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CapStar Financial Holdings, Inc. Reports First Quarter 2020 Results

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Entering Cycle with Strong Balance Sheet Position

NASHVILLE, April 27, 2020 (GLOBE NEWSWIRE) -- CapStar Financial Holdings, Inc. (“CapStar”) (CSTR) reported first quarter net income of $1.3 million, pre-tax pre-provision income of $8.3 million, and increased its allowance for loan losses $7.5 million based on an initial assessment of the range of potential impacts from the COVID-19 pandemic to its loan portfolio. As a result, CapStar’s allowance for loan losses to total loans increased during the quarter from 0.89 percent to 1.39 percent at March 31, 2020. Fully diluted earnings per share were $0.07, compared to $0.25 from a year ago. Excluding merger-related and other charges, operating(1) earnings per share were $0.08.

“I am pleased with the quality and improvement in our first quarter pre-tax pre-provision earnings, given how challenging the industry’s outlook was for 2020,” said Timothy K. Schools, CapStar’s president and chief executive officer. “Mid-quarter, our attention quickly and unexpectedly pivoted to addressing the impacts of COVID-19. I could not be prouder of what our teammates have accomplished working together to support each other, clients, and communities. It is unimaginable that over the last forty-five days we mobilized 100% of our non-branch employees to work from home, served our clients solely through online banking and drive thru locations, and responded and processed approximately 1,700 applications for the Small Business Administration’s Paycheck Protection Program.”

“Importantly, our leadership team proactively enacted well thought out pandemic procedures,” Schools continued. “Forward thinking in technology investments, liquidity planning, credit administration, and capital planning positions us well as we enter the current cycle. We believe in and are excited about our communities and look forward to continuing to be a leader as we all work together to navigate this environment. While we will face uncertain challenges in the near-term and loan losses are likely, we are cautiously optimistic with the initial assessment of our credit risk.”

Soundness

  • Annualized net charge-offs to average loans were 0.01% for the three months ended March 31, 2020 compared to 0.01% for the same period in 2019.

  • Non-performing assets to total loans and OREO were 0.26% at March 31, 2020 compared to 0.19% at March 31, 2019.

  • The leverage ratio was 11.19% at March 31, 2020 compared to 10.97% at March 31, 2019.

  • The total risk based capital ratio was 13.64% at March 31, 2020 compared to 12.64% at March 31, 2019.

Profitability

  • Net interest margin for the three months ended March 31, 2020 was 3.50% compared to 3.75% for the same period in 2019.

  • The operating efficiency ratio for the three months ended March 31, 2020 was 61.78% compared to 65.01% for the same period in 2019.

  • Operating annualized pre-tax pre-provision income to average assets for the three months ended March 31, 2020 was 1.68% compared to 1.55% for the same period in 2019.

  • Operating annualized return on average assets for the three months ended March 31, 2020 was 0.30% compared to 1.06% for the same period in 2019.

  • Operating annualized return on average tangible equity for the three months ended March 31, 2020 was 2.68% compared to 10.02% for the same period in 2019.

Growth

  • Average deposits for the quarter ended March 31, 2020 increased 9.3% to $1.74 billion, compared to $1.59 billion for the same period in 2019.

  • Average gross loans for the quarter ended March 31, 2020 fell 2.8% to $1.42 billion, compared to $1.46 billion for the same period in 2019.

  • Pre-tax pre-provision earnings for the quarter ended March 31, 2020 increased 18.7% to $8.3 million, compared to $7.0 million for the quarter ended March 31, 2019.

  • Tangible book value per share for the quarter ended March 31, 2020 increased 9.6% to $12.66, compared to $11.55 for the quarter ended March 31, 2019.

Dividend

As previously announced on April 22, 2020, the board of directors of CapStar approved a quarterly dividend of $0.05 per common share that will be paid on May 29, 2020 to shareholders of record of CapStar’s common stock as of the close of business on May 15, 2020.

Conference Call and Webcast Information

CapStar will host a conference call and webcast at 8:30 a.m. Central Time on Tuesday, April 28, 2020. 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 2681305. 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, 2020, on a consolidated basis, CapStar had total assets of $2.07 billion, gross loans of $1.45 billion, total deposits of $1.76 billion, and shareholders’ equity of $275.8 million. Visit www.capstarbank.com for more information.

FORWARD-LOOKING STATEMENTS

This release contains forward-looking statements, as defined by federal securities laws, including statements about CapStar Financial Holdings, Inc. (“CapStar”) and its financial outlook and business environment. These statements are based on current expectations and are provided to assist in the understanding of our operations and future financial performance. Our operations and such performance involves risks and uncertainties, including but in no way limited to the effect of the COVID-19 pandemic, that may cause actual results to differ materially from those expressed or implied in any such statements. For a discussion of some of the risks and other factors that may cause such forward-looking statements to differ materially from actual results, please refer to CapStar’s filings with the Securities and Exchange Commission, including its 2019 Annual Report on Form 10-K under the sections entitled “Forward-Looking Statements” and “Item 1A Risk Factors.” Forward-looking statements speak only as of the date they are made, and except as otherwise required by applicable law, we undertake no obligation to update or revise forward-looking statements.

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.

Rob Anderson
Chief Financial Officer and Chief Administrative Officer
(615) 732-6470


CAPSTAR FINANCIAL HOLDINGS, INC. AND SUBSIDIARY
Consolidated Statements of Income (unaudited) (dollars in thousands, except share data)
First Quarter 2020 Earnings Release

Three Months Ended

March 31,

2020

2019

Interest income:

Loans, including fees

$

19,738

$

20,592

Securities:

Taxable

1,174

1,346

Tax-exempt

321

377

Federal funds sold

19

Restricted equity securities

142

187

Interest-bearing deposits in financial institutions

363

446

Total interest income

21,738

22,967

Interest expense:

Interest-bearing deposits

1,901

1,594

Savings and money market accounts

1,551

1,718

Time deposits

1,481

1,813

Federal funds purchased

4

Securities sold under agreements to repurchase

5

Federal Home Loan Bank advances

144

831

Total interest expense

5,077

5,965

Net interest income

16,661

17,002

Provision for loan losses

7,553

886

Net interest income after provision for loan losses

9,108

16,116

Noninterest income:

Treasury management and other deposit service charges

775

798

Net gain on sale of securities

27

12

Tri-Net fees

599

641

Mortgage banking income

2,253

1,385

Wealth management fees

407

306

Interchange and debit card transaction fees

724

579

Other noninterest income

1,089

1,014

Total noninterest income

5,874

4,735

Noninterest expense:

Salaries and employee benefits

8,002

8,432

Data processing and software

1,864

1,474

Professional fees

636

543

Occupancy

820

883

Equipment

751

852

Regulatory fees

163

274

Merger related expenses

290

594

Amortization of intangibles

386

430

Other operating

1,299

1,243

Total noninterest expense

14,211

14,725

Income before income taxes

771

6,126

Income tax expense (benefit)

(575

)

1,346

Net income

$

1,346

$

4,780

Per share information:

Basic net income per share of common stock

$

0.07

$

0.27

Diluted net income per share of common stock

$

0.07

$

0.25

Weighted average shares outstanding:

Basic

18,392,913

17,783,239

Diluted

18,443,725

18,830,933

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 2020 Earnings Release

Five Quarter Comparison

3/31/20

12/31/19

9/30/19

6/30/19

3/31/19

Income Statement Data:

Net interest income

$

16,661

$

16,581

$

17,156

$

17,008

$

17,002

Provision for loan losses

7,553

(125

)

886

Net interest income after provision for loan losses

9,108

16,581

17,281

17,008

16,116

Treasury management and other deposit service charges

775

736

788

813

798

Net gain (loss) on sale of securities

27

9

(121

)

12

Tri-Net fees

599

274

847

1,024

641

Mortgage banking income

2,253

2,316

2,679

3,087

1,385

Wealth management fees

407

407

379

334

306

Interchange and debit card transaction fees

724

928

754

991

579

Other noninterest income

1,089

1,049

1,341

904

1,014

Total noninterest income

5,874

5,719

6,788

7,032

4,735

Salaries and employee benefits

8,002

9,318

9,229

8,563

8,432

Data processing and software

1,864

1,835

1,790

1,862

1,474

Professional fees

636

531

528

501

543

Occupancy

820

795

858

809

883

Equipment

751

834

1,012

1,026

852

Regulatory fees

163

28

18

272

274

Merger related expenses

290

163

187

1,711

594

Amortization of intangibles

386

397

408

419

430

Other operating

1,299

1,365

1,501

1,307

1,243

Total noninterest expense

14,211

15,266

15,531

16,470

14,725

Net income before income tax expense

771

7,034

8,538

7,570

6,126

Income tax expense (benefit)

(575

)

1,613

2,072

1,814

1,346

Net income

$

1,346

$

5,421

$

6,466

$

5,756

$

4,780

Weighted average shares - basic

18,392,913

18,350,994

17,741,778

17,663,992

17,783,239

Weighted average shares - diluted

18,443,725

18,443,916

18,532,479

18,650,706

18,830,933

Net income per share, basic

$

0.07

$

0.30

$

0.36

$

0.33

$

0.27

Net income per share, diluted

0.07

0.29

0.35

0.31

0.25

Balance Sheet Data (at period end):

Cash and cash equivalents

$

91,450

$

101,269

$

154,021

$

156,085

$

120,321

Securities available-for-sale

219,213

213,129

203,500

194,957

233,691

Securities held-to-maturity

3,306

3,313

3,319

3,721

3,727

Loans held for sale

186,937

168,222

129,613

89,629

72,870

Total loans

1,446,835

1,420,102

1,411,768

1,440,617

1,467,786

Allowance for loan losses

(20,114

)

(12,604

)

(12,828

)

(12,903

)

(12,959

)

Total assets

2,072,585

2,037,201

2,033,911

2,018,421

2,035,811

Non-interest-bearing deposits

442,789

312,096

352,266

326,550

312,597

Interest-bearing deposits

1,320,920

1,417,355

1,379,497

1,396,220

1,366,205

Federal Home Loan Bank advances

10,000

10,000

10,000

10,000

75,000

Total liabilities

1,796,795

1,764,155

1,765,829

1,755,757

1,776,060

Shareholders' equity

$

275,790

$

273,046

$

268,082

$

262,664

$

259,751

Total shares of common stock outstanding

18,307,802

18,361,922

18,343,403

17,561,476

17,765,124

Total shares of preferred stock outstanding

878,048

878,048

Book value per share of common stock

$

15.06

$

14.87

$

14.61

$

14.44

$

14.11

Tangible book value per share of common stock *

12.66

12.45

12.17

11.87

11.55

Market value per share of common stock

$

9.89

$

16.65

$

16.58

$

15.15

$

14.44

Capital ratios:

Total risk based capital

13.64

%

13.45

%

13.46

%

13.29

%

12.64

%

Tier 1 risk based capital

12.51

%

12.73

%

12.71

%

12.53

%

11.90

%

Common equity tier 1 capital

12.51

%

12.73

%

12.71

%

12.01

%

11.40

%

Leverage

11.19

%

11.37

%

11.24

%

11.01

%

10.97

%

_____________________
*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 2020 Earnings Release

Five Quarter Comparison

3/31/20

12/31/19

9/30/19

6/30/19

3/31/19

Average Balance Sheet Data:

Cash and cash equivalents

$

114,272

$

115,100

$

129,114

$

93,523

$

83,689

Investment securities

226,537

225,265

211,460

228,283

251,631

Loans held for sale

180,401

140,731

101,835

91,585

66,880

Loans

1,421,256

1,431,027

1,445,755

1,469,210

1,461,696

Assets

2,059,306

2,030,231

2,005,950

2,004,207

1,988,478

Interest bearing deposits

1,411,666

1,388,496

1,370,988

1,364,211

1,299,205

Deposits

1,735,635

1,711,021

1,704,873

1,678,240

1,588,317

Federal Home Loan Bank advances

20,989

22,391

12,174

42,088

117,278

Liabilities

1,780,756

1,758,663

1,739,509

1,743,010

1,731,373

Shareholders' equity

278,550

271,568

266,441

261,197

257,105

Performance Ratios:

Annualized return on average assets

0.26

%

1.06

%

1.28

%

1.15

%

0.97

%

Annualized return on average equity

1.94

%

7.92

%

9.63

%

8.84

%

7.54

%

Net interest margin (1)

3.50

%

3.49

%

3.66

%

3.68

%

3.75

%

Annualized noninterest income to average assets

1.15

%

1.12

%

1.34

%

1.41

%

0.97

%

Efficiency ratio

63.06

%

68.46

%

64.87

%

68.51

%

67.74

%

Loans by Type (at period end):

Commercial and industrial

$

447,311

$

394,408

$

382,816

$

404,745

$

419,941

Commercial real estate - owner occupied

166,652

172,456

169,370

173,316

170,558

Commercial real estate - non-owner occupied

378,170

387,443

407,378

421,496

403,443

Construction and development

141,087

143,111

132,222

123,901

162,237

Consumer real estate

248,243

256,097

254,736

255,043

248,943

Consumer

27,739

28,426

29,059

26,704

26,241

Other

37,633

38,161

36,187

35,412

36,423

Asset Quality Data:

Allowance for loan losses to total loans

1.39

%

0.89

%

0.91

%

0.90

%

0.88

%

Allowance for loan losses to non-performing loans

550

%

861

%

754

%

894

%

757

%

Nonaccrual loans

$

3,658

$

1,464

$

1,701

$

1,443

$

1,712

Troubled debt restructurings

1,306

2,717

2,725

1,238

1,255

Loans - over 89 days past due and accruing

399

38

551

302

-

Total non-performing loans

3,658

1,464

1,701

1,443

1,712

OREO and repossessed assets

147

1,044

914

914

1,038

Total non-performing assets

3,805

2,508

2,615

2,357

2,750

Non-performing loans to total loans

0.25

%

0.10

%

0.12

%

0.10

%

0.12

%

Non-performing assets to total assets

0.18

%

0.12

%

0.13

%

0.12

%

0.14

%

Non-performing assets to total loans and OREO

0.26

%

0.18

%

0.19

%

0.16

%

0.19

%

Annualized net charge-offs (recoveries) to average loans

0.01

%

0.06

%

(0.01

)%

0.02

%

0.01

%

Net charge-offs (recoveries)

$

43

$

224

$

(50

)

$

56

$

40

Interest Rates and Yields:

Loans

5.10

%

5.24

%

5.48

%

5.44

%

5.49

%

Securities (1)

3.04

%

3.00

%

3.14

%

3.22

%

3.20

%

Total interest-earning assets (1)

4.56

%

4.67

%

4.95

%

5.00

%

5.06

%

Deposits

1.14

%

1.27

%

1.38

%

1.39

%

1.31

%

Borrowings and repurchase agreements

2.77

%

2.88

%

4.12

%

3.09

%

2.85

%

Total interest-bearing liabilities

1.43

%

1.58

%

1.74

%

1.75

%

1.71

%

Other Information:

Full-time equivalent employees

288

289

290

290

289

_____________________

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 2020 Earnings Release

For the Three Months Ended March 31,

2020

2019

Average
Outstanding
Balance

Interest
Income/
Expense

Average
Yield/
Rate

Average
Outstanding
Balance

Interest
Income/
Expense

Average
Yield/
Rate

Interest-Earning Assets

Loans (1)

$

1,421,256

$

18,019

5.10

%

$

1,461,696

$

19,787

5.49

%

Loans held for sale

180,401

1,719

3.83

%

66,880

805

4.88

%

Securities:

Taxable investment securities (2)

181,649

1,316

2.90

%

195,191

1,533

3.14

%

Investment securities exempt from
federal income tax (3)

44,888

321

3.62

%

56,440

377

3.38

%

Total securities

226,537

1,637

3.04

%

251,631

1,910

3.20

%

Cash balances in other banks

96,004

363

1.52

%

66,335

446

2.73

%

Funds sold

71

2.80

%

2,079

19

3.73

%

Total interest-earning assets

1,924,269

21,738

4.56

%

1,848,621

22,967

5.06

%

Noninterest-earning assets

135,037

139,857

Total assets

$

2,059,306

$

1,988,478

Interest-Bearing Liabilities

Interest-bearing deposits:

Interest-bearing transaction accounts

$

613,855

1,901

1.25

%

$

434,151

1,594

1.49

%

Savings and money market deposits

500,117

1,551

1.25

%

489,989

1,718

1.42

%

Time deposits

297,694

1,481

2.00

%

375,065

1,813

1.96

%

Total interest-bearing deposits

1,411,666

4,933

1.41

%

1,299,205

5,125

1.60

%

Borrowings and repurchase agreements

20,989

144

2.77

%

119,301

840

2.85

%

Total interest-bearing liabilities

1,432,655

5,077

1.43

%

1,418,506

5,965

1.71

%

Noninterest-bearing deposits

323,969

289,111

Total funding sources

1,756,624

1,707,617

Noninterest-bearing liabilities

24,132

23,756

Shareholders’ equity

278,550

257,105

Total liabilities and shareholders’ equity

$

2,059,306

$

1,988,478

Net interest spread (4)

3.14

%

3.36

%

Net interest income/margin (5)

$

16,661

3.50

%

$

17,002

3.75

%



  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 2020 Earnings Release

Three Months Ended

March
31, 2020

December
31, 2019

September
30, 2019

June
30, 2019

March
31, 2019

Operating net income:

Net income

$

1,346

$

5,421

$

6,466

$

5,756

$

4,780

Add: merger related expenses

290

163

187

1,711

594

Less: income tax impact of merger related expenses

(76

)

(43

)

(49

)

(447

)

(155

)

Operating net income

$

1,560

$

5,541

$

6,604

$

7,020

$

5,219

Operating diluted net income per
share of common stock:

Operating net income

$

1,560

$

5,541

$

6,604

$

7,020

$

5,219

Weighted average shares - diluted

18,443,725

18,443,916

18,532,479

18,650,706

18,830,933

Operating diluted net income
per share of common stock

$

0.08

$

0.30

$

0.36

$

0.38

$

0.28

Operating annualized return on average assets:

Operating net income

$

1,560

$

5,541

$

6,604

$

7,020

$

5,219

Average assets

$

2,059,306

$

2,030,231

$

2,005,950

$

2,004,207

$

1,988,478

Operating annualized return on
average assets

0.30

%

1.08

%

1.31

%

1.40

%

1.06

%

Operating annualized return on
average tangible equity:

Average total shareholders' equity

$

278,550

$

271,568

$

266,441

$

261,197

$

257,105

Less: average intangible assets

(44,253

)

(44,646

)

(45,050

)

(45,456

)

(45,890

)

Average tangible equity

234,297

226,922

221,391

215,741

211,215

Operating net income

$

1,560

$

5,541

$

6,604

$

7,020

$

5,219

Operating annualized return on
average tangible equity

2.68

%

9.69

%

11.83

%

13.05

%

10.02

%

Operating efficiency ratio:

Total noninterest expense

$

14,211

$

15,266

$

15,531

$

16,470

$

14,725

Less: merger related expenses

(290

)

(163

)

(187

)

(1,711

)

(594

)

Total operating noninterest expense

13,921

15,103

15,344

14,759

14,131

Net interest income

16,661

16,581

17,156

17,008

17,002

Total noninterest income

5,874

5,719

6,788

7,032

4,735

Total revenues

$

22,535

$

22,300

$

23,944

$

24,040

$

21,737

Operating efficiency ratio:

61.78

%

67.73

%

64.08

%

61.39

%

65.01

%

March
31, 2020

December
31, 2019

September
30, 2019

June
30, 2019

March
31, 2019

Tangible Equity:

Total shareholders' equity

$

275,790

$

273,046

$

268,082

$

262,664

$

259,751

Less: intangible assets

(44,008

)

(44,393

)

(44,790

)

(45,199

)

(45,618

)

Tangible equity

$

231,782

$

228,653

$

223,292

$

217,465

$

214,133

Tangible Common Equity:

Tangible equity

$

231,782

$

228,653

$

223,292

$

217,465

$

214,133

Less: preferred equity

(9,000

)

(9,000

)

Tangible common equity

$

231,782

$

228,653

$

223,292

$

208,465

$

205,133

Tangible Book Value per Share of Common Stock:

Tangible common equity

$

231,782

$

228,653

$

223,292

$

208,465

$

205,133

Total shares of common stock outstanding

18,307,802

18,361,922

18,343,403

17,561,476

17,765,124

Tangible book value per share of common stock

$

12.66

$

12.45

$

12.17

$

11.87

$

11.55