
Interest-bearing deposits:                                                
Interest-bearing transaction accounts   $ 307,992       1,839       0.80 %   $ 263,251       1,096       0.56 %
Savings and money market deposits     389,425       2,360       0.81 %     442,740       2,141       0.65 %
Time deposits     193,436       1,750       1.21 %     191,440       1,566       1.09 %
Total interest-bearing deposits     890,853       5,949       0.89 %     897,431       4,803       0.71 %
Borrowings and repurchase agreements     100,221       1,096       1.46 %     31,926       302       1.26 %
Total interest-bearing liabilities     991,074       7,045       0.95 %     929,357       5,105       0.73 %
Noninterest-bearing deposits     225,623                       187,058                  
Total funding sources     1,216,697                       1,116,415                  
Noninterest-bearing liabilities     8,627                       11,970                  
Shareholders’ equity     141,965                       113,607                  
Total liabilities and shareholders’ equity   $ 1,367,289                     $ 1,241,992                  
Net interest spread (4)                     2.95 %                     3.01 %
Net interest income/margin (5)           $ 31,345       3.18 %           $ 28,283       3.17 %

                                               

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

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


CAPSTAR FINANCIAL HOLDINGS, INC. AND SUBSIDIARY

Non-GAAP Financial Measures (unaudited) (dollars in thousands)

Third Quarter 2017 Earnings Release
 
             
    Three Months Ended     Nine Months Ended  
    September 30,     September 30,  
    2017     2016     2017     2016  
Average Tangible Equity:                                
Average Total shareholders' equity   $ 141,556     $ 117,390     $ 141,965     $ 113,607  
Less: average intangible assets     (6,258 )     (6,312 )     (6,271 )     (6,325 )
Average Tangible equity   $ 135,298     $ 111,078     $ 135,694     $ 107,282  
                                 
Average Tangible Common Equity:                                
Average tangible equity   $ 135,298     $ 111,078     $ 135,694     $ 107,282  
Less: average preferred equity     (9,000 )     (16,174 )     (9,000 )     (16,391 )
Average tangible common equity   $ 126,298     $ 94,904     $ 126,694     $ 90,891  
                                 
Annualized Return on Average Tangible Common Equity (ROATCE):                                
Average tangible common equity   $ 126,298     $ 94,904     $ 126,694     $ 90,892  
Net income   $ 4,419     $ 2,109     $ 1,409     $ 6,169  
Annualized return on average tangible common equity (ROATCE)     13.88 %     8.84 %     1.49 %     9.07 %
                                 
                                 
    9/30/17     9/30/16                  
Tangible Equity:                                
Total shareholders' equity   $ 144,204     $ 138,427                  
Less: intangible assets     (6,252 )     (6,303 )                
Tangible equity   $ 137,952     $ 132,124                  
                                 
Tangible Common Equity:                                
Tangible equity   $ 137,952     $ 132,124                  
Less: preferred equity     (9,000 )     (9,000 )                
Tangible common equity   $ 128,952     $ 123,124                  
                                 
Tangible Book Value per Share of Common Stock:                                
Tangible common equity   $ 128,952     $ 123,124                  
Total shares of common stock outstanding     11,346,498       11,191,021                  
Tangible book value per share of common stock   $ 11.36     $ 11.00                  

 

CONTACT

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

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Source: CapStar Financial Holdings, Inc.

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