UNITED STATES
SECURITIES AND EXCHANGE COMMISSION
WASHINGTON, D.C. 20549
______________________________
FORM
CURRENT REPORT
PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934
Date of Report (Date of earliest event reported):
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(Exact name of registrant as specified in its charter)
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(Commission File Number) |
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(IRS Employer Identification No.)
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(Address of principal executive offices) |
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Registrant’s telephone number, including area code (
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) |
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Soliciting material pursuant to Rule 14a-12 under the Exchange Act (17 CFR 240.14a-12) |
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Pre-commencement communications pursuant to Rule 14d-2(b) under the Exchange Act (17 CFR 240.14d-2(b)) |
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Pre-commencement communications pursuant to Rule 13e-4(c) under the Exchange Act (17 CFR 240.13e-4(c)) |
Securities registered pursuant to Section 12(b) of the Exchange Act: |
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Name of each exchange on which registered |
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Indicate by check mark whether the registrant is an emerging growth company as defined in Rule 405 of the Securities Act of 1933 (§230.405 of this chapter) or Rule 12b-2 of the Securities Exchange Act of 1934 (§240.12b-2 of this chapter).
Emerging growth company
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. ☐
Item 2.02. Results of Operations and Financial Condition.
On April 20, 2023, CapStar Financial Holdings, Inc. (the “Company”) issued an earnings release announcing its financial results for the first quarter ended March 31, 2023. 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.
Item 7.01. Regulation FD Disclosure.
The information disclosed under Item 2.02 of this Report is incorporated by reference into this Item 7.01.
The Company will conduct a conference call at 10:30 a.m. (Central Time) on April 21, 2023 to discuss its financial results for the first quarter ended March 31, 2023. During the call, management will make reference to the presentation that is furnished as Exhibit 99.2 to this Current Report on form 8-K.
Item 9.01. Financial Statements and Exhibits.
Exhibit Number |
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Description |
99.1 |
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Earnings release issued on April 20, 2023 by CapStar Financial Holdings, Inc. |
99.2 |
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104 |
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Cover Page Interactive Data File (embedded within the Inline XBRL document). |
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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. |
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By: |
/s/ Michael J. Fowler |
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Michael J. Fowler |
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Chief Financial Officer |
Date: April 21, 2023
3
Exhibit 99.1
EARNINGS RELEASE
CONTACT
Michael J. Fowler
Chief Financial Officer
(615) 732-7404
CapStar Reports First Quarter 2023 Results and 10% Dividend Increase
NASHVILLE, TN, April 20, 2023 (GLOBE NEWSWIRE) - CapStar Financial Holdings, Inc. (“CapStar”) (NASDAQ:CSTR) today reported net income of $6.4 million or $0.30 per diluted share, for the quarter ended March 31, 2023, compared with net income of $10.3 million or $0.47 per diluted share, for the quarter ended December 31, 2022, and net income of $10.7 million or $0.48 per diluted share, for the quarter ended March 31, 2022. Annualized return on average assets and return on average equity for the quarter ended March 31, 2023 was 0.83% and 7.41%, respectively. First quarter results include a $2.0 million loss, or $0.07 per share, related to Signature Bank subordinated debt.
Four Key Drivers |
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Targets |
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1Q23 |
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4Q22 |
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1Q22 |
Annualized revenue growth |
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> 5% |
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-22.72% |
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33.30% |
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-46.31% |
Net interest margin |
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≥ 3.60% |
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3.24% |
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3.44% |
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2.97% |
Efficiency ratio |
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≤ 55% |
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64.60% |
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53.23% |
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58.67% |
Annualized net charge-offs to average loans |
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≤ 0.25% |
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0.03% |
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0.03% |
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0.01% |
Revenue
Total revenue, defined as net interest income plus noninterest income, was $29.5 million in the first quarter of 2023 compared to the fourth quarter of 2022 revenue of $31.2 million.
First quarter net interest income decreased $1.7 million from the prior quarter to $23.2 million while noninterest income remained unchanged at $6.3 million.
First quarter 2023 average earning assets increased $29.7 million to $2.92 billion compared to the fourth quarter 2022. The growth in average earnings assets was attributed to a $38.8 million, or 7% linked-quarter annualized, increase in loans held for investment offset by a decline of $8.4 million in loans held for sale. while the related yield increased 46 basis points from the prior quarter to 5.49%. The current loan pipeline declined to approximately $220.0 million due to lower market demand and the Company's reduced CRE emphasis. CapStar continues to focus on maintaining a diversified business mix of established, known customers in our communities in line with our balanced and disciplined approach to capital, liquidity, and asset quality.
The net interest margin decreased 20 basis points from the prior quarter to 3.24%. The decline in net interest margin was principally related to increased pricing pressure and a $78.3 million decline in average customer deposits balances; $107.4 million growth in higher cost brokered CDs and other wholesale average funding balances; and average loan yields that are increasing at a slower rate than overall funding cost. Compared to the fourth quarter, total customer deposit cost rose 41 basis points, brokered CDs cost rose 98 basis points, and loan yields rose 46 basis points.
First quarter noninterest income benefited from increased deposit service charge and mortgage noninterest income offset by declines in interchange and SBA. Mortgage gain on sale spreads and originations increased modestly in March and are anticipated to continue in that range in a 6 to 6.5% 30-year fixed rate mortgage environment. In addition to $1.1 million in SBA gain on sale revenues, approximately $0.4 million of gain on sale revenue was deferred into the second quarter of 2023 due to closing delays and another $0.4 million in future fee revenue was originated related to owner-occupied construction loans that will be ready for sale in second half of 2023 as the projects complete. The Company’s Tri-Net business continues to remain disciplined awaiting a return to rational market pricing. More recently, pricing has been normalizing toward CapStar’s internal hurdle allowing for the first loan closing since August of 2022 which has since been sold at a premium.
Noninterest Expense and Operating Efficiency
Noninterest expense was $19.1 million for the first quarter of 2023, compared to $16.6 million in the fourth quarter of 2022. Fourth quarter 2022 expenses included a $0.7 million recovery of a third quarter 2022 operational loss. Compared to the fourth quarter of 2022, first quarter included increases of $0.3 million of payroll taxes, $0.2 million for the FDIC's increased assessment fees, and $0.2 million of compensation for recent SBA hires.
The efficiency ratio was 64.60% for the quarter ended March 31, 2023 and 53.23% for the quarter ended December 31, 2022. Annualized noninterest expense as a percentage of average assets was 2.45% for the quarter ended March 31, 2023 which is an increase of 34 basis points compared to the quarter ended December 31, 2022, or 25 basis points when adjusted for fourth quarter operational recoveries. Assets per employee increased to $8.1 million as of March 31, 2023 compared to $7.9 million in the previous quarter.
Asset Quality
The Company adopted ASU No. 2016-13, Financial Instruments-Credit Losses: Measurement of Credit Losses on Financial Instruments (“CECL”) on January 1, 2023. Results for reporting periods beginning January 1, 2023 are presented under CECL, while prior period amounts continue to be reported in accordance with previously applicable GAAP. As a result of adopting CECL, the Company increased its allowance for credit losses $4.9 million, comprised $1.5 million for loans and $3.4 million for unfunded commitments.
The provision for credit losses for first quarter totaled $2.4 million compared to $1.5 million in the fourth quarter of 2022, principally comprised of a $2.0 million loss on Signature Bank subordinated debt. Net loan charge-offs in first quarter totaled $0.2 million or 0.03% annualized of average loans held for investment.
Past due loans improved to $8.5 million or 0.35% of total loans held for investment at March 31, 2023 compared to $11.6 million or 0.50% of total loans held for investment at December 31, 2022. The improvement was related to three relationships which were greater than 90 days past due and brought current during the quarter. First quarter past dues are largely comprised of one relationship totaling $5.8 million with loans for which the Company believes at this time there is nominal risk of loss.
Non-performing assets to total loans held for investment and OREO were 0.42% at March 31, 2023 compared to 0.46% at December 31, 2022. Non-performing assets will continue to contain the aforementioned three relationships until six consecutive payments occur.
The allowance for credit losses related to loans increased to 1.05% as of March 31, 2023 compared to 1.03% as of December 31, 2022. The allowance for credit losses related to unfunded commitments increased with the adoption of CECL to 0.47% of available balances from 0.04% at December 31, 2022.
Asset Quality Data: |
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3/31/2023 |
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12/31/2022 |
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9/30/2022 |
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6/30/2022 |
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3/31/2022 |
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Annualized net charge-offs to average loans |
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0.03 |
% |
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0.03 |
% |
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0.02 |
% |
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0.00 |
% |
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0.01 |
% |
Criticized and classified loans to total loans |
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1.76 |
% |
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1.31 |
% |
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1.79 |
% |
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2.12 |
% |
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2.49 |
% |
Loans- past due to total end of period loans |
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0.35 |
% |
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0.50 |
% |
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0.63 |
% |
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0.12 |
% |
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0.17 |
% |
Loans-over 90 days past due to total period end loans |
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0.05 |
% |
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0.44 |
% |
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0.27 |
% |
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0.02 |
% |
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0.05 |
% |
Non-performing assets to total loans held for investment and OREO |
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0.42 |
% |
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0.46 |
% |
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0.30 |
% |
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0.11 |
% |
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0.18 |
% |
Allowance for credit losses on loans to non-performing loans |
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249 |
% |
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222 |
% |
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333 |
% |
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974 |
% |
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596 |
% |
Income Tax Expense
The Company’s first quarter effective income tax rate decreased slightly to 19.4% when compared to 20.9% in the prior quarter ended December 31, 2022 and remains relatively stable compared to the rate of 19.6% for the quarter ended March 31, 2022. The Company expects its effective tax rate for 2023 to be approximately 20.0%.
Capital
The Company continues to be strongly capitalized with equity of $353.9 million and tangible equity of $308.2 million at March 31, 2023. At March 31, 2023, CapStar’s Leverage Ratio was 11.40%, Common Equity Tier I ratio was 12.61%, and its Total Risk-Based Capital ratio was 14.51%. These regulatory capital ratios are significantly above levels required to be considered “well capitalized,” which is the highest possible regulatory designation
Book value per share of common stock as of March 31, 2023 was $16.57 while tangible book value per share of common stock was $14.43 as of March 31, 2023 compared to $14.19 and $14.49 for the quarters ended December 31, 2022 and March 31, 2022. Excluding the impact of after-tax unrealized gain or loss within the available for sale investment portfolio, tangible book value per share of common stock for the quarter ended March 31, 2023 was $16.56 compared to $16.57 and $15.53 for the quarters ended December 31, 2022 and March 31, 2022, respectively.
Capital ratios: |
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3/31/2023 |
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12/31/2022 |
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9/30/2022 |
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6/30/2022 |
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3/31/2022 |
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Total risk-based capital |
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14.20 |
% |
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14.51 |
% |
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14.59 |
% |
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14.79 |
% |
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15.60 |
% |
Common equity tier 1 capital |
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12.07 |
% |
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12.61 |
% |
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12.70 |
% |
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12.87 |
% |
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13.58 |
% |
Leverage |
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11.20 |
% |
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11.40 |
% |
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11.22 |
% |
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11.10 |
% |
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10.99 |
% |
As a component of the Company’s capital allocation strategy, $9.8 million was returned to shareholders in the first quarter of 2023 in the form of share repurchases and dividends. In total, 465,834 shares were repurchased at an average price of $16.37. The Board of Directors of the Company renewed a common stock share repurchase authorization of up to $10 million on January 18, 2023. The Plan will terminate on the earlier of the date on which the maximum authorized dollar amount of shares of common stock has been repurchased or January 31, 2024. As of March 31, 2023, the Company could repurchase approximately 360 thousand shares under the current plan.
Liquidity
The Company has a diversified deposit portfolio comprised 86% of customer deposits and 14% of brokered deposits. Among customer deposits, the largest concentration by industry is $45.0 million, or 1.9%, and the largest banking market accounts for $568.7 million or 23.9%. Correspondent Banking customers account for 10.1% of customer deposits. As of March 31, 2023 66.1% of deposits were insured or collateralized.
Liquidity sources total $1.6 billion as of March 31, 2023 which include cash and equivalents of $175.6 million, unpledged securities of $173.5 million, remaining borrowing capacity with the FHLB of $462.4 million, borrowing capacity with the Federal Reserve Discount Window of $315.7 million, the ability to issue an additional $188.2 million of brokered CDs based on internal limits and federal funds lines of $145.0 million.
Dividend
On April 19, 2023, the Board of Directors of the Company approved a 10% quarterly dividend increase to $0.11 per common share payable on May 24, 2023 to shareholders of record of CapStar’s common stock as of the close of business on May 10, 2023.
Conference Call and Webcast Information
CapStar will host a conference call and webcast at 10:30 a.m. Central Time on Friday, April 21, 2023. During the call, management will review the first quarter results and operational highlights. Interested parties may listen to the call by registering here to access the live call, including for participants who plan to ask a question during the call. A simultaneous webcast may be accessed on CapStar’s website at ir.capstarbank.com by clicking on “News & Events.” An archived version of the webcast will be available in the same location shortly after the live call has ended.
CAPSTAR FINANCIAL HOLDINGS, INC. AND SUBSIDIARY
Consolidated Statements of Income (unaudited) (dollars in thousands, except share data)
First quarter 2023 Earnings Release
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Three Months Ended |
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March 31, |
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2023 |
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2022 |
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Interest income: |
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Loans, including fees |
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$ |
31,959 |
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$ |
20,367 |
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Securities: |
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Taxable |
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1,951 |
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1,754 |
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Tax-exempt |
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314 |
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325 |
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Federal funds sold |
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55 |
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10 |
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Restricted equity securities |
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240 |
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156 |
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Interest-bearing deposits in financial institutions |
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1,264 |
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|
172 |
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Total interest income |
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35,783 |
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|
22,784 |
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Interest expense: |
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Interest-bearing deposits |
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2,946 |
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436 |
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Savings and money market accounts |
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|
3,259 |
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|
331 |
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Time deposits |
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|
5,573 |
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|
|
484 |
|
Federal Home Loan Bank advances |
|
|
392 |
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|
|
— |
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Subordinated notes |
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|
394 |
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|
|
393 |
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Total interest expense |
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|
12,564 |
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|
|
1,644 |
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Net interest income |
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|
23,219 |
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|
|
21,140 |
|
Provision for credit losses: |
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|
|
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Provision for (recovery of) credit losses on loans |
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51 |
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|
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(784 |
) |
Provision for credit losses on available-for-sale securities |
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|
2,000 |
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|
|
— |
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Provision for credit losses on unfunded commitments |
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391 |
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|
|
— |
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Total provision for credit losses |
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2,442 |
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|
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(784 |
) |
Net interest income after provision for credit losses |
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|
20,777 |
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|
|
21,924 |
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Noninterest income: |
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|
|
|
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Deposit service charges |
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1,368 |
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|
|
1,142 |
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Interchange and debit card transaction fees |
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|
1,038 |
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|
|
1,222 |
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Mortgage banking |
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|
1,293 |
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|
|
1,966 |
|
Tri-Net |
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|
— |
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|
|
2,171 |
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Wealth management |
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|
374 |
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|
|
440 |
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SBA lending |
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|
1,091 |
|
|
|
222 |
|
Net gain on sale of securities |
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|
5 |
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|
|
— |
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Other noninterest income |
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|
1,106 |
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|
|
1,926 |
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Total noninterest income |
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|
6,275 |
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|
|
9,089 |
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Noninterest expense: |
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|
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Salaries and employee benefits |
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|
10,341 |
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|
10,269 |
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Data processing and software |
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3,211 |
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2,647 |
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Occupancy |
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1,193 |
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|
1,099 |
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Equipment |
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|
822 |
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|
709 |
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Professional services |
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|
788 |
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|
679 |
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Regulatory fees |
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|
413 |
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|
280 |
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Amortization of intangibles |
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|
384 |
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|
446 |
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Other operating |
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|
1,902 |
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|
|
1,607 |
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Total noninterest expense |
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|
19,054 |
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|
17,736 |
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Income before income taxes |
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|
7,998 |
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|
13,277 |
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Income tax expense |
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|
1,552 |
|
|
|
2,604 |
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Net income |
|
$ |
6,446 |
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|
$ |
10,673 |
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Per share information: |
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Basic net income per share of common stock |
|
$ |
0.30 |
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|
$ |
0.48 |
|
Diluted net income per share of common stock |
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$ |
0.30 |
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|
$ |
0.48 |
|
Weighted average shares outstanding: |
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Basic |
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|
21,561,007 |
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|
|
22,198,339 |
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Diluted |
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|
21,595,182 |
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|
|
22,254,644 |
|
This information is preliminary and based on CapStar data available at the time of this earnings release.
CAPSTAR FINANCIAL HOLDINGS, INC. AND SUBSIDIARY
Selected Quarterly Financial Data (unaudited) (dollars in thousands, except share data)
First quarter 2023 Earnings Release
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Five Quarter Comparison |
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|
3/31/2023 |
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12/31/2022 |
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|
9/30/2022 |
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|
6/30/2022 |
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|
3/31/2022 |
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Income Statement Data: |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|||||
Net interest income |
|
$ |
23,219 |
|
|
$ |
24,959 |
|
|
$ |
25,553 |
|
|
$ |
24,440 |
|
|
$ |
21,140 |
|
Provision for (recovery of) credit losses |
|
|
2,442 |
|
|
|
1,548 |
|
|
|
867 |
|
|
|
843 |
|
|
|
(784 |
) |
Net interest income after provision for credit losses |
|
|
20,777 |
|
|
|
23,411 |
|
|
|
24,686 |
|
|
|
23,597 |
|
|
|
21,924 |
|
Deposit service charges |
|
|
1,368 |
|
|
|
1,206 |
|
|
|
1,251 |
|
|
|
1,182 |
|
|
|
1,142 |
|
Interchange and debit card transaction fees |
|
|
1,038 |
|
|
|
1,250 |
|
|
|
1,245 |
|
|
|
1,336 |
|
|
|
1,222 |
|
Mortgage banking |
|
|
1,293 |
|
|
|
637 |
|
|
|
765 |
|
|
|
1,705 |
|
|
|
1,966 |
|
Tri-Net |
|
|
— |
|
|
|
39 |
|
|
|
(2,059 |
) |
|
|
(73 |
) |
|
|
2,171 |
|
Wealth management |
|
|
374 |
|
|
|
403 |
|
|
|
385 |
|
|
|
459 |
|
|
|
440 |
|
SBA lending |
|
|
1,091 |
|
|
|
1,446 |
|
|
|
560 |
|
|
|
273 |
|
|
|
222 |
|
Net gain on sale of securities |
|
|
5 |
|
|
|
1 |
|
|
|
7 |
|
|
|
— |
|
|
|
— |
|
Other noninterest income |
|
|
1,106 |
|
|
|
1,303 |
|
|
|
1,118 |
|
|
|
994 |
|
|
|
1,926 |
|
Total noninterest income |
|
|
6,275 |
|
|
|
6,285 |
|
|
|
3,272 |
|
|
|
5,876 |
|
|
|
9,089 |
|
Salaries and employee benefits |
|
|
10,341 |
|
|
|
9,875 |
|
|
|
8,712 |
|
|
|
9,209 |
|
|
|
10,269 |
|
Data processing and software |
|
|
3,211 |
|
|
|
2,797 |
|
|
|
2,861 |
|
|
|
2,847 |
|
|
|
2,647 |
|
Occupancy |
|
|
1,193 |
|
|
|
1,032 |
|
|
|
1,092 |
|
|
|
1,076 |
|
|
|
1,099 |
|
Equipment |
|
|
822 |
|
|
|
753 |
|
|
|
743 |
|
|
|
783 |
|
|
|
709 |
|
Professional services |
|
|
788 |
|
|
|
522 |
|
|
|
468 |
|
|
|
506 |
|
|
|
679 |
|
Regulatory fees |
|
|
413 |
|
|
|
266 |
|
|
|
269 |
|
|
|
265 |
|
|
|
280 |
|
Amortization of intangibles |
|
|
384 |
|
|
|
399 |
|
|
|
415 |
|
|
|
430 |
|
|
|
446 |
|
Other noninterest expense |
|
|
1,902 |
|
|
|
984 |
|
|
|
3,371 |
|
|
|
1,959 |
|
|
|
1,607 |
|
Total noninterest expense |
|
|
19,054 |
|
|
|
16,628 |
|
|
|
17,931 |
|
|
|
17,075 |
|
|
|
17,736 |
|
Net income before income tax expense |
|
|
7,998 |
|
|
|
13,068 |
|
|
|
10,027 |
|
|
|
12,398 |
|
|
|
13,277 |
|
Income tax expense |
|
|
1,552 |
|
|
|
2,735 |
|
|
|
1,988 |
|
|
|
2,426 |
|
|
|
2,604 |
|
Net income |
|
$ |
6,446 |
|
|
$ |
10,333 |
|
|
$ |
8,039 |
|
|
$ |
9,972 |
|
|
$ |
10,673 |
|
Weighted average shares - basic |
|
|
21,561,007 |
|
|
|
21,887,351 |
|
|
|
21,938,259 |
|
|
|
22,022,109 |
|
|
|
22,198,339 |
|
Weighted average shares - diluted |
|
|
21,595,182 |
|
|
|
21,926,821 |
|
|
|
21,988,085 |
|
|
|
22,074,260 |
|
|
|
22,254,644 |
|
Net income per share, basic |
|
$ |
0.30 |
|
|
$ |
0.47 |
|
|
$ |
0.37 |
|
|
$ |
0.45 |
|
|
$ |
0.48 |
|
Net income per share, diluted |
|
|
0.30 |
|
|
|
0.47 |
|
|
|
0.37 |
|
|
|
0.45 |
|
|
|
0.48 |
|
Balance Sheet Data (at period end): |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|||||
Cash and cash equivalents |
|
$ |
175,557 |
|
|
$ |
135,305 |
|
|
$ |
199,913 |
|
|
$ |
113,825 |
|
|
$ |
355,981 |
|
Securities available-for-sale |
|
|
391,547 |
|
|
|
396,416 |
|
|
|
401,345 |
|
|
|
437,420 |
|
|
|
460,558 |
|
Securities held-to-maturity |
|
|
1,232 |
|
|
|
1,240 |
|
|
|
1,762 |
|
|
|
1,769 |
|
|
|
1,775 |
|
Loans held for sale |
|
|
31,501 |
|
|
|
44,708 |
|
|
|
43,122 |
|
|
|
85,884 |
|
|
|
106,895 |
|
Loans held for investment |
|
|
2,407,328 |
|
|
|
2,312,798 |
|
|
|
2,290,269 |
|
|
|
2,234,833 |
|
|
|
2,047,555 |
|
Allowance for credit losses on loans |
|
|
(25,189 |
) |
|
|
(23,806 |
) |
|
|
(22,431 |
) |
|
|
(21,684 |
) |
|
|
(20,857 |
) |
Total assets |
|
|
3,232,751 |
|
|
|
3,117,169 |
|
|
|
3,165,706 |
|
|
|
3,096,537 |
|
|
|
3,190,749 |
|
Non-interest-bearing deposits |
|
|
463,243 |
|
|
|
512,076 |
|
|
|
628,846 |
|
|
|
717,167 |
|
|
|
702,172 |
|
Interest-bearing deposits |
|
|
2,286,844 |
|
|
|
2,167,743 |
|
|
|
2,004,827 |
|
|
|
1,913,320 |
|
|
|
2,053,823 |
|
Federal Home Loan Bank advances and other borrowings |
|
|
85,199 |
|
|
|
44,666 |
|
|
|
149,633 |
|
|
|
74,599 |
|
|
|
29,566 |
|
Total liabilities |
|
|
2,878,840 |
|
|
|
2,762,987 |
|
|
|
2,818,341 |
|
|
|
2,738,802 |
|
|
|
2,821,832 |
|
Shareholders' equity |
|
|
353,911 |
|
|
|
354,182 |
|
|
|
347,365 |
|
|
|
357,735 |
|
|
|
368,917 |
|
Total shares of common stock outstanding |
|
|
21,361,614 |
|
|
|
21,714,380 |
|
|
|
21,931,624 |
|
|
|
21,934,554 |
|
|
|
22,195,071 |
|
Book value per share of common stock |
|
$ |
16.57 |
|
|
$ |
16.31 |
|
|
$ |
15.84 |
|
|
$ |
16.31 |
|
|
$ |
16.62 |
|
Tangible book value per share of common stock* |
|
|
14.43 |
|
|
|
14.19 |
|
|
|
13.72 |
|
|
|
14.17 |
|
|
|
14.49 |
|
Tangible book value per share of common stock less after-tax unrealized available for sale investment losses* |
|
|
16.56 |
|
|
|
16.57 |
|
|
|
16.16 |
|
|
|
15.86 |
|
|
|
15.53 |
|
Market value per share of common stock |
|
|
15.15 |
|
|
|
17.66 |
|
|
|
18.53 |
|
|
|
19.62 |
|
|
|
21.08 |
|
Capital ratios: |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|||||
Total risk-based capital |
|
|
14.20 |
% |
|
|
14.51 |
% |
|
|
14.59 |
% |
|
|
14.79 |
% |
|
|
15.60 |
% |
Tangible common equity to tangible assets* |
|
|
9.67 |
% |
|
|
10.03 |
% |
|
|
9.65 |
% |
|
|
10.19 |
% |
|
|
10.23 |
% |
Tangible common equity to tangible assets less after-tax unrealized available for sale investment losses* |
|
|
10.94 |
% |
|
|
11.52 |
% |
|
|
11.17 |
% |
|
|
11.27 |
% |
|
|
10.88 |
% |
Common equity tier 1 capital |
|
|
12.07 |
% |
|
|
12.61 |
% |
|
|
12.70 |
% |
|
|
12.87 |
% |
|
|
13.58 |
% |
Leverage |
|
|
11.20 |
% |
|
|
11.40 |
% |
|
|
11.22 |
% |
|
|
11.10 |
% |
|
|
10.99 |
% |
_____________________
*This metric is a non-GAAP financial measure. See Non-GAAP disclaimer in this earnings release and below for discussion and reconciliation to the most directly comparable GAAP financial measure.
This information is preliminary and based on CapStar data available at the time of this earnings release.
CAPSTAR FINANCIAL HOLDINGS, INC. AND SUBSIDIARY
Selected Quarterly Financial Data (unaudited) (dollars in thousands, except share data)
First quarter 2023 Earnings Release
|
|
Five Quarter Comparison |
|
|||||||||||||||||
|
|
3/31/2023 |
|
|
12/31/2022 |
|
|
9/30/2022 |
|
|
6/30/2022 |
|
|
3/31/2022 |
|
|||||
Average Balance Sheet Data: |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|||||
Cash and cash equivalents |
|
$ |
153,464 |
|
|
$ |
154,150 |
|
|
$ |
154,543 |
|
|
$ |
189,542 |
|
|
$ |
380,262 |
|
Investment securities |
|
|
410,371 |
|
|
|
415,414 |
|
|
|
450,933 |
|
|
|
473,167 |
|
|
|
483,339 |
|
Loans held for sale |
|
|
29,578 |
|
|
|
37,945 |
|
|
|
94,811 |
|
|
|
114,223 |
|
|
|
90,163 |
|
Loans held for investment |
|
|
2,348,100 |
|
|
|
2,309,349 |
|
|
|
2,241,355 |
|
|
|
2,147,750 |
|
|
|
2,001,740 |
|
Assets |
|
|
3,150,436 |
|
|
|
3,124,928 |
|
|
|
3,146,841 |
|
|
|
3,128,864 |
|
|
|
3,153,320 |
|
Interest bearing deposits |
|
|
2,176,542 |
|
|
|
2,076,743 |
|
|
|
1,993,172 |
|
|
|
1,936,910 |
|
|
|
1,976,803 |
|
Deposits |
|
|
2,691,108 |
|
|
|
2,662,954 |
|
|
|
2,659,268 |
|
|
|
2,664,615 |
|
|
|
2,704,937 |
|
Federal Home Loan Bank advances and other borrowings |
|
|
62,585 |
|
|
|
74,812 |
|
|
|
88,584 |
|
|
|
70,516 |
|
|
|
29,547 |
|
Liabilities |
|
|
2,797,442 |
|
|
|
2,776,902 |
|
|
|
2,782,703 |
|
|
|
2,767,714 |
|
|
|
2,773,281 |
|
Shareholders' equity |
|
|
352,994 |
|
|
|
348,027 |
|
|
|
364,138 |
|
|
|
361,150 |
|
|
|
380,039 |
|
Performance Ratios: |
|
|
|
|
|
|
|
|
|
|
|
|
||||||||