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 July 20, 2023, CapStar Financial Holdings, Inc. (the “Company”) issued an earnings release announcing its financial results for the second quarter ended June 30, 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 10:00 a.m. (Central Time) on July 21, 2023 to discuss its financial results for the second quarter ended June 30, 2023.
Item 9.01. Financial Statements and Exhibits.
Exhibit Number |
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Description |
99.1 |
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Earnings release issued on July 20, 2023 by CapStar Financial Holdings, Inc. |
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: July 20, 2023
3
Exhibit 99.1
EARNINGS RELEASE
CONTACT
Michael J. Fowler
Chief Financial Officer
(615) 732-7404
CapStar Reports Second Quarter 2023 Results
NASHVILLE, TN, July 20, 2023 (GLOBE NEWSWIRE) - CapStar Financial Holdings, Inc. (“CapStar”) (NASDAQ:CSTR) today reported net income of $7.8 million or $0.37 per diluted share, for the quarter ended June 30, 2023, compared with net income of $6.4 million or $0.30 per diluted share, for the quarter ended March 31, 2023, and net income of $10.0 million or $0.45 per diluted share, for the quarter ended June 30, 2022. Annualized return on average assets and return on average equity for the quarter ended June 30, 2023 was 0.98% and 8.95%, respectively.
Revenue
Total revenue, defined as net interest income plus noninterest income, was $28.8 million in the second quarter of 2023 compared to the first quarter of 2023 revenue of $29.5 million. Second quarter net interest income decreased $0.6 million from the prior quarter to $22.6 million while noninterest income declined $0.1 million to $6.2 million.
Second quarter 2023 average earning assets increased $48.8 million to $2.97 billion compared to the first quarter 2023. The growth in average earning assets was attributed to a $43.1 million, or 7% linked-quarter annualized, increase in loans held for investment while the related yield increased 30 basis points from the prior quarter to 5.79%.
Over the past year, the Company has been proactive and disciplined in curtailing lending on commercial real estate investment properties and to non-depositors focusing all efforts on liquidity management. While second quarter 2023 end of period loan held for investment balances declined versus the first quarter of 2023, the Company maintains strong lending capabilities in robust markets and is pleased with $76.5 million of growth in customer deposit balances that have occurred from May 31, through July 19, 2023 and improvement in insured or collateralized deposits to 75.5% as of June 30, 2023.
The net interest margin decreased 18 basis points from the prior quarter to 3.06%. The decline in net interest margin was principally related to the pace at which market deposit rates are rising as a result of intense market competition in relation to the repricing of the Company's loan portfolio. The total cost of deposits increased 49 basis points from the first quarter of 2023 to 2.26% in the second quarter of 2023.
Second quarter 2023 noninterest income as compared to the first quarter of 2023 benefited from increased servicing fee income offset by declines in deposit service charges and mortgage banking. SBA production and pipeline remains strong with the enhanced benefit of escalating servicing income now contributing over $800 thousand on an annualized basis. The Company’s Tri-Net business continues to remain disciplined awaiting a return to rational market pricing with limited originations and sales occurring in 2023.
Noninterest Expense and Operating Efficiency
Noninterest expense was $19.2 million for the second quarter of 2023, compared to $19.1 million in the first quarter of 2023. Second quarter noninterest expense included $122 thousand related to the anticipated changes in legislation for stock repurchase taxation. During the quarter, the Company identified approximately $3.0 million of annualized expense reductions with partial implementation in late June and the remainder anticipated throughout the second half of 2023.
The efficiency ratio was 66.61% for the quarter ended June 30, 2023 and 64.60% for the quarter ended March 31, 2023. Annualized noninterest expense as a percentage of average assets was 2.41% for the quarter ended June 30, 2023 which is a decrease of 4 basis points compared to the quarter ended March 31, 2023. Assets per employee increased to $8.3 million as of June 30, 2023 compared to $8.1 million in the previous quarter.
Asset Quality
Despite a decrease in end of period loans held for investment and unfunded commitments versus the first quarter of 2023, the Company recorded a nominal provision of $22 thousand during the second quarter due to the continued overall macroeconomic uncertainty. Net loan charge-offs in second quarter totaled $0.2 million or 0.03% annualized of average loans held for investment.
Past due loans improved to $3.6 million or 0.15% of total loans held for investment at June 30, 2023 compared to $8.5 million or 0.35% of total loans held for investment at March 31, 2023. The improvement was related to one relationship totaling $5.8 million which became current during the second quarter. Past dues include a $1.3 million relationship that is well secured and is in the process of being liquidated with no expected loss.
Non-performing assets to total loans held for investment and OREO were 0.48% at June 30, 2023 compared to 0.42% at March 31, 2023. Non-performing assets include two relationships totaling approximately $8.0 million which entered forbearance agreements and were brought current during the first quarter. The Company is optimistic these relationships will return to accrual status in the third quarter with recognition of full interest income not recognized while on nonaccrual.
The allowance for credit losses related to loans increased to 1.08% as of June 30, 2023 compared to 1.05% as of March 31, 2023. The allowance for credit losses related to unfunded commitments decreased to 0.43% of available balances as of June 30, 2023 from 0.47% at March 31, 2023.
Asset Quality Data: |
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6/30/2023 |
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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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Annualized net charge-offs to average loans |
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0.03 |
% |
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0.03 |
% |
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0.03 |
% |
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0.02 |
% |
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0.00 |
% |
Criticized and classified loans to total loans |
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1.36 |
% |
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1.76 |
% |
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1.31 |
% |
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1.79 |
% |
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2.12 |
% |
Loans- past due to total end of period loans |
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0.15 |
% |
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0.35 |
% |
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0.50 |
% |
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0.63 |
% |
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0.12 |
% |
Loans-over 90 days past due to total period end loans |
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0.08 |
% |
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0.05 |
% |
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0.44 |
% |
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0.27 |
% |
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0.02 |
% |
Non-performing assets to total loans held for investment and OREO |
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0.48 |
% |
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0.42 |
% |
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0.46 |
% |
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0.30 |
% |
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0.11 |
% |
Allowance for credit losses on loans to non-performing loans |
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228 |
% |
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249 |
% |
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222 |
% |
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333 |
% |
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974 |
% |
Income Tax Expense
The Company’s second quarter effective income tax rate decreased slightly to 18.6% when compared to 19.4% in the prior quarter ended March 31, 2023 and compared to the rate of 19.6% for the quarter ended June 30, 2022. When compared to the six months ended June 30, 2022, the six months ended June 30, 2023 showed a decrease in the rate from 19.6% to 19.0%, in line with Company expectations for the remainder of the year.
Capital
The Company continues to be strongly capitalized with equity of $347.5 million and tangible equity of $302.1 million at June 30, 2023. At June 30, 2023, CapStar’s Leverage Ratio was 11.05%, Common Equity Tier I ratio was 12.40%, and its Total Risk-Based Capital ratio was 14.34%. These regulatory capital ratios are significantly above levels required to be considered “well capitalized,” which is the highest possible regulatory designation. As all investments are designated as available-for-sale, the Tangible Common Equity to Tangible Assets ratio of 9.64% is inclusive of all unrealized investment portfolio losses.
Book value per share of common stock as of June 30, 2023 was $16.64 while tangible book value per share of common stock was $14.47 as of June 30, 2023 compared to $16.57 and $14.43, respectively, for the quarter ended March 31, 2023. 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 June 30, 2023 was $16.95 compared to $16.56 and $15.86 for the quarters ended March 31, 2023 and June 30, 2022, respectively.
Consolidated Capital ratios: |
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6/30/2023 |
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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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Total risk-based capital |
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14.34 |
% |
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13.98 |
% |
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14.51 |
% |
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14.59 |
% |
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14.79 |
% |
Common equity tier 1 capital |
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12.40 |
% |
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12.09 |
% |
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12.61 |
% |
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12.70 |
% |
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12.87 |
% |
Leverage |
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11.05 |
% |
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11.20 |
% |
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11.40 |
% |
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11.22 |
% |
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11.10 |
% |
Tangible common equity to tangible assets * |
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9.64 |
% |
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9.67 |
% |
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10.03 |
% |
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9.65 |
% |
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10.19 |
% |
_____________________
*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.
As a component of the Company’s capital allocation strategy, $8.3 million was returned to shareholders in the second quarter of 2023 in the form of share repurchases and dividends. In total, 453,822 shares were repurchased at an average price of $13.36. The Board of Directors of the Company renewed a common stock share repurchase authorization of up to $20 million on May 25, 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.
Liquidity
Liquidity sources remain strong at a total $1.5 billion as of June 30, 2023 compared to the March 31, 2023 total of $1.6 billion. Sources as of June 30, 2023 include cash and equivalents of $170.7 million, unpledged securities of $172.8 million, remaining borrowing capacity with the FHLB of $473.3 million, borrowing capacity with the Federal Reserve Discount Window of $314.8 million, the ability to issue an additional $137.1 million of brokered CDs based on internal limits, federal funds lines of $115.0 million, loans held-for-sale of $48.1 million and $55.0 million of additional funding capacity through the Federal Reserve’s Bank Term Funding Program.
Dividend
On July 19, 2023, the Board of Directors of the Company approved a quarterly dividend of $0.11 per common share payable on August 23, 2023 to shareholders of record of CapStar’s common stock as of the close of business on August 9, 2023.
Conference Call and Webcast Information
CapStar will host a conference call and webcast at 10:00 a.m. Central Time on Friday, July 21, 2023. During the call, management will review the second quarter results and operational highlights. Interested parties may listen to the call by registering here to access the live call, including for participants who plan to ask a question during the call. A simultaneous webcast may be accessed on CapStar’s website at ir.capstarbank.com by clicking on “News & Events.” An archived version of the webcast will be available in the same location shortly after the live call has ended.
CAPSTAR FINANCIAL HOLDINGS, INC. AND SUBSIDIARY
Consolidated Statements of Income (unaudited) (dollars in thousands, except share data)
Second quarter 2023 Earnings Release
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Three Months Ended |
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Six Months Ended |
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June 30, |
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June 30, |
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2023 |
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2022 |
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2023 |
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2022 |
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Interest income: |
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Loans, including fees |
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$ |
34,815 |
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$ |
23,775 |
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$ |
66,774 |
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$ |
44,141 |
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Securities: |
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Taxable |
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2,025 |
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1,922 |
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3,976 |
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3,677 |
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Tax-exempt |
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308 |
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319 |
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622 |
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|
644 |
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Federal funds sold |
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68 |
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|
14 |
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123 |
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|
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24 |
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Restricted equity securities |
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248 |
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173 |
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|
488 |
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|
329 |
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Interest-bearing deposits in financial institutions |
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1,823 |
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|
286 |
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|
3,087 |
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|
|
458 |
|
Total interest income |
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39,287 |
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|
26,489 |
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|
|
75,070 |
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|
|
49,273 |
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Interest expense: |
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|
|
|
|
|
|
|
|
|
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Interest-bearing deposits |
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4,474 |
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|
638 |
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|
|
7,420 |
|
|
|
1,074 |
|
Savings and money market accounts |
|
|
3,254 |
|
|
|
467 |
|
|
|
6,513 |
|
|
|
797 |
|
Time deposits |
|
|
7,363 |
|
|
|
454 |
|
|
|
12,936 |
|
|
|
938 |
|
Federal Home Loan Bank advances |
|
|
1,231 |
|
|
|
96 |
|
|
|
1,623 |
|
|
|
96 |
|
Subordinated notes |
|
|
394 |
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|
|
394 |
|
|
|
788 |
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|
|
788 |
|
Total interest expense |
|
|
16,716 |
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|
|
2,049 |
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|
|
29,280 |
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|
|
3,693 |
|
Net interest income |
|
|
22,571 |
|
|
|
24,440 |
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|
|
45,790 |
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|
|
45,580 |
|
Provision for credit losses: |
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|
|
|
|
|
|
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Provision for credit losses on loans |
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|
519 |
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|
|
843 |
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|
570 |
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|
59 |
|
Provision for credit losses on available-for-sale securities |
|
|
— |
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|
|
— |
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2,000 |
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|
|
— |
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Provision for (recovery of) credit losses on unfunded commitments |
|
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(497 |
) |
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— |
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(106 |
) |
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|
— |
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Total provision for credit losses |
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|
22 |
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|
843 |
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|
2,464 |
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|
59 |
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Net interest income after provision for credit losses |
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|
22,549 |
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|
|
23,597 |
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|
|
43,326 |
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|
45,521 |
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Noninterest income: |
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|
|
|
|
|
|
|
|
|
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Deposit service charges |
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1,264 |
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|
1,182 |
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|
2,632 |
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|
2,324 |
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Interchange and debit card transaction fees |
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|
1,060 |
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1,336 |
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|
2,098 |
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|
2,558 |
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Mortgage banking |
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|
955 |
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|
1,705 |
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|
2,248 |
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|
3,671 |
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Tri-Net |
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27 |
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(73 |
) |
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27 |
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|
2,098 |
|
Wealth management |
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|
426 |
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|
|
459 |
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|
800 |
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|
|
899 |
|
SBA lending |
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|
977 |
|
|
|
273 |
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|
|
2,068 |
|
|
|
494 |
|
Net gain on sale of securities |
|
|
— |
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|
|
— |
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|
|
5 |
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|
|
0 |
|
Other noninterest income |
|
|
1,503 |
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|
|
994 |
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|
|
2,609 |
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|
|
2,921 |
|
Total noninterest income |
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|
6,212 |
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|
|
5,876 |
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|
|
12,487 |
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|
|
14,965 |
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Noninterest expense: |
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|
|
|
|
|
|
|
|
|
|
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Salaries and employee benefits |
|
|
10,533 |
|
|
|
9,209 |
|
|
|
20,874 |
|
|
|
19,478 |
|
Data processing and software |
|
|
3,294 |
|
|
|
2,847 |
|
|
|
6,505 |
|
|
|
5,494 |
|
Occupancy |
|
|
1,097 |
|
|
|
1,076 |
|
|
|
2,290 |
|
|
|
2,174 |
|
Equipment |
|
|
674 |
|
|
|
783 |
|
|
|
1,496 |
|
|
|
1,492 |
|
Professional services |
|
|
899 |
|
|
|
506 |
|
|
|
1,687 |
|
|
|
1,185 |
|
Regulatory fees |
|
|
419 |
|
|
|
265 |
|
|
|
832 |
|
|
|
545 |
|
Amortization of intangibles |
|
|
368 |
|
|
|
430 |
|
|
|
752 |
|
|
|
876 |
|
Other operating |
|
|
1,888 |
|
|
|
1,959 |
|
|
|
3,790 |
|
|
|
3,566 |
|
Total noninterest expense |
|
|
19,172 |
|
|
|
17,075 |
|
|
|
38,226 |
|
|
|
34,810 |
|
Income before income taxes |
|
|
9,589 |
|
|
|
12,398 |
|
|
|
17,587 |
|
|
|
25,676 |
|
Income tax expense |
|
|
1,785 |
|
|
|
2,426 |
|
|
|
3,337 |
|
|
|
5,031 |
|
Net income |
|
$ |
7,804 |
|
|
$ |
9,972 |
|
|
$ |
14,250 |
|
|
$ |
20,645 |
|
Per share information: |
|
|
|
|
|
|
|
|
|
|
|
|
||||
Basic net income per share of common stock |
|
$ |
0.37 |
|
|
$ |
0.45 |
|
|
$ |
0.67 |
|
|
$ |
0.93 |
|
Diluted net income per share of common stock |
|
$ |
0.37 |
|
|
$ |
0.45 |
|
|
$ |
0.67 |
|
|
$ |
0.93 |
|
Weighted average shares outstanding: |
|
|
|
|
|
|
|
|
|
|
|
|
||||
Basic |
|
|
21,065,115 |
|
|
|
22,022,109 |
|
|
|
21,311,691 |
|
|
|
22,109,737 |
|
Diluted |
|
|
21,107,457 |
|
|
|
22,074,260 |
|
|
|
21,349,972 |
|
|
|
22,163,954 |
|
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)
Second quarter 2023 Earnings Release
|
|
Five Quarter Comparison |
|
|||||||||||||||||
|
|
6/30/2023 |
|
|
3/31/2023 |
|
|
12/31/2022 |
|
|
9/30/2022 |
|
|
6/30/2022 |
|
|||||
Income Statement Data: |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|||||
Net interest income |
|
$ |
22,571 |
|
|
$ |
23,219 |
|
|
$ |
24,959 |
|
|
$ |
25,553 |
|
|
$ |
24,440 |
|
Provision for credit losses |
|
|
22 |
|
|
|
2,442 |
|
|
|
1,548 |
|
|
|
867 |
|
|
|
843 |
|
Net interest income after provision for credit losses |
|
|
22,549 |
|
|
|
20,777 |
|
|
|
23,411 |
|
|
|
24,686 |
|
|
|
23,597 |
|
Deposit service charges |
|
|
1,264 |
|
|
|
1,368 |
|
|
|
1,206 |
|
|
|
1,251 |
|
|
|
1,182 |
|
Interchange and debit card transaction fees |
|
|
1,060 |
|
|
|
1,038 |
|
|
|
1,250 |
|
|
|
1,245 |
|
|
|
1,336 |
|
Mortgage banking |
|
|
955 |
|
|
|
1,293 |
|
|
|
637 |
|
|
|
765 |
|
|
|
1,705 |
|
Tri-Net |
|
|
27 |
|
|
|
— |
|
|
|
39 |
|
|
|
(2,059 |
) |
|
|
(73 |
) |
Wealth management |
|
|
426 |
|
|
|
374 |
|
|
|
403 |
|
|
|
385 |
|
|
|
459 |
|
SBA lending |
|
|
977 |
|
|
|
1,091 |
|
|
|
1,446 |
|
|
|
560 |
|
|
|
273 |
|
Net gain on sale of securities |
|
|
— |
|
|
|
5 |
|
|
|
1 |
|
|
|
7 |
|
|
|
— |
|
Other noninterest income |
|
|
1,503 |
|
|
|
1,106 |
|
|
|
1,303 |
|
|
|
1,118 |
|
|
|
994 |
|
Total noninterest income |
|
|
6,212 |
|
|
|
6,275 |
|
|
|
6,285 |
|
|
|
3,272 |
|
|
|
5,876 |
|
Salaries and employee benefits |
|
|
10,533 |
|
|
|
10,341 |
|
|
|
9,875 |
|
|
|
8,712 |
|
|
|
9,209 |
|
Data processing and software |
|
|
3,294 |
|
|
|
3,211 |
|
|
|
2,797 |
|
|
|
2,861 |
|
|
|
2,847 |
|
Occupancy |
|
|
1,097 |
|
|
|
1,193 |
|
|
|
1,032 |
|
|
|
1,092 |
|
|
|
1,076 |
|
Equipment |
|
|
674 |
|
|
|
822 |
|
|
|
753 |
|
|
|
743 |
|
|
|
783 |
|
Professional services |
|
|
899 |
|
|
|
788 |
|
|
|
522 |
|
|
|
468 |
|
|
|
506 |
|
Regulatory fees |
|
|
419 |
|
|
|
413 |
|
|
|
266 |
|
|
|
269 |
|
|
|
265 |
|
Amortization of intangibles |
|
|
368 |
|
|
|
384 |
|
|
|
399 |
|
|
|
415 |
|
|
|
430 |
|
Other noninterest expense |
|
|
1,888 |
|
|
|
1,902 |
|
|
|
984 |
|
|
|
3,371 |
|
|
|
1,959 |
|
Total noninterest expense |
|
|
19,172 |
|
|
|
19,054 |
|
|
|
16,628 |
|
|
|
17,931 |
|
|
|
17,075 |
|
Net income before income tax expense |
|
|
9,589 |
|
|
|
7,998 |
|
|
|
13,068 |
|
|
|
10,027 |
|
|
|
12,398 |
|
Income tax expense |
|
|
1,785 |
|
|
|
1,552 |
|
|
|
2,735 |
|
|
|
1,988 |
|
|
|
2,426 |
|
Net income |
|
$ |
7,804 |
|
|
$ |
6,446 |
|
|
$ |
10,333 |
|
|
$ |
8,039 |
|
|
$ |
9,972 |
|
Weighted average shares - basic |
|
|
21,065,115 |
|
|
|
21,561,007 |
|
|
|
21,887,351 |
|
|
|
21,938,259 |
|
|
|
22,022,109 |
|
Weighted average shares - diluted |
|
|
21,107,457 |
|
|
|
21,595,182 |
|
|
|
21,926,821 |
|
|
|
21,988,085 |
|
|
|
22,074,260 |
|
Net income per share, basic |
|
$ |
0.37 |
|
|
$ |
0.30 |
|
|
$ |
0.47 |
|
|
$ |
0.37 |
|
|
$ |
0.45 |
|
Net income per share, diluted |
|
|
0.37 |
|
|
|
0.30 |
|
|
|
0.47 |
|
|
|
0.37 |
|
|
|
0.45 |
|
Balance Sheet Data (at period end): |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|||||
Cash and cash equivalents |
|
$ |
170,709 |
|
|
$ |
175,557 |
|
|
$ |
135,305 |
|
|
$ |
199,913 |
|
|
$ |
113,825 |
|
Securities available-for-sale |
|
|
373,262 |
|
|
|
391,547 |
|
|
|
396,416 |
|
|
|
401,345 |
|
|
|
437,420 |
|
Securities held-to-maturity |
|
|
- |
|
|
|
1,232 |
|
|
|
1,240 |
|
|
|
1,762 |
|
|
|
1,769 |
|
Loans held for sale |
|
|
48,895 |
|
|
|
31,501 |
|
|
|
44,708 |
|
|
|
43,122 |
|
|
|
85,884 |
|
Loans held for investment |
|
|
2,358,928 |
|
|
|
2,407,328 |
|
|
|
2,312,798 |
|
|
|
2,290,269 |
|
|
|
2,234,833 |
|
Allowance for credit losses on loans |
|
|
(25,524 |
) |
|
|
(25,189 |
) |
|
|
(23,806 |
) |
|
|
(22,431 |
) |
|
|
(21,684 |
) |
Total assets |
|
|
3,179,016 |
|
|
|
3,232,751 |
|
|
|
3,117,169 |
|
|
|
3,165,706 |
|
|
|
3,096,537 |
|
Non-interest-bearing deposits |
|
|
414,828 |
|
|
|
463,243 |
|
|
|
512,076 |
|
|
|
628,846 |
|
|
|
717,167 |
|
Interest-bearing deposits |
|
|
2,295,931 |
|
|
|
2,286,844 |
|
|
|
2,167,743 |
|
|
|
2,004,827 |
|
|
|
1,913,320 |
|
Federal Home Loan Bank advances and other borrowings |
|
|
79,733 |
|
|
|
85,199 |
|
|
|
44,666 |
|
|
|
149,633 |
|
|
|
74,599 |
|
Total liabilities |
|
|
2,831,551 |
|
|
|
2,878,840 |
|
|
|
2,762,987 |
|
|
|
2,818,341 |
|
|
|
2,738,802 |
|
Shareholders' equity |
|
|
347,465 |
|
|
|
353,911 |
|
|
|
354,182 |
|
|
|
347,365 |
|
|
|
357,735 |
|
Total shares of common stock outstanding |
|
|
20,884,492 |
|
|
|
21,361,614 |
|
|
|
21,714,380 |
|
|
|
21,931,624 |
|
|
|
21,934,554 |
|
Book value per share of common stock |
|
$ |
16.64 |
|
|
$ |
16.57 |
|
|
$ |
16.31 |
|
|
$ |
15.84 |
|
|
$ |
16.31 |
|
Tangible book value per share of common stock* |
|
|
14.47 |
|
|
|
14.43 |
|
|
|
14.19 |
|
|
|
13.72 |
|
|
|
14.17 |
|
Tangible book value per share of common stock less after-tax unrealized available for sale investment losses* |
|
|
16.95 |
|
|
|
16.56 |
|
|
|
16.57 |
|
|
|
16.16 |
|
|
|
15.86 |
|
Market value per share of common stock |
|
|
12.27 |
|
|
|
15.15 |
|
|
|
17.66 |
|
|
|
18.53 |
|
|
|
19.62 |
|
Consolidated Capital ratios: |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|||||