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CapStar Reports Fully Diluted EPS of $0.25 and Fully Diluted Operating EPS of $0.28 for 1Q2019

NASHVILLE, Tenn., April 24, 2019 (GLOBE NEWSWIRE) -- CapStar Financial Holdings, Inc. (“CapStar”) (CSTR) reported net income of $4.78 million, or $0.25 per share on a fully diluted basis, for the three months ended March 31, 2019, compared to net income of $3.20 million, or $0.25 per share on a fully diluted basis, for the three months ended March 31, 2018.  Operating(1) net income was $5.22 million, or $0.28 per share on a fully diluted basis, for the three months ended March 31, 2019, compared to $3.20 million, or $0.25, for the three months ended March 31, 2018. 

“Our first quarter operating performance is reflective of our stated strategy of sound, profitable growth,” said Claire W. Tucker, CapStar’s president and chief executive officer. “Our capital base remains solid with total risk based capital ratio of 12.64% and asset quality is strong evidenced by the low levels of non-performing assets and net charge-offs. We posted operating net income exclusive of merger related charges of $5.22 million resulting in operating return on average assets of 1.06%. Our team of experienced bankers continues to focus on developing full relationships with our clients by winning loan, deposit and treasury management business,” Ms. Tucker continued.  “We are excited to begin 2019 with our partners in East Tennessee with a shared passion for high quality customer service, continued market penetration and enhanced shareholder value.”

Soundness

  • Non-performing assets as a percentage of total assets were 0.14% at March 31, 2019 compared to 0.10% at March 31, 2018.
  • Annualized net charge-offs to average loans was 0.01% for the three months ended March 31, 2019 compared to (-0.07%) for the same period in 2018.
  • The total risk based capital ratio was 12.64% at March 31, 2019 compared to 12.22% at March 31, 2018.

Profitability

Operating measures exclude merger-related expenses unrelated to CapStar’s normal operations. CapStar believes these measures are useful to investors as they exclude certain costs resulting from acquisition activity and allow investors to more clearly see the financial results of the CapStar’s operations.

  • Operating return on average assets for the three months ended March 31, 2019 was 1.06% compared to 0.96% for the same period in 2018.
  • Operating return on average tangible equity for the three months ended March 31, 2019 was 10.02% compared to 9.12% for the same period in 2018.
  • The operating efficiency ratio for the three months ended March 31, 2019 was 65.01% compared to 68.74% for the same period in 2018.

(1) For a discussion and reconciliation of the Non-GAAP operating measures that exclude merger-related costs unrelated to CapStar’s normal operations, see the section titled “Non-GAAP Disclaimer” and the Non-GAAP financial measures section of the financial statements.

“Despite a challenging macro-economic environment with a flat to inverted yield curve, we grew our operating earnings per share by 12.0% from the same period last year and our return on average tangible equity grew to 10.02%,” said Rob Anderson, chief financial officer and chief administrative officer of CapStar. “These are strong fundamental operating metrics that demonstrate our strategy of sound, profitable, growth.”

Growth

  • Operating EPS of $0.28 for the quarter ended March 31, 2019 increased 12.0%, compared to $0.25 for the same period in 2018.
  • Average gross loans for the quarter ended March 31, 2019 increased 48.6% to $1.46 billion, compared to $983.5 million for the same period in 2018.
    -- Excluding Day 1 loans from Athens, organic loan growth is 13.2% over 1Q18.
  • Average deposits for the quarter ended March 31, 2019 increased 42.9% to $1.59 billion, compared to $1.11 billion for the same period in 2018.
    -- Excluding Day 1 deposits from Athens, organic deposit growth was 11.5% vs. 1Q18.
  • Average total assets for the quarter ended March 31, 2019 increased 47.2% to $1.99 billion, compared to $1.35 billion for the same period in 2018.

“With the acquisition of Athens Federal, we grew our balance sheet in excess of 47.2% from the prior year,” said Mr. Anderson.  “In addition, we have successfully converted all legacy systems and branding so we now operate as one unified team, under one brand and on one core platform.  The entire organization is energized and excited about the opportunities in front of us.”

Conference Call and Webcast Information

CapStar will host a conference call and webcast at 5:00 p.m. Central Time on Wednesday April 24, 2019.  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 1094947.  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, 2019, on a consolidated basis, CapStar had total assets of $2.04 billion, gross loans of $1.47 billion, total deposits of $1.68 billion, and shareholders’ equity of $259.75 million.  Visit www.capstarbank.com for more information.

Forward-Looking Statements

Certain statements in this earnings release are forward-looking statements that reflect CapStar’s current views with respect to, among other things, CapStar’s assets, business, cash flows, condition (financial or otherwise), credit quality, financial performance, liquidity, short and long-term performance goals, prospects, results of operations, strategic initiatives and the timing, benefits, costs and synergies of recently completed and future acquisition, disposition and other growth opportunities, including, without limitation, those relating to the acceptance by customers of Athens of CapStar’s products and services, the ability of CapStar to meet expectations regarding the benefits, costs, synergies, and financial and operational impact of the Athens merger, the possibility that any of the anticipated benefits, costs, synergies and financial and operational improvements of the Athens merger will not be realized or will not be realized as expected and the opportunities to enhance market share in certain markets and market acceptance of CapStar are generally in new markets. These statements are often, but not always, made through the use of words or phrases such as “may,” “should,” “could,” “predict,” “potential,” “believe,” “will likely result,” “expect,” “continue,” “will,” “anticipate,” “seek,” “aspire,” “achieve,” “estimate,” “intend,” “plan,” “project,” “projection,” “forecast,” “roadmap,” “goal,” “guidance,” “target,” “would,” and “outlook,” or the negative version of those words or other comparable words of a future or forward-looking nature. These forward-looking statements are not historical facts, and are based on current expectations, estimates and projections about CapStar’s industry, management’s beliefs and certain assumptions made by management, many of which, by their nature, are inherently uncertain and beyond CapStar’s control. The inclusion of these forward-looking statements should not be regarded as a representation by CapStar or any other person that such expectations, estimates and projections will be achieved. Accordingly, CapStar cautions you that any such forward-looking statements are not guarantees of future performance and are subject to risks, assumptions and uncertainties that are difficult to predict. Although CapStar believes that the expectations reflected in these forward-looking statements are reasonable as of the date made, actual results may prove to be materially different from the results expressed or implied by the forward-looking statements. There are or will be important factors that could cause CapStar’s actual results to differ materially from those indicated in these forward-looking statements, including, but not limited to, any factors identified in this earnings release as well as those factors that are detailed from time to time in CapStar’s periodic and current reports filed with the Securities and Exchange Commission, including those factors included in the Company’s Annual Report on Form 10-K for the year ended December 31, 2018 under the headings “Item 1A. Risk Factors” and “Cautionary Note Regarding Forward Looking Statements” and in the Company’s Quarterly Reports on Form 10-Q and Current Reports on Form 8-K.  If one or more events related to these or other risks or uncertainties materialize, or if CapStar’s underlying assumptions prove to be incorrect, actual results may differ materially from its forward-looking statements. Accordingly, you should not place undue reliance on any such forward-looking statements. Any forward-looking statement speaks only as of the date of this earnings release, and CapStar does not undertake any obligation to publicly update or review any forward-looking statement, whether as a result of new information, future developments or otherwise, except as required by law. New risks and uncertainties may emerge from time to time, and it is not possible for CapStar to predict their occurrence or how they will affect CapStar.

Non-GAAP Disclaimer

This earnings release includes the following financial measures that were prepared other than in accordance with generally accepted accounting principles in the United States (“non-GAAP financial measure”): operating net income, operating diluted net income per share, operating return on average assets, operating return on average tangible equity, tangible book value per share and operating efficiency ratio. These non-GAAP financial measures (i) provide useful information to management and investors that is supplementary to CapStar’s financial condition, results of operations and cash flows computed in accordance with GAAP, (ii) enable a more complete understanding of factors and trends affecting CapStar’s business, and (iii) allow investors to evaluate CapStar’s performance in a manner similar to management, the financial services industry, bank stock analysts and bank regulators; however, CapStar acknowledges that these non-GAAP financial measures have a number of limitations.  As such, you should not view these non-GAAP financial measures as a substitute for results determined in accordance with GAAP, and they are not necessarily comparable to non-GAAP financial measures that other companies use.  See below for a reconciliation of these non-GAAP financial measures to the most directly comparable GAAP financial measure.  

CAPSTAR FINANCIAL HOLDINGS, INC. AND SUBSIDIARY

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

First Quarter 2019 Earnings Release

     Three Months Ended  
    March 31,  
    2019     2018  
Interest income:                
Loans, including fees   $ 20,592     $ 12,234  
Securities:                
Taxable     1,346       880  
Tax-exempt     377       280  
Federal funds sold     19       20  
Restricted equity securities     187       129  
Interest-bearing deposits in financial institutions     446       201  
Total interest income     22,967       13,744  
Interest expense:                
Interest-bearing deposits     1,594       754  
Savings and money market accounts     1,718       1,005  
Time deposits     1,813       649  
Federal funds purchased     4       1  
Securities sold under agreements to repurchase     5        
Federal Home Loan Bank advances     831       489  
Total interest expense     5,965       2,898  
Net interest income     17,002       10,846  
Provision for loan losses     886       678  
Net interest income after provision for loan losses     16,116       10,168  
Noninterest income:                
Treasury management and other deposit service charges     798       402  
Net gain on sale of securities     12        
Tri-Net fees     641       528  
Mortgage banking income     1,385       1,313  
Other noninterest income     1,899       847  
Total noninterest income     4,735       3,090  
Noninterest expense:                
Salaries and employee benefits     8,432       6,257  
Data processing and software     1,474       798  
Professional fees     543       474  
Occupancy     883       521  
Equipment     852       539  
Regulatory fees     274       203  
Merger related expenses     594        
Amortization of intangibles     430       10  
Other operating     1,243       778  
Total noninterest expense     14,725       9,580  
Income before income taxes     6,126       3,678  
Income tax expense     1,346       483  
Net income   $ 4,780     $ 3,195  
Per share information:                
Basic net income per share of common stock   $ 0.27     $ 0.27  
Diluted net income per share of common stock   $ 0.25     $ 0.25  
Weighted average shares outstanding:                
Basic     17,783,239       11,664,245  
Diluted     18,830,933       12,975,759  
                 

This information is preliminary and based on company data available at the time of the presentation.


CAPSTAR FINANCIAL HOLDINGS, INC. AND SUBSIDIARY

Selected Quarterly Financial Data (unaudited) (dollars in thousands, except share data)

First Quarter 2019 Earnings Release

    Five Quarter Comparison  
    3/31/19     12/31/18     9/30/18     6/30/18     3/31/18  
Income Statement Data:                                        
Net interest income   $ 17,002     $ 17,716     $ 11,543     $ 11,587     $ 10,846  
Provision for loan losses     886       1,514       481       169       678  
Net interest income after provision for loan losses     16,116       16,202       11,062       11,418       10,168  
Treasury management and other deposit service charges     798       793       528       427       402  
Net gain (loss) on sale of securities     12       1       (1 )     3        
Tri-Net fees     641       276       374       325       528  
Mortgage banking income     1,385       1,324       1,634       1,383       1,313  
Other noninterest income     1,899       3,993       683       627       847  
Total noninterest income     4,735       6,387       3,218       2,765       3,090  
Salaries and employee benefits     8,432       9,475       6,514       6,340       6,257  
Data processing and software     1,474       1,424       803       810       798  
Professional fees     543       534       255       344       474  
Occupancy     883       736       544       535       521  
Equipment     852       810       520       602       539  
Regulatory fees     274       364       228       233       203  
Merger related expenses     594       8,929       540       335        
Amortization of intangibles     430       442       3       10       10  
Other operating     1,243       1,118       663       796       778  
Total noninterest expense     14,725       23,832       10,070       10,005       9,580  
Net income (loss) before income tax expense     6,126       (1,243 )     4,210       4,178       3,678  
Income tax (benefit) expense     1,346       (535 )     554       665       483  
Net income (loss)   $ 4,780     $ (708 )   $ 3,656     $ 3,513     $ 3,195  
Weighted average shares - basic     17,783,239       17,509,525       12,040,229       11,845,822       11,664,245  
Weighted average shares - diluted     18,830,933       18,716,562       13,113,775       13,067,223       12,975,759  
Net income (loss) per share, basic   $ 0.27     $ (0.04 )   $ 0.30     $ 0.30     $ 0.27  
Net income (loss) per share, diluted     0.25       (0.04 )     0.28       0.27       0.25  
Balance Sheet Data (at period end):                                        
Cash and cash equivalents   $ 120,321     $ 105,443     $ 52,589     $ 58,222     $ 51,125  
Securities available-for-sale     233,691       243,808       187,469       183,364       189,580  
Securities held-to-maturity     3,727       3,734       3,740       3,746       3,752  
Loans held for sale     72,870       57,618       50,499       65,320       62,286  
Total loans     1,467,786       1,429,794       1,073,870       1,046,525       1,031,821  
Allowance for loan losses     (12,959 )     (12,113 )     (15,218 )     (14,705 )     (14,563 )
Total assets     2,035,811       1,963,883       1,416,907       1,401,181       1,382,745  
Non-interest-bearing deposits     312,597       289,552       239,792       223,579       258,161  
Interest-bearing deposits     1,366,205       1,280,456       886,611       921,435       869,393  
Federal Home Loan Bank advances     75,000       125,000       125,000       95,000       100,000  
Total liabilities     1,776,060       1,709,504       1,259,397       1,248,035       1,234,052  
Shareholders' equity   $ 259,751     $ 254,379     $ 157,510     $ 153,146     $ 148,693  
Total shares of common stock outstanding     17,765,124       17,724,721       12,125,122       11,931,131       11,773,358  
Total shares of preferred stock outstanding     878,048       878,048       878,048       878,048       878,048  
Book value per share of common stock   $ 14.11     $ 13.84     $ 12.25     $ 12.08     $ 11.87  
Tangible book value per share of common stock *     11.55       11.25       11.74       11.56       11.34  
Market value per share of common stock   $ 14.44     $ 14.73     $ 16.72     $ 18.53     $ 18.83  
Capital ratios:                                        
Total risk based capital     12.64 %     12.84 %     12.62 %     12.53 %     12.22 %
Tier 1 risk based capital     11.90 %     12.13 %     11.49 %     11.41 %     11.11 %
Common equity tier 1 capital     11.40 %     11.61 %     10.83 %     10.73 %     10.43 %
Leverage     10.97 %     11.06 %     11.02 %     10.87 %     10.91 %

_____________________
*This metric is a non-GAAP financial measure.  See below for discussion and reconciliation to the most directly comparable GAAP financial measure.

This information is preliminary and based on company data available at the time of the presentation.


CAPSTAR FINANCIAL HOLDINGS, INC. AND SUBSIDIARY

Selected Quarterly Financial Data (unaudited) (dollars in thousands, except share data)

First Quarter 2019 Earnings Release

    Five Quarter Comparison  
    3/31/19     12/31/18     9/30/18     6/30/18     3/31/18  
Average Balance Sheet Data:                                        
Cash and cash equivalents   $ 83,689     $ 83,560     $ 62,787     $ 63,064     $ 60,965  
Investment securities     251,631       256,595       196,031       197,933       203,274  
Loans held for sale     66,880       52,131       54,701       58,297       68,084  
Loans     1,461,696       1,439,652       1,070,060       1,041,835       983,496  
Assets     1,988,478       1,940,991       1,421,873       1,396,359       1,351,129  
Interest bearing deposits     1,299,205       1,271,602       913,534       901,076       840,871  
Deposits     1,588,317       1,579,250       1,147,274       1,138,400       1,111,182  
Federal Home Loan Bank advances     117,278       102,304       109,728       99,121       84,533  
Liabilities     1,731,373       1,695,181       1,265,610       1,244,824       1,202,854  
Shareholders' equity     257,105       245,811       156,264       151,535       148,276  
Performance Ratios:                                        
Annualized return on average assets     0.97 %     (0.14 )%     1.02 %     1.01 %     0.96 %
Annualized return on average equity     7.54 %     (1.14 )%     9.28 %     9.30 %     8.74 %
Net interest margin (1)     3.75 %     3.89 %     3.35 %     3.46 %     3.39 %
Annualized Non-interest income to average assets     0.97 %     1.31 %     0.90 %     0.79 %     0.93 %
Efficiency ratio     67.7 %     98.9 %     68.2 %     69.7 %     68.8 %
Loans by Type (at period end):                                        
Commercial and industrial   $ 419,941     $ 404,600     $ 398,626     $ 386,065     $ 408,353  
Commercial real estate - owner occupied     170,558       141,931       117,904       121,475       131,741  
Commercial real estate - non-owner occupied     403,443       408,515       286,848       286,769       258,016  
Construction and development     162,237       174,670       129,799       96,580       91,953  
Consumer real estate     248,943       253,562       112,957       109,915       104,224  
Consumer     26,241       25,615       8,274       9,671       9,524  
Other     36,366       21,002       19,792       36,428       28,750  
Asset Quality Data:                                        
Allowance for loan losses to total loans     0.88 %     0.85 %     1.42 %     1.41 %     1.41 %
Allowance for loan losses to non-performing loans     757 %     583 %     271 %     271 %     1096 %
Nonaccrual loans   $ 1,712     $ 2,078     $ 5,610     $ 5,419     $ 1,329  
Troubled debt restructurings     1,255       1,391       1,146       1,173       1,190  
Loans - over 89 days past due and accruing     -       214       215       216       -  
Total non-performing loans     1,712       2,078       5,610       5,419       1,329  
OREO and repossessed assets     1,038       988       -       -       -  
Total non-performing assets     2,750       3,066       5,610       5,419       1,329  
Non-performing loans to total loans     0.12 %     0.15 %     0.52 %     0.52 %     0.13 %
Non-performing assets to total assets     0.14 %     0.16 %     0.40 %     0.39 %     0.10 %
Non-performing assets to total loans and OREO     0.19 %     0.21 %     0.52 %     0.52 %     0.13 %
Annualized net charge-offs (recoveries) to average loans     0.01 %     1.27 %     (0.01 )%     0.01 %     (0.07 )%
Net charge-offs (recoveries)   $ 40     $ 4,620     $ (32 )   $ 27     $ (165 )
Interest Rates and Yields:                                        
Loans     5.49 %     5.49 %     5.00 %     5.04 %     4.74 %
Securities     3.20 %     3.30 %     2.85 %     2.82 %     2.68 %
Total interest-earning assets     5.06 %     5.02 %     4.58 %     4.58 %     4.29 %
Deposits     1.31 %     1.12 %     1.22 %     1.11 %     0.88 %
Borrowings and repurchase agreements     2.85 %     2.76 %     2.53 %     2.53 %     2.35 %
Total interest-bearing liabilities     1.71 %     1.50 %     1.64 %     1.51 %     1.27 %
Other Information:                                        
Full-time equivalent employees   289     286     185     183     182  

_____________________

This information is preliminary and based on company data available at the time of the presentation.

(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 2019 Earnings Release

    For the Three Months Ended March 31,  
    2019     2018  
    Average
Outstanding
Balance
    Interest
Income/
Expense
    Average
Yield/
Rate
    Average
Outstanding
Balance
    Interest
Income/
Expense
    Average
Yield/
Rate
 
Interest-Earning Assets                                                
Loans (1)   $ 1,461,696     $ 19,787       5.49 %   $ 983,496     $ 11,484       4.74 %
Loans held for sale     66,880       805       4.88 %     68,084       750       4.47 %
Securities:                                                
Taxable investment securities (2)     195,191       1,533       3.14 %     156,083       1,009       2.59 %
Investment securities exempt from
  federal income tax (3)
    56,440       377       3.38 %     47,191       280       3.00 %
Total securities     251,631       1,910       3.20 %     203,274       1,289       2.68 %
Cash balances in other banks     66,335       446       2.73 %     48,585       201       1.68 %
Funds sold     2,079       19       3.73 %     3,539       20       2.28 %
Total interest-earning assets     1,848,621       22,967       5.06 %     1,306,978       13,744       4.29 %
Noninterest-earning assets     139,857                       44,151                  
Total assets   $ 1,988,478                     $ 1,351,129                  
Interest-Bearing Liabilities                                                
Interest-bearing deposits:                                                
Interest-bearing transaction accounts   $ 434,151       1,594       1.49 %   $ 286,335       754       1.07 %
Savings and money market deposits     489,989       1,718       1.42 %     379,529       1,005       1.07 %
Time deposits     375,065       1,813       1.96 %     175,007       649       1.50 %
Total interest-bearing deposits     1,299,205       5,125       1.60 %     840,871       2,408       1.16 %
Borrowings and repurchase agreements     119,301       840       2.85 %     84,644       490       2.35 %
Total interest-bearing liabilities     1,418,506       5,965       1.71 %     925,515       2,898       1.27 %
Noninterest-bearing deposits     289,111                       270,311                  
Total funding sources     1,707,617                       1,195,826                  
Noninterest-bearing liabilities     23,756                       7,027                  
Shareholders’ equity     257,105                       148,276                  
Total liabilities and shareholders’ equity   $ 1,988,478                     $ 1,351,129                  
Net interest spread (4)                     3.36 %                     3.02 %
Net interest income/margin (5)           $ 17,002       3.75 %           $ 10,846       3.39 %
                                                 

                                               

(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 company data available at the time of the presentation.

CAPSTAR FINANCIAL HOLDINGS, INC. AND SUBSIDIARY

Non-GAAP Financial Measures (unaudited) (dollars in thousands except share data)

First Quarter 2019 Earnings Release

     Three Months Ended  
    March 31,
2019
    December
31, 2018
    September
30, 2018
    June 30,
2018
    March 31,
2018
 
Operating net income:                                        
Net income (loss)   $ 4,780     $ (708 )   $ 3,656     $ 3,513     $ 3,195  
Add:  merger related expenses     594       8,929       540       335        
Less: income tax impact of merger related expenses     (155 )     (1,985 )     (141 )     (88 )      
Operating net income   $ 5,219     $ 6,236     $ 4,055     $ 3,760     $ 3,195  
                                         
Operating diluted net income per
  share of common stock:
                                       
Operating net income   $ 5,219     $ 6,236     $ 4,055     $ 3,760     $ 3,195  
Weighted average shares - diluted     18,830,933       18,716,562       13,113,775       13,067,223       12,975,759  
Operating diluted net income
  per share of common stock
  $ 0.28     $ 0.33     $ 0.31     $ 0.29     $ 0.25  
                                         
Operating annualized return on average assets:                                        
Operating net income   $ 5,219     $ 6,236     $ 4,055     $ 3,760     $ 3,195  
Average assets   $ 1,988,478     $ 1,940,991     $ 1,421,873     $ 1,396,359     $ 1,351,129  
Operating annualized return on
  average assets
    1.06 %     1.27 %     1.13 %     1.08 %     0.96 %
                                         
Operating annualized return on
  average tangible equity:
                                       
Average total shareholders' equity   $ 257,105     $ 245,811     $ 156,264     $ 151,535     $ 148,276  
Less: average intangible assets     (45,890 )     (45,687 )     (6,220 )     (6,228 )     (6,238 )
Average tangible equity     211,215       200,124       150,044       145,307       142,038  
Operating net income   $ 5,219     $ 6,236     $ 4,055     $ 3,760     $ 3,195  
Operating annualized return on
  average tangible equity
    10.02 %     12.36 %     10.72 %     10.38 %     9.12 %
                                         
Operating efficiency ratio:                                        
Total noninterest expense   $ 14,725     $ 23,832     $ 10,070     $ 10,005     $ 9,580  
Less:  merger related expenses     (594 )     (8,929 )     (540 )     (335 )      
Total operating noninterest expense     14,131       14,903       9,530       9,670       9,580  
Net interest income     17,002       17,716       11,543       11,587       10,846  
Total noninterest income     4,735       6,387       3,218       2,765       3,090  
Total revenues   $ 21,737     $ 24,103     $ 14,761     $ 14,352     $ 13,936  
Operating efficiency ratio:     65.01 %     61.83 %     64.56 %     67.38 %     68.74 %
                                         
    March 31,
2019
    December
31, 2018
    September
30, 2018
    June 30,
2018
    March 31,
2018
 
Tangible Equity:                                        
Total shareholders' equity   $ 259,751     $ 254,379     $ 157,510     $ 153,146     $ 148,693  
Less: intangible assets     (45,618 )     (46,048 )     (6,219 )     (6,222 )     (6,232 )
Tangible equity   $ 214,133     $ 208,331     $ 151,291     $ 146,924     $ 142,461  
                                         
Tangible Common Equity:                                        
Tangible equity   $ 214,133     $ 208,331     $ 151,291     $ 146,924     $ 142,461  
Less: preferred equity     (9,000 )     (9,000 )     (9,000 )     (9,000 )     (9,000 )
Tangible common equity   $ 205,133     $ 199,331     $ 142,291     $ 137,924     $ 133,461  
                                         
Tangible Book Value per Share of Common Stock:                                        
Tangible common equity   $ 205,133     $ 199,331     $ 142,291     $ 137,924     $ 133,461  
Total shares of common stock outstanding     17,765,124       17,724,721       12,125,122       11,931,131       11,773,358  
Tangible book value per share of common stock   $ 11.55     $ 11.25     $ 11.74     $ 11.56     $ 11.34  
                                         

 

CONTACT

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