Australia markets closed
  • ALL ORDS

    7,239.40
    +30.40 (+0.42%)
     
  • ASX 200

    7,014.20
    +31.50 (+0.45%)
     
  • AUD/USD

    0.7785
    +0.0055 (+0.71%)
     
  • OIL

    65.51
    +1.69 (+2.65%)
     
  • GOLD

    1,844.00
    +20.00 (+1.10%)
     
  • BTC-AUD

    63,076.33
    +301.45 (+0.48%)
     
  • CMC Crypto 200

    1,398.33
    +39.77 (+2.93%)
     
  • AUD/EUR

    0.6405
    +0.0011 (+0.17%)
     
  • AUD/NZD

    1.0724
    -0.0028 (-0.26%)
     
  • NZX 50

    12,367.86
    -60.26 (-0.48%)
     
  • NASDAQ

    13,393.12
    +283.97 (+2.17%)
     
  • FTSE

    7,043.61
    +80.28 (+1.15%)
     
  • Dow Jones

    34,382.13
    +360.68 (+1.06%)
     
  • DAX

    15,416.64
    +216.96 (+1.43%)
     
  • Hang Seng

    28,027.57
    +308.90 (+1.11%)
     
  • NIKKEI 225

    28,084.47
    +636.46 (+2.32%)
     

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

  • Oops!
    Something went wrong.
    Please try again later.
CapStar Financial Holdings, Inc.
·21-min read
  • Oops!
    Something went wrong.
    Please try again later.

NASHVILLE, Tenn., April 22, 2021 (GLOBE NEWSWIRE) -- 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

%

0.20

%

0.26

%

Annualized net charge-offs (recoveries) to average loans

0.00

%

0.02

%

0.00

%

0.18

%

0.01

%

Net charge-offs (recoveries)

$

18

$

106

$

(13

)

$

703

$

43

Interest Rates and Yields:

Loans

4.34

%

4.48

%

4.47

%

4.50

%

5.10

%

Securities (1)

1.80

%

1.98

%

2.18

%

2.73

%

3.04

%

Total interest-earning assets (1)

3.42

%

3.45

%

3.41

%

3.78

%

4.56

%

Deposits

0.26

%

0.30

%

0.67

%

0.59

%

1.14

%

Borrowings and repurchase agreements

4.85

%

4.09

%

5.14

%

3.16

%

2.77

%

Total interest-bearing liabilities

0.42

%

0.49

%

0.99

%

0.81

%

1.43

%

Other Information:

Full-time equivalent employees

379

380

403

286

288

_____________________

This information is preliminary and based on CapStar data available at the time of this earnings release.

(1) Net Interest Margin, Securities yields, and Total interest-earning asset yields are calculated on a tax-equivalent basis.


CAPSTAR FINANCIAL HOLDINGS, INC. AND SUBSIDIARY
Analysis of Interest Income and Expense, Rates and Yields (unaudited) (dollars in thousands)
First quarter 2021 Earnings Release

For the Three Months Ended March 31,

2021

2020

Average
Outstanding
Balance

Interest
Income/
Expense

Average
Yield/
Rate

Average
Outstanding
Balance

Interest
Income/
Expense

Average
Yield/
Rate

Interest-Earning Assets

Loans (1)

$

1,938,532

$

20,723

4.34

%

$

1,421,256

$

18,019

5.10

%

Loans held for sale

155,677

1,291

3.36

%

180,401

1,719

3.83

%

Securities:

Taxable investment securities (2)

431,406

1,757

1.63

%

181,649

1,316

2.90

%

Investment securities exempt from federal income tax (3)

64,629

373

2.92

%

44,888

321

3.62

%

Total securities

496,035

2,130

1.80

%

226,537

1,637

3.04

%

Cash balances in other banks

298,722

134

0.18

%

96,004

363

1.52

%

Funds sold

153

1.27

%

71

2.80

%

Total interest-earning assets

2,889,119

24,278

3.42

%

1,924,269

21,738

4.56

%

Noninterest-earning assets

189,626

135,037

Total assets

$

3,078,745

$

2,059,306

Interest-Bearing Liabilities

Interest-bearing deposits:

Interest-bearing transaction accounts

$

944,651

446

0.19

%

$

613,855

1,901

1.25

%

Savings and money market deposits

583,590

313

0.22

%

500,117

1,551

1.25

%

Time deposits

458,380

931

0.82

%

297,694

1,481

2.00

%

Total interest-bearing deposits

1,986,621

1,690

0.35

%

1,411,666

4,933

1.41

%

Borrowings and repurchase agreements

33,879

406

4.85

%

20,989

144

2.77

%

Total interest-bearing liabilities

2,020,500

2,096

0.42

%

1,432,655

5,077

1.43

%

Noninterest-bearing deposits

676,929

323,969

Total funding sources

2,697,429

1,756,624

Noninterest-bearing liabilities

30,635

24,132

Shareholders’ equity

350,681

278,550

Total liabilities and shareholders’ equity

$

3,078,745

$

2,059,306

Net interest spread (4)

3.00

%

3.14

%

Net interest income/margin (5)

$

22,182

3.13

%

$

16,661

3.50

%

_____________________

(1)

Average loan balances include nonaccrual loans. Interest income on loans includes amortization of deferred loan fees, net of deferred loan costs.

(2)

Taxable investment securities include restricted equity securities.

(3)

Yields on tax exempt securities, total securities, and total interest-earning assets are shown on a tax equivalent basis.

(4)

Net interest spread is the average yield on total average interest-earning assets minus the average rate on total average interest-bearing liabilities.

(5)

Net interest margin is annualized net interest income calculated on a tax equivalent basis divided by total average interest-earning assets for the period.

This information is preliminary and based on CapStar data available at the time of this earnings release.


CAPSTAR FINANCIAL HOLDINGS, INC. AND SUBSIDIARY
Non-GAAP Financial Measures (unaudited) (dollars in thousands except share data)
First quarter 2021 Earnings Release

Five Quarter Comparison

3/31/2021

12/31/20

9/30/20

6/30/20

3/31/20

Operating net income:

Net income

$

11,030

$

9,681

$

7,487

$

6,181

$

1,346

Add: acquisition related expenses

67

2,105

2,548

448

290

Less: income tax impact of acquisition related expenses

(18

)

(550

)

(666

)

(117

)

(76

)

Operating net income

$

11,079

$

11,236

$

9,369

$

6,512

$

1,560

Operating diluted net income per share of common stock:

Operating net income

$

11,079

$

11,236

$

9,369

$

6,512

$

1,560

Weighted average shares - diluted

22,076,600

21,978,925

21,960,490

18,320,006

18,443,725

Operating diluted net income per share of common stock

$

0.50

$

0.51

$

0.43

$

0.36

$

0.08

Operating annualized return on average assets:

Operating net income

$

11,079

$

11,236

$

9,369

$

6,512

$

1,560

Average assets

3,078,745

3,028,225

3,043,847

2,350,021

2,059,306

Operating annualized return on average assets

1.46

%

1.48

%

1.22

%

1.11

%

0.30

%

Operating annualized return on average tangible equity:

Average total shareholders' equity

$

350,681

$

340,709

$

321,506

$

281,614

$

278,550

Less: average intangible assets

(49,514

)

(50,038

)

(50,577

)

(43,871

)

(44,253

)

Average tangible equity

301,167

290,671

270,929

237,743

234,297

Operating net income

$

11,079

$

11,236

$

9,369

$

6,512

$

1,560

Operating annualized return on average tangible equity

14.92

%

15.38

%

13.76

%

11.02

%

2.68

%

Operating efficiency ratio:

Total noninterest expense

$

17,413

$

21,478

$

22,739

$

18,934

$

14,211

Less: acquisition related expenses

(67

)

(2,105

)

(2,548

)

(448

)

(290

)

Total operating noninterest expense

17,346

19,373

20,191

18,486

13,921

Net interest income

22,182

22,331

19,656

17,675

16,661

Total noninterest income

10,014

11,748

14,804

10,823

5,874

Total revenues

$

32,196

$

34,079

$

34,460

$

28,498

$

22,535

Operating efficiency ratio:

53.88

%

56.85

%

58.59

%

64.87

%

61.78

%

Operating annualized pre-tax pre-provision income to average assets:

Income before income taxes

$

14,133

$

12,417

$

9,602

$

7,940

$

771

Add: acquisition related expenses

67

2,105

2,548

448

290

Add: provision for loan losses

650

184

2,119

1,624

7,553

Operating pre-tax pre-provision income

14,850

14,706

14,269

10,012

8,614

Average assets

$

3,078,745

$

3,028,225

$

3,043,847

$

2,350,021

$

2,059,306

Operating annualized pre-tax pre-provision income to average assets:

1.96

%

1.93

%

1.86

%

1.71

%

1.68

%

3/31/2021

12/31/20

9/30/20

6/30/20

3/31/20

Tangible Equity:

Total shareholders' equity

$

343,944

$

343,486

$

333,895

$

281,950

$

275,790

Less: intangible assets

(49,190

)

(49,698

)

(50,222

)

(43,633

)

(44,008

)

Tangible equity

$

294,754

$

293,788

$

283,673

$

238,317

$

231,782

Tangible Book Value per Share of Common Stock:

Tangible common equity

$

294,754

$

293,788

$

283,673

$

238,317

$

231,782

Total shares of common stock outstanding

22,089,873

21,988,803

21,947,805

18,302,188

18,307,802

Tangible book value per share of common stock

$

13.34

$

13.36

$

12.92

$

13.02

$

12.66


CAPSTAR FINANCIAL HOLDINGS, INC. AND SUBSIDIARY
Non-GAAP Financial Measures (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

Allowance for loan losses

$

23,877

$

23,245

$

23,167

$

21,035

$

20,114

Purchase accounting marks

3,615

3,663

4,013

2,790

3,178

Allowance for loan losses and purchase accounting fair value marks

27,492

26,908

27,180

23,825

23,292

Loans

1,941,078

1,891,019

1,906,603

1,592,725

1,446,835

Less: PPP Loans net of deferred fees

210,810

181,601

216,799

213,064

Non-PPP Loans

1,730,268

1,709,418

1,689,804

1,379,661

1,446,835

Allowance for loan losses plus fair value marks / Non-PPP Loans

1.59

%

1.57

%

1.61

%

1.73

%

1.61

%


CONTACT

Denis J. Duncan
Chief Financial Officer
(615) 732-7492