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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 

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