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CapStar Financial Holdings, Inc. Reports First Quarter 2020 Results

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