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

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