cstr-8k_20210422.htm
false 0001676479 0001676479 2021-04-22 2021-04-22

 

 

 

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): April 22, 2021

______________________________


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))

 

Securities registered pursuant to Section 12(b) of the Exchange Act:

Title of each class

 

Trading Symbol(s)

 

Name of each exchange

on which registered

Common Stock, $1.00 par value per share

 

CSTR

 

Nasdaq Global Select Market

 

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 22, 2021, CapStar Financial Holdings, Inc. (the “Company”) issued an earnings release announcing its financial results for the first quarter ended March 31, 2021.  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 11:00 a.m. (Central Time) on April 23, 2021 to discuss its financial results for the first quarter ended March 31, 2021.

 

 

Item 9.01.  Financial Statements and Exhibits.

 

Exhibit Number

 

Description

99.1

 

Earnings release issued on April 22, 2021 by CapStar Financial Holdings, Inc.

99.2

 

Presentation for conference call to be conducted by CapStar Financial Holdings, Inc. on April 23, 2021.

104

 

Cover Page Interactive Data File (embedded within the Inline XBRL document).

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

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/ Denis J. Duncan

 

Denis J. Duncan

 

Chief Financial Officer

 

 

 

Date: April 22, 2021

 

3

cstr-ex991_6.htm

Exhibit 99.1

EARNINGS RELEASE

 

CONTACT

 

Denis J. Duncan

Chief Financial Officer

(615) 732-7492

 

 

 

 

CapStar Financial Holdings, Inc. Reports First Quarter 2021 Results and Increase in Quarterly Dividend

 

 

NASHVILLE, TN, April 22, 2021 GlobeNewswire -- CapStar Financial Holdings, Inc. (“CapStar”) (NASDAQ:CSTR) today reported net income of $11.0 million or $0.50 per diluted share, for the quarter ended March 31, 2021, compared with net income of $1.3 million or $0.07 per diluted share, for the quarter ended March 31, 2020. Annualized return on average assets and return on average tangible equity for the quarter ended March 31, 2021 were 1.45% and 14.85%, respectively.

 

“CapStar began 2021 with outstanding results,” said Timothy K. Schools, president and chief executive officer. “Our performance reflects the beginning of an improving economy and execution of strategic priorities to enhance our profitability and earnings consistency, accelerate organic growth, maintain sound risk management principles, and develop disciplined capital allocation. With continued dedication to exceptional customer service, our hard-working associates are delivering.  If current trends continue, we are optimistic that 2021 can be an outstanding year for CapStar.  We have more levers than ever before, now serving two dynamic urban markets, three established and stable community markets, and operating several unique specialty businesses.”

 

“During the quarter, average loans, excluding PPP loans, grew 11.5% annualized; we added Commercial Relationship Managers in both the Knoxville and Nashville metropolitan areas to complement our existing teams; our mortgage, Tri-Net, and SBA businesses showed continued strength; expense discipline led to a record efficiency ratio of 54.08%; and asset quality remained solid with criticized and classified loan levels improving from elevated pandemic levels.  Importantly, we ended the quarter with capital ratios approximately 200 bps higher than the industry median and nearly 30% of our assets in cash and investment securities, of which $391 million was in cash. This positions CapStar favorably, allowing us to expand our business, increase our dividend, and announce a substantial share purchase program that enables us to return excess capital to shareholders at the times we believe our stock is our best investment.”

 

Profitability

 

Annualized pre-tax pre-provision income to average assets for the three months ended March 31, 2021 was 1.95% compared to 1.63% for the same period in 2020.

 

Annualized return on average assets for the three months ended March 31, 2021 was 1.45% compared to 0.26% for the same period in 2020.

 

Annualized return on average tangible equity for the three months ended March 31, 2021 was 14.85% compared to 2.31% for the same period in 2020.

 

Net interest margin was 3.13% for the three months ended March 31, 2021 compared to 3.50% for the same period in 2020. The decrease was principally the result of excess liquidity, partially offset by the positive impact of PPP loans.

 

The efficiency ratio for the three months ended March 31, 2021 was 54.08% compared to 63.06% for the same period in 2020.


 

 

 

Growth

 

Pre-tax pre-provision earnings for the quarter ended March 31, 2021 totaled $14.8 million, compared to $8.3 million for the quarter ended March 31, 2020. The increase was largely attributable to the acquisitions of The Bank of Waynesboro and The First National Bank of Manchester, along with growth in our mortgage business.

 

Average deposits for the quarter ended March 31, 2021 increased $50.5 million or 7.8% annualized compared to December 31, 2020.

 

Average loans, excluding PPP loans, increased $48.0 million or 11.5% annualized for the quarter ended March 31, 2021 compared to December 31, 2020.

 

Tangible book value per share for the quarter ended March 31, 2021 increased to $13.34 compared to $12.66 for the quarter ended March 31, 2020 and declined 2 cents compared to the quarter ended December 31, 2020.

 

Soundness

 

The total risk-based capital ratio was 16.29% at March 31, 2021 compared to 13.68% at March 31, 2020.

 

The allowance for loan losses to total loans was 1.23% at March 31, 2021 compared to 1.39% at March 31, 2020. The allowance for loan losses plus the fair value mark on acquired loans to total loans, less PPP loans, was 1.59% at March 31, 2021 compared to 1.61% at March 31, 2020.

 

Non-performing assets to total loans and OREO was 0.30% at March 31, 2021 compared to 0.26% at March 31, 2020.

 

Annualized net charge offs to average loans for the three months ended March 31, 2021 was less than 0.01% compared to 0.01% at March 31, 2020.

 

Dividend

 

On April 22, 2021, the board of directors of CapStar approved a quarterly dividend of $0.06 per common share, an increase of 20% from $0.05 in the first quarter 2020, payable on May 26, 2021 to shareholders of record of CapStar’s common stock as of the close of business on May 12, 2021. The increase reflects the Board of Directors’ confidence in CapStar’s near-term and long-term strategy and further underscores its commitment to return value to shareholders.

 

Conference Call and Webcast Information

 

CapStar will host a conference call and webcast at 11:00 a.m. Central Time on Friday, April 23, 2021. During the call, management will review the first quarter results and operational highlights. Interested parties may listen to the call by dialing (844) 412-1002. The conference ID number is 3558917. 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 March 31, 2021, on a consolidated basis, CapStar had total assets of $3.15 billion, total loans of $1.94 billion, total deposits of $2.75 billion, and shareholders’ equity of $343.94 million. Visit www.capstarbank.com for more information.



 

 

NON-GAAP MEASURES

This release includes financial information determined by methods other than in accordance with generally accepted accounting principles (“GAAP”). This financial information includes certain operating performance measures, which exclude merger-related and other charges that are not considered part of recurring operations. Such measures include: “Efficiency ratio – operating,” “Expenses – operating,” “Earnings per share – operating,” “Diluted earnings per share – operating,” “Tangible book value per share,” “Return on common equity – operating,” “Return on tangible common equity – operating,” “Return on assets – operating,” and “Tangible common equity to tangible assets.”

Management has included these non-GAAP measures because it believes these measures may provide useful supplemental information for evaluating CapStar’s underlying performance trends. Further, management uses these measures in managing and evaluating CapStar’s business and intends to refer to them in discussions about our operations and performance. Operating performance measures should be viewed in addition to, and not as an alternative to or substitute for, measures determined in accordance with GAAP, and are not necessarily comparable to non-GAAP measures that may be presented by other companies. To the extent applicable, reconciliations of these non-GAAP measures to the most directly comparable GAAP measures can be found in the ‘Non-GAAP Reconciliation Tables’ included in the exhibits to this presentation.


 

CAPSTAR FINANCIAL HOLDINGS, INC. AND SUBSIDIARY

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

First quarter 2021 Earnings Release

 

 

Three Months Ended

 

 

 

 

March 31,

 

 

 

 

2021

 

 

2020

 

 

Interest income:

 

 

 

 

 

 

 

 

 

Loans, including fees

 

$

22,014

 

 

$

19,738

 

 

Securities:

 

 

 

 

 

 

 

 

 

Taxable

 

 

1,596

 

 

 

1,174

 

 

Tax-exempt

 

 

373

 

 

 

321

 

 

Federal funds sold

 

 

 

 

 

 

 

Restricted equity securities

 

 

161

 

 

 

142

 

 

Interest-bearing deposits in financial institutions

 

 

134

 

 

 

363

 

 

Total interest income

 

 

24,278

 

 

 

21,738

 

 

Interest expense:

 

 

 

 

 

 

 

 

 

Interest-bearing deposits

 

 

446

 

 

 

1,901

 

 

Savings and money market accounts

 

 

313

 

 

 

1,551

 

 

Time deposits

 

 

931

 

 

 

1,481

 

 

Federal funds purchased

 

 

 

 

 

 

 

Securities sold under agreements to repurchase

 

 

 

 

 

 

 

Federal Home Loan Bank advances

 

 

12

 

 

 

144

 

 

Subordinated notes

 

 

394

 

 

 

 

 

Total interest expense

 

 

2,096

 

 

 

5,077

 

 

Net interest income

 

 

22,182

 

 

 

16,661

 

 

Provision for loan losses

 

 

650

 

 

 

7,553

 

 

Net interest income after provision for loan losses

 

 

21,532

 

 

 

9,108

 

 

Noninterest income:

 

 

 

 

 

 

 

 

 

Deposit service charges

 

 

1,102

 

 

 

775

 

 

Interchange and debit card transaction fees

 

 

1,092

 

 

 

724

 

 

Mortgage banking

 

 

4,716

 

 

 

2,253

 

 

Tri-Net

 

 

1,143

 

 

 

599

 

 

Wealth management

 

 

459

 

 

 

407

 

 

SBA lending

 

 

492

 

 

 

35

 

 

Net gain on sale of securities

 

 

26

 

 

 

27

 

 

Other noninterest income

 

 

984

 

 

 

1,054

 

 

Total noninterest income

 

 

10,014

 

 

 

5,874

 

 

Noninterest expense:

 

 

 

 

 

 

 

 

 

Salaries and employee benefits

 

 

9,427

 

 

 

8,002

 

 

Data processing and software

 

 

2,827

 

 

 

1,864

 

 

Occupancy

 

 

1,108

 

 

 

820

 

 

Equipment

 

 

899

 

 

 

751

 

 

Professional services

 

 

704

 

 

 

636

 

 

Regulatory fees

 

 

257

 

 

 

163

 

 

Acquisition related expenses

 

 

67

 

 

 

290

 

 

Amortization of intangibles

 

 

508

 

 

 

386

 

 

Other operating

 

 

1,616

 

 

 

1,299

 

 

Total noninterest expense

 

 

17,413

 

 

 

14,211

 

 

Income before income taxes

 

 

14,133

 

 

 

771

 

 

Income tax expense

 

 

3,103

 

 

 

(575

)

 

Net income

 

$

11,030

 

 

$

1,346

 

 

Per share information:

 

 

 

 

 

 

 

 

 

Basic net income per share of common stock

 

$

0.50

 

 

$

0.07

 

 

Diluted net income per share of common stock

 

$

0.50

 

 

$

0.07

 

 

Weighted average shares outstanding:

 

 

 

 

 

 

 

 

 

Basic

 

 

22,045,501

 

 

 

18,392,913

 

 

Diluted

 

 

22,076,600

 

 

 

18,443,725

 

 

 

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 2021 Earnings Release

 

 

Five Quarter Comparison

 

 

 

3/31/2021

 

 

12/31/2020

 

 

9/30/2020

 

 

6/30/2020

 

 

3/31/2020

 

Income Statement Data:

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Net interest income

 

$

22,182

 

 

$

22,331

 

 

$

19,656

 

 

$

17,675

 

 

$

16,661

 

Provision for loan losses

 

 

650

 

 

 

184

 

 

 

2,119

 

 

 

1,624

 

 

 

7,553

 

Net interest income after provision for loan losses

 

 

21,532

 

 

 

22,147

 

 

 

17,537

 

 

 

16,051

 

 

 

9,108

 

Deposit service charges

 

 

1,102

 

 

 

964

 

 

 

1,064

 

 

 

691

 

 

 

775

 

Interchange and debit card transaction fees

 

 

1,092

 

 

 

782

 

 

 

936

 

 

 

729

 

 

 

724

 

Mortgage banking

 

 

4,716

 

 

 

5,971

 

 

 

9,686

 

 

 

7,123

 

 

 

2,253

 

Tri-Net

 

 

1,143

 

 

 

1,165

 

 

 

668

 

 

 

1,260

 

 

 

599

 

Wealth management

 

 

459

 

 

 

411

 

 

 

382

 

 

 

374

 

 

 

407

 

SBA lending

 

 

492

 

 

 

916

 

 

 

476

 

 

 

13

 

 

 

35

 

Net gain on sale of securities

 

 

26

 

 

 

51

 

 

 

34

 

 

 

13

 

 

 

27

 

Other noninterest income

 

 

984

 

 

 

1,488

 

 

 

1,558

 

 

 

620

 

 

 

1,054

 

Total noninterest income

 

 

10,014

 

 

 

11,748

 

 

 

14,804

 

 

 

10,823

 

 

 

5,874

 

Salaries and employee benefits

 

 

9,427

 

 

 

11,996

 

 

 

12,949

 

 

 

12,305

 

 

 

8,002

 

Data processing and software

 

 

2,827

 

 

 

2,548

 

 

 

2,353

 

 

 

2,100

 

 

 

1,864

 

Occupancy

 

 

1,108

 

 

 

975

 

 

 

999

 

 

 

797

 

 

 

820

 

Equipment

 

 

899

 

 

 

900

 

 

 

864

 

 

 

680

 

 

 

751

 

Professional services

 

 

704

 

 

 

370

 

 

 

638

 

 

 

581

 

 

 

636

 

Regulatory fees

 

 

257

 

 

 

368

 

 

 

397

 

 

 

333

 

 

 

163

 

Acquisition related expenses

 

 

67

 

 

 

2,105

 

 

 

2,548

 

 

 

448

 

 

 

290

 

Amortization of intangibles

 

 

508

 

 

 

524

 

 

 

539

 

 

 

375

 

 

 

386

 

Other operating

 

 

1,616

 

 

 

1,692

 

 

 

1,452

 

 

 

1,315

 

 

 

1,299

 

Total noninterest expense

 

 

17,413

 

 

 

21,478

 

 

 

22,739

 

 

 

18,934

 

 

 

14,211

 

Net income before income tax expense

 

 

14,133

 

 

 

12,417

 

 

 

9,602

 

 

 

7,940

 

 

 

771

 

Income tax expense (benefit)

 

 

3,103

 

 

 

2,736

 

 

 

2,115

 

 

 

1,759

 

 

 

(575

)

Net income

 

$

11,030

 

 

$

9,681

 

 

$

7,487

 

 

$

6,181

 

 

$

1,346

 

Weighted average shares - basic

 

 

22,045,501

 

 

 

21,960,184

 

 

 

21,948,579

 

 

 

18,307,083

 

 

 

18,392,913

 

Weighted average shares - diluted

 

 

22,076,600

 

 

 

21,978,925

 

 

 

21,960,490

 

 

 

18,320,006

 

 

 

18,443,725

 

Net income per share, basic

 

$

0.50

 

 

$

0.44

 

 

$

0.34

 

 

$

0.34

 

 

$

0.07

 

Net income per share, diluted

 

 

0.50

 

 

 

0.44

 

 

 

0.34

 

 

 

0.34

 

 

 

0.07

 

Balance Sheet Data (at period end):

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Cash and cash equivalents

 

$

390,565

 

 

$

277,439

 

 

$

455,925

 

 

$

368,820

 

 

$

91,450

 

Securities available-for-sale

 

 

474,788

 

 

 

486,215

 

 

 

308,337

 

 

 

223,034

 

 

 

219,213

 

Securities held-to-maturity

 

 

2,401

 

 

 

2,407

 

 

 

2,413

 

 

 

2,699

 

 

 

3,306

 

Loans held for sale

 

 

162,269

 

 

 

179,669

 

 

 

198,603

 

 

 

129,807

 

 

 

186,937

 

Total loans

 

 

1,941,078

 

 

 

1,891,019

 

 

 

1,906,603

 

 

 

1,592,725

 

 

 

1,446,835

 

Allowance for loan losses

 

 

(23,877

)

 

 

(23,245

)

 

 

(23,167

)

 

 

(21,035

)

 

 

(20,114

)

Total assets

 

 

3,150,457

 

 

 

2,987,006

 

 

 

3,024,348

 

 

 

2,445,172

 

 

 

2,072,585

 

Non-interest-bearing deposits

 

 

711,606

 

 

 

662,934

 

 

 

716,707

 

 

 

546,974

 

 

 

442,789

 

Interest-bearing deposits

 

 

2,039,595

 

 

 

1,905,067

 

 

 

1,900,835

 

 

 

1,548,592

 

 

 

1,320,920

 

Federal Home Loan Bank advances and other borrowings

 

 

29,455

 

 

 

39,423

 

 

 

39,418

 

 

 

39,464

 

 

 

10,000

 

Total liabilities

 

 

2,806,513

 

 

 

2,643,520

 

 

 

2,690,453

 

 

 

2,163,222

 

 

 

1,796,795

 

Shareholders' equity

 

$

343,944

 

 

$

343,486

 

 

$

333,895

 

 

$

281,950

 

 

$

275,790

 

Total shares of common stock outstanding

 

 

22,089,873

 

 

 

21,988,803

 

 

 

21,947,805

 

 

 

18,302,188

 

 

 

18,307,802

 

Book value per share of common stock

 

$

15.57

 

 

$

15.62

 

 

$

15.21

 

 

$

15.41

 

 

$

15.06

 

Tangible book value per share of common stock*

 

 

13.34

 

 

 

13.36

 

 

 

12.92

 

 

 

13.02

 

 

 

12.66

 

Market value per share of common stock

 

$

17.25

 

 

$

14.75

 

 

$

9.81

 

 

$

12.00

 

 

$

9.89

 

Capital ratios:

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Total risk based capital

 

 

16.29

%

 

 

16.03

%

 

 

15.96

%

 

 

16.76

%

 

 

13.68

%

Tier 1 risk based capital

 

 

13.79

%

 

 

13.52

%

 

 

13.39

%

 

 

13.76

%

 

 

12.56

%

Common equity tier 1 capital

 

 

13.79

%

 

 

13.52

%

 

 

13.39

%

 

 

13.76

%

 

 

12.56

%

Leverage

 

 

9.78

%

 

 

9.60

%

 

 

9.23

%

 

 

10.08

%

 

 

11.23

%

_____________________

*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 2021 Earnings Release

 

 

 

Five Quarter Comparison

 

 

 

3/31/2021

 

 

12/31/2020

 

 

9/30/2020

 

 

6/30/2020

 

 

3/31/2020

 

Average Balance Sheet Data:

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Cash and cash equivalents

 

$

341,092

 

 

$

427,086

 

 

$

526,409

 

 

$

257,709

 

 

$

114,272

 

Investment securities

 

 

496,035

 

 

 

407,622

 

 

 

323,689

 

 

 

238,762

 

 

 

226,537

 

Loans held for sale

 

 

155,677

 

 

 

165,441

 

 

 

156,123

 

 

 

176,193

 

 

 

180,401

 

Loans

 

 

1,938,532

 

 

 

1,891,202

 

 

 

1,906,449

 

 

 

1,560,626

 

 

 

1,421,256

 

Assets

 

 

3,078,745

 

 

 

3,028,225

 

 

 

3,043,847

 

 

 

2,350,021

 

 

 

2,059,306

 

Interest bearing deposits

 

 

1,986,621

 

 

 

1,909,692

 

 

 

1,957,259

 

 

 

1,519,877

 

 

 

1,411,666

 

Deposits

 

 

2,663,551

 

 

 

2,613,080

 

 

 

2,648,465

 

 

 

2,031,924

 

 

 

1,735,635

 

Federal Home Loan Bank advances and other borrowings

 

 

33,879

 

 

 

39,428

 

 

 

39,431

 

 

 

10,966

 

 

 

20,989

 

Liabilities

 

 

2,728,064

 

 

 

2,687,516

 

 

 

2,722,341

 

 

 

2,068,408

 

 

 

1,780,756

 

Shareholders' equity

 

 

350,681

 

 

 

340,709

 

 

 

321,506

 

 

 

281,614

 

 

 

278,550

 

Performance Ratios:

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Annualized return on average assets

 

 

1.45

%

 

 

1.27

%

 

 

0.98

%

 

 

1.06

%

 

 

0.26

%

Annualized return on average equity

 

 

12.76

%

 

 

11.30

%

 

 

9.26

%

 

 

8.83

%

 

 

1.94

%

Net interest margin (1)

 

 

3.13

%

 

 

3.12

%

 

 

2.72

%

 

 

3.23

%

 

 

3.50

%

Annualized noninterest income to average assets

 

 

1.32

%

 

 

1.54

%

 

 

1.93

%

 

 

1.85

%

 

 

1.15

%

Efficiency ratio

 

 

54.08

%

 

 

63.02

%

 

 

65.99

%

 

 

66.44

%

 

 

63.06

%

Loans by Type (at period end):

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Commercial and industrial

 

$

619,287

 

 

$

630,775

 

 

$

648,018

 

 

$

621,541

 

 

$

447,311

 

Commercial real estate - owner occupied

 

 

197,758

 

 

 

162,603

 

 

 

164,336

 

 

 

147,682

 

 

 

166,652

 

Commercial real estate - non-owner occupied

 

 

505,252

 

 

 

481,229

 

 

 

480,106

 

 

 

408,402

 

 

 

378,170

 

Construction and development

 

 

170,965

 

 

 

174,859

 

 

 

176,751

 

 

 

117,830

 

 

 

141,087

 

Consumer real estate

 

 

336,496

 

 

 

343,791

 

 

 

350,238

 

 

 

238,696

 

 

 

248,243

 

Consumer

 

 

45,481

 

 

 

44,279

 

 

 

42,104

 

 

 

27,542

 

 

 

27,739

 

Other

 

 

65,839

 

 

 

53,483

 

 

 

45,050

 

 

 

31,032

 

 

 

37,633

 

Asset Quality Data:

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Allowance for loan losses to total loans

 

 

1.23

%

 

 

1.23

%

 

 

1.22

%

 

 

1.32

%

 

 

1.39

%

Allowance for loan losses to non-performing loans

 

 

446

%

 

 

483

%

 

 

787

%

 

 

705

%

 

 

550

%

Nonaccrual loans

 

$

5,355

 

 

$

4,817

 

 

$

2,945

 

 

$

2,982

 

 

$

3,658

 

Troubled debt restructurings

 

 

1,914

 

 

 

1,928

 

 

 

1,886

 

 

 

1,228

 

 

 

1,306

 

Loans - over 89 days past due and accruing

 

 

2,720

 

 

 

4,367

 

 

 

541

 

 

 

639

 

 

 

399

 

Total non-performing loans

 

 

5,355

 

 

 

4,817

 

 

 

2,945

 

 

 

2,982

 

 

 

3,658

 

OREO and repossessed assets

 

 

523

 

 

 

523

 

 

 

171

 

 

 

147

 

 

 

147

 

Total non-performing assets

 

 

5,878

 

 

 

5,340

 

 

 

3,116

 

 

 

3,129

 

 

 

3,805

 

Non-performing loans to total loans

 

 

0.28

%

 

 

0.25

%

 

 

0.15

%

 

 

0.19

%

 

 

0.25

%

Non-performing assets to total assets

 

 

0.19

%

 

 

0.18

%

 

 

0.10

%

 

 

0.13

%

 

 

0.18

%

Non-performing assets to total loans and OREO

 

 

0.30

%

 

 

0.28

%

 

 

0.16

%