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”) (NASDAQ: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 
                     

 


            

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