cstr-8k_20180125.htm

 

 

 

UNITED STATES

SECURITIES AND EXCHANGE COMMISSION

WASHINGTON, D.C. 20549

______________________________

 

FORM 8-K

 

CURRENT REPORT PURSUANT TO

SECTION 13 OR 15(d) OF THE

SECURITIES EXCHANGE ACT OF 1934

 

Date of Report (Date of earliest event reported): January 25, 2018

 

______________________________

 

CAPSTAR FINANCIAL HOLDINGS, INC.

(Exact name of registrant as specified in its charter)

 

 

Tennessee

 

001-37886

 

81-1527911

(State or other jurisdiction of incorporation)

 

(Commission File Number)

 

(IRS Employer Identification No.)

 

 

 

1201 Demonbreun Street, Suite 700

Nashville, Tennessee

 

 

 

37203

 

 

(Address of principal executive offices)

 

(Zip Code)

 

 

 

Registrant’s telephone number, including area code    (615) 732-6400

 

 

Check the appropriate box below if the Form 8-K filing is intended to simultaneously satisfy the filing obligation of the registrant under any of the following provisions (see General Instruction A.2. below):

 

[  ]   Written communications pursuant to Rule 425 under the Securities Act (17 CFR 230.425)

 

[  ]   Soliciting material pursuant to Rule 14a-12 under the Exchange Act (17 CFR 240.14a-12)

 

[  ]   Pre-commencement communications pursuant to Rule 14d-2(b) under the Exchange Act (17 CFR 240.14d-2(b))

 

[  ]   Pre-commencement communications pursuant to Rule 13e-4(c) under the Exchange Act (17 CFR 240.13e-4(c))

 

Indicate by check mark whether the registrant is an emerging growth company as defined in Rule 405 of the Securities Act of 1933 (17 CFR §230.405) or Rule 12b-2 of the Securities Exchange Act of 1934 (17 CFR §240.12b-2). Emerging growth company [X]

 

If an emerging growth company, indicate by check mark if the registrant has elected not to use the extended transition period for complying with any new or revised financial accounting standards provided pursuant to Section 13(a) of the Exchange Act. [X]

 

 

 

 


 


 

 

Section 2 – Financial Information

 

Item 2.02.  Results of Operations and Financial Condition.

 

On January 25, 2018, CapStar Financial Holdings, Inc. (the “Company”) issued an earnings release announcing its financial results for the fourth quarter ended December 31, 2017.  A copy of the earnings release is furnished as Exhibit 99.1 to this Current Report on Form 8-K (this “Report”) and is incorporated herein by reference.

 

Section 7 – Regulation FD

 

Item 7.01.  Regulation FD Disclosure.

 

The Company will conduct a conference call at 8:30 a.m. (Central Time) on January 26, 2018 to discuss its financial results for the fourth quarter ended December 31, 2017.  A copy of the presentation to be used for the conference call is furnished as Exhibit 99.2 to this Report and is incorporated herein by reference.

 

Section 9 – Financial Statements and Exhibits

 

Item 9.01.  Financial Statements and Exhibits.

 

Exhibit Number

 

Description

99.1

 

Earnings release issued on January 25, 2018 by CapStar Financial Holdings, Inc.

99.2

 

Presentation for conference call to be conducted by CapStar Financial Holdings, Inc. on January 26, 2018

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

2


 

 

 

 

 

SIGNATURES

 

Pursuant to the requirements of the Securities Exchange Act of 1934, the registrant has duly caused this report to be signed on its behalf by the undersigned hereunto duly authorized.

 

 

CAPSTAR FINANCIAL HOLDINGS, INC.

 

 

By:

/s/ Robert B. Anderson

 

Robert B. Anderson

 

Chief Financial Officer and Chief Administrative Officer

 

 

 

Date: January 25, 2018

 

3

cstr-ex991_7.htm

Exhibit 99.1

EARNINGS RELEASE

 

CONTACT

 

Rob Anderson

Chief Financial Officer and Chief Administrative Officer

(615) 732-6470

 

 

 

CAPSTAR FINANCIAL HOLDINGS, INC. ANNOUNCES FOURTH QUARTER 2017 RESULTS

 

NASHVILLE, TN, January 25, 2018/GlobeNewswire/ -- CapStar Financial Holdings, Inc. (“CapStar”) (NASDAQ:CSTR) reported unaudited net income of $91,000, or $0.01 per share on a fully diluted basis, for the three months ended December 31, 2017.  As a result of the Tax Cuts and Jobs Act of 2017 that was signed into law last month, CapStar revalued its net deferred tax asset position. CapStar currently expects that the revaluation will result in a one-time, non-cash charge of approximately $3.6 million, or $0.27 per share on a fully diluted basis.  Reconciliations of non-GAAP measures are provided in the tables that follow.  Adjusted net income was $3.7 million, or $0.28 per share on a fully diluted basis for the three months ended December 31, 2017, compared to net income of $2.9 million, or $0.23 per share on a fully diluted basis, for the three months ended December 31, 2016.

 

“We remain focused on delivering consistent financial results for our shareholders through sound, profitable growth,” said Claire W. Tucker, CapStar’s president and chief executive officer. “The recent addition of a SBA team is intended to augment financial results by expanding market penetration and enhancing fee income.”

 

Soundness

 

The allowance for loan losses represented 1.45% of total loans at December 31, 2017 compared to 1.24% at December 31, 2016.

 

 

Non-performing assets as a percentage of total loans and other real estate owned was 0.28% at December 31, 2017 compared to 0.39% at December 31, 2016.

 

 

Annualized net charge-offs (recoveries) to average loans was 0.15% for the three months ended December 31, 2017 compared to (0.02%) for the same period in 2016.  

 

 

The total risk based capital ratio was 12.50% at December 31, 2017 compared to 12.60% at December 31, 2016.

 

Profitability

 

 

Return on average assets ("ROAA") for the three months ended December 31, 2017 was 0.03% compared to 0.88% for the same period in 2016.  

 

o

Adjusting for the impact for tax reform, our adjusted ROAA was 1.09%.

  

 

The net interest margin (“NIM”) for the three months ended December 31, 2017 was 3.26% compared to 3.17% for the same period in 2016.  

 

 

The efficiency ratio for the three months ended December 31, 2017 was 65.6% compared to 65.8% for the same period in 2016.

 


 

Growth

 

Average demand deposits for the quarter ended December 31, 2017 increased 29.5%, to $253.6 million, compared to $195.9 million for the same period in 2016.

 

 

Average gross loans for the quarter ended December 31, 2017 increased 1.9%, to $956.4 million, compared to $938.9 million for the same period in 2016.

 

 

Average total assets for the quarter ended December 31, 2017 increased 0.4%, to $1.33 billion, compared to $1.32 billion for the same period in 2016.

 

“Although 2017 presented some challenges, there are many positives that have us excited about our prospects for 2018,” said Rob Anderson, chief financial officer and chief administrative officer of CapStar.  “Banking is a relationship business, and our bankers continue to have success growing core relationships, as over half of our deposit book is now in DDA or NOW checking accounts.  In addition, our treasury management and other deposit service charges increased 38% over prior year.”

 

Conference Call and Webcast Information

 

CapStar will host a conference call and webcast at 8:30 a.m. Central Time on Friday, January 26, 2018.  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 8989947.  A simultaneous webcast may be accessed on CapStar’s website at ir.capstarbank.com by clicking on “News & Events”.  An archived version of the webcast will be available in the same location shortly after the live call has ended.

 

About CapStar Financial Holdings, Inc.

 

CapStar Financial Holdings, Inc. is a bank holding company headquartered in Nashville, Tennessee, and operates primarily through its wholly owned subsidiary, CapStar Bank, a Tennessee-chartered state bank.  CapStar Bank is a commercial bank that seeks to establish and maintain comprehensive relationships with its clients by delivering customized and creative banking solutions and superior client service.  As of December 31, 2017, on a consolidated basis, CapStar had total assets of $1.3 billion, gross loans of $947.5 million, total deposits of $1.1 billion, and shareholders’ equity of $146.9 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,” “guidance”, “target,” “would,” and “outlook,” or the negative version of those words or other comparable words of a future or forward-looking nature. These forward-looking statements are not historical facts, and are based on current expectations, estimates and projections about CapStar’s industry, management’s beliefs and certain assumptions made by management, many of which, by their nature, are inherently uncertain and beyond CapStar’s control. The inclusion of these forward-looking statements should not be regarded as a representation by CapStar or any other person that such expectations, estimates and projections will be achieved. Accordingly, CapStar cautions you that any such forward-looking statements are not guarantees of future performance and are subject to risks, assumptions and uncertainties that are difficult to predict. Although CapStar believes that the expectations reflected in these forward-looking statements are reasonable as of the date made, actual results may prove to be materially different from the results expressed or implied by the forward-looking statements. There are or will be important factors that could cause CapStar’s actual results to differ materially from those indicated in these forward-looking statements, including, but not limited to, any factors identified in this earnings release as well as those factors that are detailed from time to time in CapStar’s periodic and current reports filed with the Securities and Exchange Commission, including those factors included in the Company’s Annual Report on Form 10-K for the year ended December 31, 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”): adjusted net income, adjusted diluted net income per share, adjusted return on average assets, adjusted return on average tangible common equity and tangible book value per share. These non-GAAP financial measures (i) provide useful information to management and investors that is supplementary to CapStar’s financial condition, results of operations and cash flows computed in accordance with GAAP, (ii) enable a more complete understanding of factors and trends affecting CapStar’s business, and (iii) allow investors to evaluate CapStar’s performance in a manner similar to management, the financial services industry, bank stock analysts and bank regulators; however, CapStar acknowledges that these non-GAAP financial measures have a number of limitations.  As such, you should not view these non-GAAP financial measures as a substitute for results determined in accordance with GAAP, and they are not necessarily comparable to non-GAAP financial measures that other companies use.  See below for a reconciliation of these non-GAAP financial measures to the most directly comparable GAAP financial measure.  


 

CAPSTAR FINANCIAL HOLDINGS, INC. AND SUBSIDIARY

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

Fourth Quarter 2017 Earnings Release

 

Three Months Ended

 

 

Year Ended

 

 

 

December 31,

 

 

December 31,

 

 

 

2017

 

 

2016

 

 

2017

 

 

2016

 

Interest income:

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Loans, including fees

 

$

11,666

 

 

$

10,681

 

 

$

45,601

 

 

$

40,213

 

Securities:

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Taxable

 

 

855

 

 

 

852

 

 

 

3,682

 

 

 

3,448

 

Tax-exempt

 

 

300

 

 

 

317

 

 

 

1,244

 

 

 

1,158

 

Federal funds sold

 

 

15

 

 

 

7

 

 

 

41

 

 

 

19

 

Restricted equity securities

 

 

125

 

 

 

71

 

 

 

396

 

 

 

281

 

Interest-bearing deposits in financial institutions

 

 

163

 

 

 

79

 

 

 

551

 

 

 

276

 

Total interest income

 

 

13,124

 

 

 

12,007

 

 

 

51,515

 

 

 

45,395

 

Interest expense:

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Interest-bearing deposits

 

 

608

 

 

 

393

 

 

 

2,447

 

 

 

1,489

 

Savings and money market accounts

 

 

827

 

 

 

719

 

 

 

3,188

 

 

 

2,859

 

Time deposits

 

 

694

 

 

 

518

 

 

 

2,445

 

 

 

2,085

 

Federal funds purchased

 

 

 

 

 

1

 

 

 

13

 

 

 

22

 

Securities sold under agreements to repurchase

 

 

 

 

 

 

 

 

 

 

 

1

 

Federal Home Loan Bank advances

 

 

477

 

 

 

196

 

 

 

1,559

 

 

 

475

 

Total interest expense

 

 

2,606

 

 

 

1,827

 

 

 

9,652

 

 

 

6,931

 

Net interest income

 

 

10,518

 

 

 

10,180

 

 

 

41,863

 

 

 

38,464

 

Provision for loan losses

 

 

(30

)

 

 

70

 

 

 

12,870

 

 

 

2,829

 

Net interest income after provision for loan losses

 

 

10,548

 

 

 

10,110

 

 

 

28,993

 

 

 

35,635

 

Noninterest income:

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Treasury management and other deposit service charges

 

 

419

 

 

 

303

 

 

 

1,516

 

 

 

1,108

 

Loan commitment fees

 

 

124

 

 

 

217

 

 

 

771

 

 

 

1,118

 

Net gain (loss) on sale of securities

 

 

(108

)

 

 

 

 

 

(66

)

 

 

121

 

Tri-Net fees

 

 

254

 

 

 

125

 

 

 

1,002

 

 

 

125

 

Mortgage banking income

 

 

1,621

 

 

 

2,033

 

 

 

6,238

 

 

 

7,375

 

Other noninterest income

 

 

426

 

 

 

276

 

 

 

1,447

 

 

 

1,237

 

Total noninterest income

 

 

2,736

 

 

 

2,954

 

 

 

10,908

 

 

 

11,084

 

Noninterest expense:

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Salaries and employee benefits

 

 

5,411

 

 

 

5,185

 

 

 

20,400

 

 

 

20,461

 

Data processing and software

 

 

746

 

 

 

542

 

 

 

2,786

 

 

 

2,373

 

Professional fees

 

 

473

 

 

 

406

 

 

 

1,522

 

 

 

1,554

 

Occupancy

 

 

507

 

 

 

366

 

 

 

2,025

 

 

 

1,498

 

Equipment

 

 

467

 

 

 

443

 

 

 

2,071

 

 

 

1,743

 

Regulatory fees

 

 

234

 

 

 

348

 

 

 

1,111

 

 

 

1,091

 

Other operating

 

 

861

 

 

 

1,352

 

 

 

3,850

 

 

 

4,409

 

Total noninterest expense

 

 

8,699

 

 

 

8,642

 

 

 

33,765

 

 

 

33,129

 

Income before income taxes

 

 

4,585

 

 

 

4,422

 

 

 

6,136

 

 

 

13,590

 

Income tax expense

 

 

4,494

 

 

 

1,495

 

 

 

4,635

 

 

 

4,493

 

Net income

 

$

91

 

 

$

2,927

 

 

$

1,501

 

 

$

9,097

 

Per share information:

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Basic net income per share of common stock

 

$

0.01

 

 

$

0.26

 

 

$

0.13

 

 

$

0.98

 

Diluted net income per share of common stock

 

$

0.01

 

 

$

0.23

 

 

$

0.12

 

 

$

0.81

 

Weighted average shares outstanding:

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Basic

 

 

11,403,689

 

 

 

11,194,534

 

 

 

11,280,580

 

 

 

9,328,236

 

Diluted

 

 

12,938,288

 

 

 

12,787,677

 

 

 

12,803,511

 

 

 

11,212,026

 

 

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)

Fourth Quarter 2017 Earnings Release

 

Five Quarter Comparison

 

 

 

12/31/17

 

 

9/30/17

 

 

6/30/17

 

 

3/31/17

 

 

12/31/16

 

Income Statement Data:

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Net interest income

 

$

10,518

 

 

$

10,843

 

 

$

10,571

 

 

$

9,932

 

 

$

10,180

 

Provision for loan losses

 

 

(30

)

 

 

(195

)

 

 

9,690

 

 

 

3,405

 

 

 

70

 

Net interest income after provision for loan losses

 

 

10,548

 

 

 

11,038

 

 

 

881

 

 

 

6,527

 

 

 

10,110

 

Treasury management and other deposit service charges

 

 

419

 

 

 

427

 

 

 

342

 

 

 

329

 

 

 

303

 

Loan commitment fees

 

 

124

 

 

 

223

 

 

 

187

 

 

 

236

 

 

 

217

 

Net gain (loss) on sale of securities

 

 

(108

)

 

 

9

 

 

 

40

 

 

 

(6

)

 

 

 

Tri-Net fees

 

 

254

 

 

 

367

 

 

 

297

 

 

 

84

 

 

 

125

 

Mortgage banking income

 

 

1,621

 

 

 

2,030

 

 

 

1,370

 

 

 

1,216

 

 

 

2,033

 

Other noninterest income

 

 

426

 

 

 

316

 

 

 

430

 

 

 

274

 

 

 

276

 

Total noninterest income

 

 

2,736

 

 

 

3,372

 

 

 

2,666

 

 

 

2,133

 

 

 

2,954

 

Salaries and employee benefits

 

 

5,411

 

 

 

5,119

 

 

 

4,784

 

 

 

5,086

 

 

 

5,185

 

Data processing and software

 

 

746

 

 

 

709

 

 

 

711

 

 

 

621

 

 

 

542

 

Professional fees

 

 

473

 

 

 

336

 

 

 

350

 

 

 

365

 

 

 

406

 

Occupancy

 

 

507

 

 

 

531

 

 

 

539

 

 

 

449

 

 

 

366

 

Equipment

 

 

467

 

 

 

564

 

 

 

544

 

 

 

496

 

 

 

443

 

Regulatory fees

 

 

234

 

 

 

270

 

 

 

301

 

 

 

307

 

 

 

348

 

Other operating

 

 

861

 

 

 

946

 

 

 

988

 

 

 

1,052

 

 

 

1,352

 

Total noninterest expense

 

 

8,699

 

 

 

8,475

 

 

 

8,217

 

 

 

8,376

 

 

 

8,642

 

Net income (loss) before income tax expense

 

 

4,585

 

 

 

5,935

 

 

 

(4,670

)

 

 

284

 

 

 

4,422

 

Income tax (benefit) expense

 

 

4,494

 

 

 

1,516

 

 

 

(1,328

)

 

 

(47

)

 

 

1,495

 

Net income (loss)

 

$

91

 

 

$

4,419

 

 

$

(3,342

)

 

$

331

 

 

$

2,927

 

Weighted average shares - basic

 

 

11,403,689

 

 

 

11,279,364

 

 

 

11,226,216

 

 

 

11,210,948

 

 

 

11,194,534

 

Weighted average shares - diluted

 

 

12,938,288

 

 

 

12,750,423

 

 

 

12,740,104

 

 

 

12,784,117

 

 

 

12,787,677

 

Net income (loss) per share, basic

 

$

0.01

 

 

$

0.39

 

 

$

(0.30

)

 

$

0.03

 

 

$

0.26

 

Net income (loss) per share, diluted

 

 

0.01

 

 

 

0.35

 

 

 

(0.26

)

 

 

0.03

 

 

 

0.23

 

Balance Sheet Data (at period end):

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Cash and cash equivalents

 

$

82,797

 

 

$

69,789

 

 

$

48,093

 

 

$

60,039

 

 

$

80,111

 

Securities available-for-sale

 

 

192,621

 

 

 

146,600

 

 

 

155,663

 

 

 

188,516

 

 

 

182,355

 

Securities held-to-maturity

 

 

3,759

 

 

 

45,635

 

 

 

46,458

 

 

 

46,855

 

 

 

46,864

 

Loans held for sale

 

 

74,093

 

 

 

53,225

 

 

 

73,573

 

 

 

35,371

 

 

 

42,111

 

Total loans

 

 

947,537

 

 

 

974,530

 

 

 

996,617

 

 

 

1,003,434

 

 

 

935,251

 

Allowance for loan losses

 

 

(13,721

)

 

 

(14,122

)

 

 

(12,454

)

 

 

(13,997

)

 

 

(11,634

)

Total assets

 

 

1,344,429

 

 

 

1,338,559

 

 

 

1,371,626

 

 

 

1,381,703

 

 

 

1,333,675

 

Non-interest-bearing deposits

 

 

301,742

 

 

 

250,007

 

 

 

231,169

 

 

 

223,450

 

 

 

197,788

 

Interest-bearing deposits

 

 

818,124

 

 

 

841,488

 

 

 

889,816

 

 

 

934,545

 

 

 

930,935

 

Federal Home Loan Bank advances

 

 

70,000

 

 

 

95,000

 

 

 

105,000

 

 

 

75,000

 

 

 

55,000

 

Total liabilities

 

 

1,197,483

 

 

 

1,194,355

 

 

 

1,233,596

 

 

 

1,241,491

 

 

 

1,194,468

 

Shareholders' equity

 

$

146,946

 

 

$

144,204

 

 

$

138,030

 

 

$

140,211

 

 

$

139,207

 

Total shares of common stock outstanding

 

 

11,582,026

 

 

 

11,346,498

 

 

 

11,235,255

 

 

 

11,218,328

 

 

 

11,204,515

 

Total shares of preferred stock outstanding

 

 

878,049

 

 

 

878,049

 

 

 

878,049

 

 

 

878,049

 

 

 

878,049

 

Book value per share of common stock

 

$

11.91

 

 

$

11.92

 

 

$

11.48

 

 

$

11.70

 

 

$

11.62

 

Tangible book value per share of common stock *

 

 

11.37

 

 

 

11.36

 

 

 

10.93

 

 

 

11.14

 

 

 

11.06

 

Market value per common share

 

$

20.77

 

 

$

19.58

 

 

$

17.74

 

 

$

19.07

 

 

$

21.96

 

Capital ratios:

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Total risk based capital

 

 

12.50

%

 

 

12.42

%

 

 

11.51

%

 

 

12.13

%

 

 

12.60

%

Tier 1 risk based capital

 

 

11.39

%

 

 

11.28

%

 

 

10.54

%

 

 

11.01

%

 

 

11.61

%

Common equity tier 1 capital

 

 

10.68

%

 

 

10.58

%

 

 

9.86

%

 

 

10.32

%

 

 

10.90

%

Leverage

 

 

10.75

%

 

 

10.36

%

 

 

9.77

%

 

 

10.37

%

 

 

10.46

%

_____________________

*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)

Fourth Quarter 2017 Earnings Release

 

 

Five Quarter Comparison

 

 

 

12/31/17

 

 

9/30/17

 

 

6/30/17

 

 

3/31/17

 

 

12/31/16

 

Average Balance Sheet Data:

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Cash and cash equivalents

 

$

64,850

 

 

$

59,352

 

 

$

62,002

 

 

$

58,925

 

 

$

66,758

 

Investment securities

 

 

202,818

 

 

 

207,926

 

 

 

227,431

 

 

 

237,084

 

 

 

226,033

 

Loans held for sale

 

 

66,311

 

 

 

67,886

 

 

 

34,690

 

 

 

28,359

 

 

 

52,483

 

Loans

 

 

956,441

 

 

 

991,238

 

 

 

1,028,968

 

 

 

974,350

 

 

 

938,887

 

Assets

 

 

1,329,621

 

 

 

1,367,993

 

 

 

1,393,331

 

 

 

1,340,237

 

 

 

1,324,620

 

Interest bearing deposits

 

 

827,733

 

 

 

857,344

 

 

 

882,722

 

 

 

933,328

 

 

 

942,923

 

Deposits

 

 

1,081,380

 

 

 

1,094,500

 

 

 

1,111,833

 

 

 

1,143,636

 

 

 

1,138,779

 

Federal Home Loan Bank advances

 

 

92,554

 

 

 

123,315

 

 

 

128,901

 

 

 

43,837

 

 

 

33,478

 

Liabilities

 

 

1,181,954

 

 

 

1,226,438

 

 

 

1,250,544

 

 

 

1,198,686

 

 

 

1,185,091

 

Shareholders' equity

 

$

147,667

 

 

$

141,556

 

 

$

142,787

 

 

$

141,551

 

 

$

139,529

 

Performance Ratios:

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Annualized return on average assets

 

 

0.03

%

 

 

1.28

%

 

 

(0.96

)%

 

 

0.10

%

 

 

0.88

%

Annualized return on average equity

 

 

0.25

%

 

 

12.38

%

 

 

(9.39

)%

 

 

0.95

%

 

 

8.35

%

Net interest margin

 

 

3.26

%

 

 

3.26

%

 

 

3.15

%

 

 

3.12

%

 

 

3.17

%

Annualized Non-interest income to average assets

 

 

0.82

%

 

 

0.98

%

 

 

0.77

%

 

 

0.65

%

 

 

0.89

%

Efficiency ratio

 

 

65.6

%

 

 

59.6

%

 

 

62.1

%

 

 

69.4

%

 

 

65.8

%

Loans by Type (at period end):

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Commercial and industrial

 

$

373,248

 

 

$

394,600

 

 

$

406,636

 

 

$

420,825

 

 

$

379,620

 

Commercial real estate - owner occupied

 

 

101,132

 

 

 

103,183

 

 

 

97,635

 

 

 

92,213

 

 

 

106,735

 

Commercial real estate - non-owner occupied

 

 

249,490

 

 

 

263,595

 

 

 

288,123

 

 

 

268,742

 

 

 

195,587

 

Construction and development

 

 

82,586

 

 

 

79,951

 

 

 

62,152

 

 

 

74,007

 

 

 

94,491

 

Consumer real estate

 

 

102,581

 

 

 

100,811

 

 

 

99,751

 

 

 

99,952

 

 

 

97,015

 

Consumer

 

 

6,862

 

 

 

6,289

 

 

 

4,096

 

 

 

4,495

 

 

 

5,974

 

Other

 

$

31,983

 

 

$

26,460

 

 

$

38,783

 

 

$

43,983

 

 

$

56,796

 

Asset Quality Data:

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Allowance for loan losses to total loans

 

 

1.45

%

 

 

1.45

%

 

 

1.25

%

 

 

1.39

%

 

 

1.24

%

Allowance for loan losses to non-performing loans

 

 

509

%

 

 

446

%

 

 

386<